CARES Act Payments Must Be Used by December 30, 2020
Is your municipality trying to decide where to allocate funds received through the CARES Act? It is important to put CARES Act money into a worthy cause or investment but be aware that it is equally important to know that you must put it to use by December 30, 2020.
The CARES Act established the astounding $150 billion Coronavirus Relief Fund. What is even more astounding? Cybercrime is set to cost businesses $5.2 trillion in the next 4 years according to Accenture. Government agencies, healthcare companies, and small businesses are the top cyber-attack targets.
How Should You Use Your CARES Act Payments?
The United States Department of the Treasury under the CARES Act requires that the payments from the Coronavirus Relief Fund only be used to cover expenses that follow three main guidelines:
- The expenses must be necessary and must have incurred due to the public health emergency – COVID 19.
- The expenses were not accounted for in the most recently approved budget as of March 27, 2020
- The expenses were incurred between March 1, 2020 and December 30, 2020
More specific information and guidelines on the CARES Act can be found here on the U.S. Department of the Treasury website.
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