Treasury opens web portal to disburse coronavirus funds to state and local gov'ts
The Treasury Department has created a web-based portal through which state, local and tribal governments will be able to access payments to help offset the costs of the novel coronavirus pandemic.
Once they register through the portal, states, territories, and the District of Columbia will be able to receive half of the funds allocated to them under the recently passed CARES Act. The portal is supposed to fast-track the availability of $71 billion to meet state, local and tribal governments’ immediate cash flow needs. The rest of the payment amounts due to states, eligible local governments and tribal governments are expected to be paid no later than April 24, 2020.
“Our state, local, and tribal partners across the country are facing unique challenges as they navigate the economic impact of the coronavirus pandemic,” said Treasury Secretary Steven T. Mnuchin (pictured) in a statement Monday. “As part of our whole-of-government approach, we have moved with unprecedented speed to get these funds to those who need them a week ahead of schedule.”
More information about the program can be found at Treasury.gov/CARES. Eligible governments should expect the funds to arrive in the account they designate in as little as 24 hours after providing the required information in the web portal.