Treasury Seeks Comment on New Rules for Coronavirus Fiscal Recovery Funds

The Secretary of the Treasury issued an interim final rule to implement the amendments made by the Consolidated Appropriations Act, 2023 with respect to the Coronavirus State Fiscal Recovery Fund and the Coronavirus Local Fiscal Recovery Fund established under the American Rescue Plan Act. Since the launch of the SLFRF program, Treasury has disbursed 99.99 percent of SLFRF funds to approximately 30,000 state, local, and ribal governments, and these recipients have moved swiftly to deploy this funding in their communities. According to data reported to Treasury through March 31, 2023, states and the largest local governments have budgeted nearly 80 percent of their total available SLFRF funds—with over $26 billion budgeted for water, sewer, and broadband infrastructure projects.