News Flash Home
The original item was published from 7/19/2020 12:12:14 PM to 7/20/2021 12:00:07 AM.

News Flash

Federal Government

Posted on: July 19, 2020

[ARCHIVED] CARES Act CRF Guidance Permits use of Funds for TANs Costs

The U.S. Treasury has been using FAQs to expand permissible uses of Coronavirus Relief Fund (CRF) monies, distributed pursuant to the CARES Act. You can view the latest (July 8) at Treasury CRF FAQs.

On page 7, that guidance states (emphasis added):

‘If a recipient must issue tax anticipation notes (TANs) to make up for tax due date deferrals or revenue shortfalls, are the expenses associated with the issuance eligible uses of Fund payments?

‘If a government determines that the issuance of TANs is necessary due to the COVID-19 public health emergency, the government may expend payments from the Fund on the interest expense payable on TANs by the borrower and unbudgeted administrative and transactional costs, such as necessary payments to advisors and underwriters, associated with the issuance of the TANs.’

As a reminder, only the State of New Jersey and our nine most populous counties received CRF funding. That funding can only be used for limited purposes, outlined in the FAQs, However, Treasury Guidance permits recipient governments to pass funding on to non-qualifying local units, as sub-recipients. A total of $3,444,163,690.30 came to the State and the nine counties. Here are the subtotals.

  • Bergen County                                          $162,662,060.40
  • Camden County                                        $ 88,375,283.90
  • Essex County                                            $139,414,976.30
  • Hudson County                                          $117,327,044.40
  • Middlesex County                                      $143,966,956.60
  • Monmouth County                                     $107,974,955.70
  • Ocean County                                            $105,949,274.70
  • Passaic County                                          $87,564,767.20
  • Union County                                             $97,077,214.30
  • Payment to the State of NJ                        $2,393,851,156.80

Contact: Jon Moran, Senior Legislative Analyst, jmoran@njlm.org, 609-695-3481 x121.


Facebook Twitter Email

Other News in Federal Government

Census Bureau Releases Data

Posted on: August 13, 2021

Infrastructure Update

Posted on: July 2, 2021

DLGS Posts Portal for ARP Funding

Posted on: June 14, 2021

Shuttered Venue Operator Grants

Posted on: April 30, 2021

American Rescue Plan Update

Posted on: March 26, 2021

CISA Issues Emergency Directive

Posted on: March 15, 2021

American Rescue Plan Signed Into Law

Posted on: March 15, 2021

Congressional Activity on SALT Deduction

Posted on: February 1, 2021

Larger Stimulus Checks Unlikely

Posted on: January 4, 2021

Spending Updates

Posted on: December 14, 2020