Assurance Services, Consulting Services • Published 4/19/2021 American Rescue Plan Act: Preparing to Receive Recovery Funds

The American Rescue Plan Act of 2021 (ARPA) includes a $350 billion appropriation for the Coronavirus State and Local Fiscal Recovery Funds to assist governments as they recover from the public health and economic crisis resulting from the coronavirus pandemic.

Unlike traditional federal programs in the past, the ARPA employs a new approach in distributing the funding. Rather than routing the monies through federal and state agencies via a cost reimbursement process, the monies will be distributed directly to each eligible entity by the U.S. Treasury.

What should I do now to prepare to receive these funds?

The U.S. Treasury recently updated Recovery Fund pre-award requirements. Entities that are eligible to receive a direct payment of funds from the Treasury should complete the following steps prior to the formal launch of the program:

1. Confirm your entity has a valid DUNS number. There is no cost to register for a DUNS number.
2. Confirm your entity has an active registration with the System for Award Management (SAM). There is no cost to register or maintain your SAM registration, but please be advised the registration and/or renewal process can take several weeks. Visit https://www.sam.gov/SAM/ to begin the registration process.
3. Gather information necessary for payment. This includes your Entity Identification Number (EIN), name and contact information; name and title of an authorized representative; and your financial institution name, contact information, routing number, and account number.

How can P&N help?

P&N has extensive experience in governmental accounting, auditing, and grants administration services and we are ready and available to assist you. Contact us to start a conversation about Recovery Funds available to your organization and the unique challenges that administering these funds may pose.