Updated HEROES Act Could Provide $9.5 Billion to Indian Country
REDW LLC | October 8, 2020
Many continue to wonder if tribal and other governments’ Coronavirus Relief Funds (CRF) will be extended past December 30, 2020. At this moment—the answer— there has been no extension. This means the CRF funds must be spent and projects completed by December 30, 2020.
According to a Sept. 29 NAFOA Broadcast, an updated version of the HEROES Act that would provide relief to Tribes is in the works. Predictions in a volatile election year can be especially uncertain, but there may be good news ahead for Indian Country.
This latest version of the HEROES Act trims more than $1 trillion off the original proposal presented by House Speaker Nancy Pelosi, but the package is still very favorable toward Tribes.
If passed, HEROES 2.0 will include $9.5 billion in fiscal relief for tribal governments, and would extend the timeframe to use CRF funds to December 31, 2021.
It would allow funds to be used to replace lost, delayed or decreased revenues due to the coronavirus pandemic, which is not currently allowed.
$1 billion would be split equally between all federally recognized tribes, and include more lenient terms for minority businesses and small businesses affected by the COVID-19 crisis.
Learn more about HEROES 2.0 (and access the complete draft) with the latest broadcast update from NAFOA.org.
On October 6, President Trump announced that he had ordered negotiations on a new economic relief bill to stop until after the election. However, on October 7 Treasury Secretary Steven Mnuchin tried to make a deal with Speaker Pelosi to rescue other areas of the economy—although it appears broader, aid has been postponed for now.
REDW will continue to monitor the situation and keep you apprised as relevant developments become available. If you have questions or need additional information about this or other tribal government concerns, contact Corrine Wilson, REDW Principal and National Tribal Practice leader.
REDW is committed to keeping you informed at all times, and especially through the ramifications of the COVID-19 pandemic. Stay connected with us on LinkedIn and @REDWLLC on Twitter. Access some of our other updates on our COVID-19 Resource Hub.