New Urgency for Tribal Relief Funds under CARES Act
REDW LLC | April 13, 2020
The U.S. Treasury Department announced April 13 that it will fast-track the $71 billion in total funds allocated to tribal (as well as state and local) governments to help offset the cost of response to the COVID-19 crisis. Up to $8 billion of these funds have been reserved for tribes. All eligible governments must register via the new web portal to receive payments.
The deadline is Friday, April 17 by 11:59 PM (EDT).
Tribal and public governments anxious to meet immediate cash flow needs should plan to complete the process as soon as possible. It’s important to note that only one form must be completed by the Tribe’s main office and include all of their entities as part of its registration. Additionally, the text in the form should be copied and pasted onto official government letterhead, and then signed and certified by the governing body of the Indian Tribe.
As soon as 24 hours after web portal applications are received, the Treasury plans to begin electronically releasing half of the funds. A second round of payments will be delivered no later than April 24, 2020.
However, governments that do not provide the required information by the April 17 deadline may not receive any payment at all from the CARES Act fund, so speedy attention to documentation has never been more important.
REDW is committed to keeping you informed at all times, but especially during a crisis of the magnitude of the COVID-19 pandemic. Stay connected with us on LinkedIn and @REDWLLC. Or check out some of our other updates here.