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Monday, June 14, 2021

U.S. Treasury announces guidance for state and local $350 billion Covid aid package

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U.S. Treasury announces guidance for state and local $350 billion Covid aid package






























































U.S. Treasury launches guidance for Covid relief under the American rescue plan act 

  • where unemployment rate is two percentage points above February 2020 rate, can receive funding in single payment. State funding totals $195.3 billion
  • with less than two percentage point increase in unemployment rate will receive funds in 2 payments, a year apart
  • eligible local governments should expect funding in two tranches with the first in May and the second in May 2022
  • allowed uses for funds include replacing revenues lost to pandemic premium pay for essential workers, public health expenditures, addressing  negative economic impacts from pandemic
  • will also allow funds to be invested in water, sewer, broadband infrastructure
  • states, territories may not use funds to offset net revenue reductions from tax law changes between March 3 and last day of fiscal year in which funds are spent
  • note state/local recipient may use funds to make a deposit to a pension fund

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