Guide to CARES Act Support for State and Local Governments
On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law by President Donald Trump and is the largest economic stimulus package in U.S. history.
The bill is the third phase of Congress’ COVID-19 response and provides substantial federal government support aimed to address the economic fallout associated with the COVID-19 pandemic in the United States.
For state and local governments the Act provides substantial appropriations to assist with the financial impacts of COVID-19. There are various funding provisions that state and local governments will be able to participate in, each of which has differing eligibility and reporting requirements.
MGO understands the complexities of this historic Act and in an effort to provide support and clarity to our state and local government clients we have summarized some of the significant funding sources by type, total monies allotted, general purpose, and eligible parties.
As state and local governments, you will be facing significant fiscal and personnel restraints not only due to new costs incurred directly related to the COVID-19 pandemic, but also due to decreased revenue resulting from the reduction in overall economic activity. As leaders in serving state and local governments for more than 30 years, we are here to help you navigate through this time.
For more information, please contact your MGO advisor directly, or email our team at response@mgocpa.com.