Ky. to receive more than $2.1B from American Rescue Plan Act
FRANKFORT, Ky. (KFVS) - Governor Andy Beshear announced the commonwealth will receive $2.183 billion from the American Rescue Plan Act of 2021.
The money will go to the Coronavirus State Fiscal Recovery Fund.
It’s less than a previous estimate due to the state’s positive economic performance, the governor said.
“Our economy is surging and strong,” Governor Beshear said. “We are in a strong position to sprint out of this pandemic with continued positive economic indicators and with this funding that will create jobs, momentum and a better quality of life in every corner of the commonwealth.”
The U.S. Department of the Treasury announced state allocations on Monday, May 10 based on each state’s share of the nation’s number of unemployed individuals from October through December 2020.
Governor Beshear said the commonwealth performed better than expected in the fourth quarter of 2020, when the preliminary data was used.
Gene Sperling, who is coordinating the implementation of the American Rescue Plan for the White House, talked to Governor Beshear and State Budget Director John Hicks on Monday about the change ahead of the Treasury Department announcement.
“The commonwealth will receive $2.183 billion for the Coronavirus State Fiscal Recovery Fund, with half available later this month to assist Kentucky with responding to the impacts of the pandemic,” Director Hicks said. “The preliminary estimated amounts available during the budget process did not yet recognize the level of reduction in the number of unemployed Kentuckians. Kentucky’s downward revision was the seventh largest among the states with better unemployment figures.”
Kentucky will soon submit a request for the funds to the U.S. Department of the Treasury.
The governor said the final allocation does not impact the bipartisan agreement reached by lawmakers and his administration during the 2021 regular session, which will use nearly $1.3 billion to boost the state’s economy by expanding broadband, delivering clean drinking water and building new schools.
The plan is expected to create more than 14,500 new jobs.
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