Treasury releases new report on progress and impact of the American Rescue Plan; Data demonstrates speedy distribution of Fiscal Recovery Funds
Key Takeaways
On September 16, the U.S. Department of Treasury (Treasury) released a new report, American Rescue Plan: Treasury’s Progress and Impact after Six Months, on the department’s progress and impact of implementing the American Rescue Plan Act of 2021 (ARP). Under the $1.9 trillion package, Treasury was authorized $1 trillion to support state, local and tribal governments, as well as households and businesses, to combat the impacts of the COVID-19 pandemic and accelerate economic recovery.
In addition to distributing funds to support individuals, children and families, Treasury, with NACo’s help as an intergovernmental partner, has swiftly distributed payments authorized under the ARP’s $350 billion Coronavirus State and Local Fiscal Recovery Fund (Recovery Fund), which provided $65.1 billion in direct aid to counties of all sizes. Treasury has distributed over 99 percent of currently available Recovery Funds to governments across the country, who are using these funds to help turn the tide on the pandemic, address its economic fallout and lay the foundation for a strong and equitable recovery.
NACo appreciates the continued partnership with the Treasury as we work towards the continued and successful implementation of the ARP.
To read NACo’s analysis of the ARP, click here.
To read NACo’s analysis of the Recovery Fund, click here.
Resource
Counties and the American Rescue Plan Act Recovery Fund: Equity
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