WASHINGTON, DC – On May 13, Congresswoman Carolyn B. Maloney (D-NY), Chairwoman of the Committee on Oversight and Reform, announced that the Treasury Department will begin releasing Coronavirus State and Local Fiscal Recovery Funds to New York provided by the American Rescue Plan. As Chair of the Committee of Oversight and Reform, Congresswoman Maloney oversaw the provisions of the American Rescue Plan to provide these funds.
“Over the last year, COVID-19 has devastated families and communities across the nation and here at home in New York,” said Rep. Maloney. “The State and Local Fiscal Recovery Funds provided in the American Rescue Plan will send $12.7 billion to the State and $5.9 billion to the City to help us build back better. These funds will help us continue getting vaccine shots in arms, upgrade school safety, provide mental health services, help struggling families and small businesses, and support an equitable recovery for our hardest-hit communities.”
The Coronavirus State and Local Fiscal Recovery Funds provide substantial flexibility to meet local needs. Through this program, New York State will receive $12,744,981,589 and New York City will receive $5,878,895,712. In addition to allowing for flexible spending up to the level of their revenue loss, cities, states, and localities can use funds to:
Support public health expenditures;
Address negative economic impacts caused by the public health emergency;
Aid the communities and populations hardest hit by the crisis;
Provide premium pay for essential workers; and
Invest in water, sewer, and broadband infrastructure.
More information from the Department of Treasury is available online: https://home.treasury.gov/news/press-releases/jy0169.