On May 10, the U.S. Department of the Treasury (Treasury) released an interim final rule, FAQs, and a fact sheet for a significant portion of the $362 billion Coronavirus State and Local Fiscal Recovery Fund, established under the American Rescue Plan Act (ARPA) signed into law on March 11 by President Joe Biden.
This specific interim rule and related guidance covers the $61.5 billion in direct federal aid to America’s counties. Later this year, Treasury will release separate guidance for the $1.5 billion in additional federal aid for public lands counties under Sec. 605 of ARPA.
The National Association of Counties (NACo) has provided an in-depth analysis of the key provisions within the interim final rule, with a specific focus on how each of these items may impact county governments. The analysis covers eligibility criteria for the use of funds, compliance and financial reporting, and key dates for county actions. This report also highlights several key differences between the ARPA county aid and the previous county aid under the Coronavirus Aid, Relief, and Economic Securities (CARES) Act’s Coronavirus Relief Fund (CRF), especially related to payroll support for public health, public safety, and other related staff.
KEY DATES
- Now: Treasury portal is now open for counties to register and request Recovery Funds
- July 9, 2021: Deadline to submit comments on U.S. Treasury’s Interim Final Rule
- August 31, 2021: Deadline for counties to submit first Interim Report to U.S. Treasury
- October 31, 2021: Deadline for counties to submit first Quarterly Project and Expenditure Report
- December 31, 2024: Funds must be incurred and obligated
- December 31, 2026: Funds must be expended to cover obligations and all work must be completed
For more information including the full NACo analysis and other NACo resources, click here.
Contributed by: National Association of Counties