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U.S Treasury disburses $700 billion in pandemic relief since March

By Ishika Dangayach on Sep 17, 2021 | 04:37 AM IST

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The United States Treasury said on Thursday that it has disbursed about $700 billion of the $1 trillion in COVID-19 assistance programs handled by Treasury in the first six months since the American Rescue plan (ARP) was enacted into law.

The majority of the money, $450 billion, was delivered directly to families and households in the form of Economic Impact Payments totaling more than $400 billion, 106 million Child Tax Credit (CTC) payments totaling more than $46 billion, and rental assistance totaling more than $5 billion.

Treasury has also given $240 billion in fiscal assistance to state, territorial, municipal, and tribal governments, which will be used to combat the pandemic and hasten economic recovery.

“From the start, the policy decisions made and executed by this administration, including the programs contained in the American Rescue Plan, were conceived to help all segments of the economy and provide much-needed relief for families struggling through the pandemic,” said Treasury Secretary Janet L. Yellen, in a statement.

“While there’s still more work to do to ensure an equitable and strong recovery over the long-term, it’s clear six months in that President Biden’s American Rescue Plan is working.”

Over 99 percent of the currently available State and Local Fiscal Recovery Funds are in the hands of governments across the country, who are using them not only to meet immediate pandemic response needs, but also to make long-term investments in their local communities' recovery, equity, and prosperity.

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