Arkansas receives second $786.6 million; now, where to spend?

by Steve Brawner (BRAWNERSTEVE@MAC.COM)

Arkansas has a good problem to have: What should it do with $842 million in federal funds sitting in the bank? That amount – actually $841,965,067.52 – is what’s left of money coming from the American Rescue Plan Act of 2021 (ARPA).

It provided $195 billion in Coronavirus State and Local Fiscal Recovery Funds to states, the District of Columbia and Puerto Rico. The act also provided $130 billion for local governments.

Arkansas has received two tranches each of $786,560,790.40. The second arrived May 19. The first came in June 2021. So far, $55.4 million has not been allocated from the first tranche. The money was transferred to the Arkansas ARP Steering Committee Holding Fund. States have until the end of 2024 to obligate the money, and until the end of 2026 to actually spend it.

https://talkbusiness.net/2022/06/arkansas-receives-second-786-6-million-now-where-to-spend/