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Treasury Issues Rules for $350 Billion Coronavirus State and Local Fiscal Recovery Funds

This blog analyzes a key provision of the American Rescue Plan (ARP) to the establishment of the $350 billion Coronavirus State and Local Fiscal Recovery Funds (Fiscal Recovery Funds) for the eligible state, local, territorial and Tribal governments (Recipients) to respond to the COVID-19 public health emergency (PHE). On May 10, the Department of the Treasury (Treasury) released a flurry of information relating to the Fiscal Recovery Funds, including an interim final rule (IFR) with comment period and multiple guidance documents.