The US Department of the Treasury has disbursed approximately $700 billion of the $1 trillion in American Rescue Plan Act programs under its purview.
As previously reported on Conduit Street, the American Rescue Plan Act (ARPA) represents an unprecedented opportunity for immediate recovery efforts and lasting, generational investments in communities across America.
The US Department of the Treasury manages over $1 trillion in ARPA programs and tax credits. According to a new report, the Department has already distributed approximately $700 billion in direct support for state and local governments, stimulus payments, child tax credit checks, and assistance for businesses.
Disbursements include over $450 billion paid directly to families and households, including through more than 170 million Economic Impact Payments totaling over $400 billion, over 106 million Child Tax Credit (CTC) payments totaling more than $46 billion, and over 1 million payments of Emergency Rental Assistance totaling more than $5 billion.
In addition, US Treasury has distributed over $240 billion in State and Local Fiscal Recovery Funds (SLFRF) to state, territorial, local, and Tribal governments to fight the pandemic and accelerate the economic recovery. Over $100 billion in SLRF funds will be available in a second tranche to be delivered next year, offering additional funds to meet pressing pandemic needs and ensure an equitable economic recovery.
According to the US Department of the Treasury:
“While our recovery has not been without bumps, a rebound of this scale and speed was never guaranteed to happen,” said Treasury Secretary Janet L. Yellen. “From the start, the policy decisions made and executed by this administration, including the programs contained in the American Rescue Plan, were conceived to help all segments of the economy and provide much-needed relief for families struggling through the pandemic. While there’s still more work to do to ensure an equitable and strong recovery over the long-term, it’s clear six months in that President Biden’s American Rescue Plan is working.”
MACo Members, don’t miss MACo’s FREE Fall Symposium, a deep-dive into ARPA funding on Sept 29, 2021, in Annapolis. More details.