U.S. Treasury Releases Final Rule for American Rescue Plan

On January 6th, the U.S. Treasury Department released the Final Rule for $65.1 billion in funding to counties as part of the American Rescue Plan’s State and Local Coronavirus Fiscal Recovery Fund. This new rule broadens and simplifies what municipalities can spend the funds on such as water, sewer, and broadband infrastructure projects, while also expanding support for public-sector hiring. However, the new rules notably add restrictions on using the funds to pay debt service, a request previously made by a handful of states