The American Rescue Plan Act of 2021 (ARPA) includes a $350 billion appropriation for the Coronavirus State and Local Fiscal Recovery Funds to assist governments as they recover from the public health and economic crisis resulting from the coronavirus pandemic.
Unlike traditional federal programs in the past, the ARPA employs a new approach in distributing the funding. Rather than routing the monies through federal and state agencies via a cost reimbursement process, the monies will be distributed directly to each eligible entity by the U.S. Treasury.
The U.S. Treasury recently updated Recovery Fund pre-award requirements. Entities that are eligible to receive a direct payment of funds from the Treasury should complete the following steps prior to the formal launch of the program:
P&N has extensive experience in governmental accounting, auditing, and grants administration services and we are ready and available to assist you. Contact us to start a conversation about Recovery Funds available to your organization and the unique challenges that administering these funds may pose.