Tag Archive for: #caresact

Kerr Tar Regional Council of Governments

Kerr-Tar Regional Council of Governments Receives $1.2 Million CARES Act Grant

/by

100.1 FM ~ 1450 AM ~ WIZS, Your Community Voice ~ Click to LISTEN LOCAL

-Information courtesy U.S. Department of Commerce press release

On Friday, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $8.4 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs in North Carolina that have been adversely affected by the coronavirus pandemic.

“These investments come at a crucial time to help North Carolina’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds to help North Carolina businesses with their capital needs as they respond to coronavirus.”

Locally, the Kerr-Tar Regional Council of Governments, Henderson, North Carolina, will receive a $1.2 million EDA CARES Act Recovery Assistance grant to assist small businesses by providing much-needed capital through a RLF that will serve coronavirus impacted businesses in Franklin, Granville, Person, Vance, and Warren counties.

The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.

On May 7, Secretary Ross announced that EDA is accepting applications for CARES Act Recovery Assistance funding opportunities.

EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) program, provides a wide range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.

For complete information, please visit EDA CARES Act Recovery Assistance page.

Treasurer Folwell Announces $2 Billion Received as Part of CARES Act

/by

100.1 FM ~ 1450 AM ~ WIZS, Your Community Voice ~ Click to LISTEN LOCAL

-Press Release, NC Department of State Treasurer

State Treasurer Dale R. Folwell, CPA, and the Financial Operations Division (FOD) of the Department of State Treasurer (DST) announced on Thursday that North Carolina has received more than $2 billion from the federal government as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The CARES Act, as passed by Congress and signed by the President, will provide $150 billion for the Coronavirus Relief Fund including direct payments to states, the District of Columbia, U.S. Territories, and eligible units of local government based on population as provided in the CARES Act.

Office of State Budget and Management (OSBM) along with the Office of the State Controller and staff at DST completed the application on April 14 and the funds were received by the State Bank (DST/FOD) the next day. The money is the first disbursement from the federal government of more than $4 billion slated for North Carolina.

“As keepers of the public purse, we’re responsible for receiving money and putting it in interest-bearing accounts,” said Treasurer Folwell. “We’ll process the withdrawal when directed by the legislative and executive branches.”

The North Carolina General Assembly (NCGA) will decide how the state’s money will be spent as part of legislation expected near the end of the month. Once an agreement has been reached, OSBM will distribute the funds. In the interim, the Investment Management Division at DST will invest the money in a short-term investment fund (STIF) that is high quality, low risk and interest-bearing. The money will be held until the NCGA and/or OSBM directs where it will be spent.

DST serves the people of North Carolina through a variety of functions related to the financial health of the state and its citizens. Folwell serves as the state’s banker and chief investment officer and is responsible for approximately $200 billion in assets.

The department administers the employee retirement systems for more than 900,000 public workers, along with their 401(k), 457 and 403(b) plans. DST also oversees the State Health Plan, which provides health care coverage to more than 727,000 teachers, state employees, retirees, current and former lawmakers, state university and community college personnel, and their dependents.

Fiscal assistance and expertise are provided by the department to local governmental units by aiding them in the sale of local government debt obligations and in maintaining sound budgeting, accounting, and reporting procedures. The department also administers the NC Cash unclaimed property database.