Alongside data, Treasury releases new analysis detailing how Treasury’s State and Local Fiscal Recovery Funds, passed as part of the American Rescue Plan, are being used to increase housing stability, strengthen workforces, support small business, and close the digital divide
WASHINGTON – Today, the U.S. Department of the Treasury released State and Local Fiscal Recovery Funds (SLFRF) data through March 31, 2023, which demonstrates that governments have used this American Rescue Plan funding not only to prevent cuts in government services and respond to the immediate health and economic consequences of the pandemic, but also to make much-needed investments to strengthen their economies and their communities over the long-run.
“The State and Local Fiscal Recovery Funds provided resources directly to communities across the country to help local leaders avoid cuts, address immediate needs, and support rapid, resilient, and equitable recovery – helping avoid a repeat of the Great Recession when state and local government budgets were a drag on the overall economy for over three years of the recovery,” said Deputy Secretary of the Treasury Wally Adeyemo. “SLFRF and other American Rescue Plan programs also catalyzed investments in community development that will extend well beyond the deployment of federal resources, and laid the foundation for other historic investments in our nation’s economic future, such as the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act.”
SLFRF, authorized by the American Rescue Plan, delivers $350 billion in direct aid to state, local, territorial, and Tribal governments across the country to support both immediate pandemic recovery and long-term economic growth. Over 99.99% of SLFRF funds have been delivered into the hands of nearly every state, local, Tribal, and territorial government in the country, and are supporting over 90,000 initiatives across the country to sustain and expand existing services and launch new programs and projects.
To date, communities across the country have budgeted:
- $17 billion for nearly 2,500 projects to meet housing needs and combat homelessness
- $26.5 billion for over 9,600 critical infrastructure projects in broadband, water, and sewer
- $12.7 billion for over 5,800 projects to address public health needs
- $11.8 billion for nearly 4,000 projects focused on job training and workforce development
- $4.6 billion for over 1,300 small business assistance projects.