Treasury to start paying out $350B in state and local aid

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The Treasury Department is launching its $350 billion program to distribute aid to state and local governments. It will give the U.S. economy an added boost after relatively modest hiring in April. The aid is part of President Joe Biden’s larger $1.9 trillion coronavirus relief package that became law in March. Administration officials say payments could begin to go out in the coming days to eligible governments, allowing state, local, territorial and tribal officials to offset the economic damage from the pandemic. Guidance from the Treasury Department listed broad categories for spending the money, but it cannot be used to cut taxes, pay down debt or bolster reserve funds.

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