The Internal Revenue Service and Department of the Treasury have released final guidance on the transition away from Libor, designating SOFR as an alternative rate.
$350 Billion In Stimulus: Some States Need Instructions on How to Spend It
The Rescue Plan allocated a total of $350 billion, out of its $1.9 trillion overall price tag, to “states, municipalities, counties, tribes, and territories to help repair their coronavirus-damaged budgets and economies,” Reuters said.
The American Rescue Plan, in addition to its $1,400 one-time stimulus checks, expanded child tax credit and other provisions, has also provided aid to state and local governments.
Now, a new report said those governments are waiting for instructions on exactly what to do with that aid.
The Rescue Plan allocated a total of $350 billion, out of its $1.9 trillion overall price tag, to “states, municipalities, counties, tribes, and territories to help repair their coronavirus-damaged budgets and economies,” Reuters said.
A last-minute change in the $1.9 trillion economic relief package that President Biden signed into law this week includes a provision that could temporarily prevent states that receive government aid from turning around and cutting taxes.