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On January 6, 2022, the Treasury issued its Final Rule for the Coronavirus State and Local Fiscal Recovery Funds (SLFRF) under the American Rescue Plan Act (ARPA). The new final rule is more comprehensive and significantly longer than the interim rule. Most of the new content is aimed at providing greater clarity, direction, and examples for rules that were already in effect under the interim rule. We have highlighted key changes and clarifications in this presentation.
The final rule takes effect on April 1, 2022; prior to April 1, 2022, recipients may take actions and use funds in a manner consistent with the final rule, and Treasury will not take action to enforce the interim final rule if a use of funds is consistent with the terms of the final rule, regardless of when the SLFRF funds were used. See the Statement Regarding Compliance with the Coronavirus State and Local Fiscal Recovery Funds Interim Final Rule and Final Rule for more information.
Click on the button below to download UHY’s overview of the final rule: