Bloomberg
The US Treasury has deployed more than half of the Coronavirus Relief Fund, which provides for payments to state, local, and tribal governments.
The daily Treasury statement notes that, $81.9 billion had been used this month. The $150 billion fund was established to help lessen the economic impact of the Covid-19 outbreak.
The coronavirus pandemic has crushed sources of tax revenue for states and municipalities at a time when resources, including paramedics and hospitals, are being committed to combat the threat to public health.
Treasury Secretary Steven Mnuchin has been rapidly deploying pieces of $2.2 trillion in relief that President Donald Trump signed into law on March 27 to boost an economy reeling from the virus-induced shutdown.
Mnuchin has also authorized the Federal Reserve to launch nine different lending facilities — of which four are fully operational — and disbursed some $349 billion to small businesses. It’s also disbursed $2.9 billion to airlines that need payroll assistance.
Members of Congress have been pushing for more money to help state and local governments.