The U.S. Treasury has deployed more than half of the Coronavirus Relief Fund, which provides for payments to state, local, and tribal governments.
The daily Treasury statement notes that as of Monday, $81.9 billion had been used this month. The $150 billion fund was established to help lessen the economic impact of the Covid-19 outbreak.
The coronavirus pandemic has crushed sources of tax revenue for states and municipalities at a time when resources, including paramedics and hospitals, are being committed to combat the threat to public health.
Treasury Secretary Steven Mnuchin has been rapidly deploying pieces of $2.2 trillion in relief that President Donald Trump signed into law on March 27 to boost an economy reeling from the virus-induced shutdown.
Mnuchin has also authorized the Federal Reserve to launch nine different lending facilities — of which four are fully operational — and disbursed some $349 billion to small businesses. It’s also disbursed $2.9 billion to airlines that need payroll assistance.
Members of Congress have been pushing for more money to help state and local governments.