A stimulus check is a government payment to an individual. These payments are designed to boost economic activity, putting money directly into the pockets of taxpayers when the economy hits a recession.
The latest outline of the $350 billion State and Local Fiscal Recovery Fund (SLFRF) from the U.S Relief Plans Act Stimulus Check (ARPA) was released last month by the Treasury Department. Updated information provides a unique perspective on how significant cities and counties collectively received $65 billion to allocate the second half of his SLFRF funding the Treasury Department granted in May.
The U.S Local Government ARPA Stimulus Check Investment Tracker allows 330 major cities and counties to use these funds to stabilize government operations and reduce the health and economic impact of the COVID-19 outbreak from the past six months. We’re keeping an eye on how you manage month-to-month. This article provides an update on ARPA Stimulus Check commitments and spending through June 30, 2022.
Stimulus checks in 2023
As of June 30, municipalities had achieved about one-third. They must budget and commit to their SLFRF allocations by the end of 2024. Major cities and counties (91 cities/consolidated counties and 239 counties with a population greater than 250,000) have allocated SLFRF funding to approximately 7,500 projects. It is a 21% increase from the end of March 2022.
Subsidies have also increased. Total SLFRF at the end of June was 61% higher than at the end of March (51%). As a result, significant counties and cities have increased their first tranches of funds. They are beginning to distribute the second tranches they received in May. In our study, cities had a slight budget advantage over counties. The city-merged county budgeted 71% of her SLFRF allocation, compared to counties that budgeted 52%.
These municipalities have committed or spent $39 billion of their SLFRF funds by June. The government will engage the remaining $26 billion of its SLFRF by December 2024 and consume it by 2026.
As things stand right now, stimulus check 2023 seems highly unlikely.
Let's make 2023 the year of buying American.
— President Biden (@POTUS) January 5, 2023
