Yesterday, the Treasury Department released an interim final rule regarding the $350 billion in state and local funds from the American Rescue Plan Act. The funds include $195.3 billion directed toward state governments, which may be then released to private entities at the state’s discretion.
We are pleased with the broad flexibility offered to states and that the funds were specifically encouraged to be used for COVID-19 mitigation efforts and to support industries hardest hit by the crisis. Additionally, funds were encouraged to be used to provide premium pay for essential workers, either by the state providing premium pay directly, or through grants to private employers for essential workers who must be physically present to include staff at nursing homes, hospitals, and home-care settings.
Leading up to the announcement, Argentum sent a letter in late March to the Treasury Department outlining the critical financial needs of the industry. We also sent a letter to the National Governors Association urging state governors to use these funds for assisted living provider relief, and have also worked closely with State Partners to make requests directly to governors and state legislators.
In the coming weeks, Argentum and our State Partners will be following-up with state policymakers to secure relief for providers. We encourage all senior living advocates to reach out to governors and lawmakers to amplify our call for targeted relief.
