The Treasury Department released comprehensive guidance on the allowable uses of the Coronavirus Local Fiscal Recovery Fund in the American Rescue Plan Act on May 10th. Links of interest: Interim Final Rule, Fact Sheet, FAQs, Quick Reference Guide, and Press Release.
From the May 10th fact sheet: Today, the U.S. Department of the Treasury announced the launch of the Coronavirus State and Local Fiscal Recovery Funds, established by the American Rescue Plan Act of 2021, to provide $350 billion in emergency funding for eligible state, local, territorial, and Tribal governments. Treasury also released details on how these funds can be used to respond to acute pandemic response needs, fill revenue shortfalls among these governments, and support the communities and populations hardest-hit by the COVID-19 crisis. With the launch of the Coronavirus State and Local Fiscal Recovery Funds, eligible jurisdictions will be able to access this funding in the coming days to address these needs.
