Consulting Services • Published 11/11/2021 Get Ready for $1.2 Trillion in Federal Funding from the Infrastructure Investment and Jobs Act

On November 2, 2021, Congress passed the Infrastructure Investment and Jobs Act. The $1.2 trillion package would invest in:

• Easing transportation bottlenecks including repairing and replacing aging roads and bridges, upgrading ports and waterways, and modernizing airport infrastructure;
• Repairing and improving public transit systems including bus and passenger rail;
• Expanding internet access and improving broadband infrastructure;
• Upgrading the nation’s power grid and water systems; and
• Advancing infrastructure resilience including mitigating from the effects of climate change.

Related Article: Infrastructure Bill Brings Opportunities for Cybersecurity & Broadband Growth

Key elements of the infrastructure bill:

The Infrastructure Investment and Jobs Act provides for funds at the federal, state, and municipal levels and funding is allocated over a five-year period. Many of these funds will come in the form of federal formula or competitive grants. Federal grant funds require significant compliance and spending must follow certain federal administrative guidelines.

Related Article: How States Will Drive Investment into Communities

Factors all grant recipients need to consider include:

• Internal controls and processes for tracking allowable costs;
• Proper procurement procedures;
• Monitoring of subrecipients; and
• Financial and performance reporting.

Risks of non-compliance include:

• Loss of available funding;
• Cost of resources necessary to address audit findings and implement corrective measures;
• Financial loss due to fraud or mismanagement; and
• Reputational damage.

From pre-award to post-closeout, P&N understands the federal grants management process. We have the experience to help you design efficient processes and navigate complex compliance requirements, while maintaining a focus on the appropriate, transparent, and efficient distribution of funds. Contact us to discuss how we can help.