News Flash

Home

Posted on: July 19, 2020

CARES Act CRF Guidance Permits use of Funds for TANs Costs

The U.S. Treasury has been using FAQs to expand permissible uses of Coronavirus Relief Fund (CRF) monies, distributed pursuant to the CARES Act. You can view the latest (July 8) at Treasury CRF FAQs.

On page 7, that guidance states (emphasis added):

‘If a recipient must issue tax anticipation notes (TANs) to make up for tax due date deferrals or revenue shortfalls, are the expenses associated with the issuance eligible uses of Fund payments?

‘If a government determines that the issuance of TANs is necessary due to the COVID-19 public health emergency, the government may expend payments from the Fund on the interest expense payable on TANs by the borrower and unbudgeted administrative and transactional costs, such as necessary payments to advisors and underwriters, associated with the issuance of the TANs.’

As a reminder, only the State of New Jersey and our nine most populous counties received CRF funding. That funding can only be used for limited purposes, outlined in the FAQs, However, Treasury Guidance permits recipient governments to pass funding on to non-qualifying local units, as sub-recipients. A total of $3,444,163,690.30 came to the State and the nine counties. Here are the subtotals.

  • Bergen County                                          $162,662,060.40
  • Camden County                                        $ 88,375,283.90
  • Essex County                                            $139,414,976.30
  • Hudson County                                          $117,327,044.40
  • Middlesex County                                      $143,966,956.60
  • Monmouth County                                     $107,974,955.70
  • Ocean County                                            $105,949,274.70
  • Passaic County                                          $87,564,767.20
  • Union County                                             $97,077,214.30
  • Payment to the State of NJ                        $2,393,851,156.80

Contact: Jon Moran, Senior Legislative Analyst, jmoran@njlm.org, 609-695-3481 x121.


Facebook Twitter Email

Other News in Home

Week of Feb. 22: COVID-19 Weekly Update

Posted on: February 26, 2021

Feb. 26, 2022 Cannabis Update

Posted on: February 26, 2021

FY 2021 State Budget-Municipal Interest

Posted on: February 24, 2021

Legislature Preview: Week of February 22

Posted on: February 22, 2021

Gov. Murphy Signs Legalization Legislation

Posted on: February 22, 2021

LEAP Challenge Grant Deadline Approaching

Posted on: February 16, 2021

Expanded Earned Income Tax Credit Program

Posted on: February 16, 2021

Amended Shared Service Bill S-1 Advances

Posted on: February 16, 2021

Week of February 8: COVID-19 Update

Posted on: February 16, 2021

Congressional Activity on SALT Deduction

Posted on: February 1, 2021

Marijuana Legalization Update

Posted on: February 1, 2021

Week of January 24: Covid-19 Update

Posted on: February 1, 2021

Week of January 18: COVID-19 Update

Posted on: January 22, 2021

COVID-19 Update: Week of January 4

Posted on: January 11, 2021

Governor Signs Tax Incentive Legislation

Posted on: January 11, 2021

Cannabis Clean Up Legislation Held

Posted on: January 11, 2021

Larger Stimulus Checks Unlikely

Posted on: January 4, 2021

Federal Update and Further Stimulus

Posted on: December 30, 2020

COVID Relief & Omnibus Bill Passed

Posted on: December 28, 2020

Week of December 21 COVID-19 Update

Posted on: December 28, 2020

Week of December 14: COVID-19 Update

Posted on: December 18, 2020

Senate Passes PFRS 20 and Out Legislation

Posted on: December 18, 2020

Tax Incentive Legislation Moving Quickly

Posted on: December 18, 2020

Covid-19 Update: Week of December 6

Posted on: December 14, 2020

Cannabis Legislation Advancing

Posted on: December 14, 2020

Small Cell Regulation Bill Advances

Posted on: December 14, 2020

LFN Issued on UCC Enforcement

Posted on: December 10, 2020

AG Issues Marijuana Charge Guidance

Posted on: December 10, 2020

Law Requires Use of Body Cameras

Posted on: December 2, 2020

Gov. Murphy Signs Plastic Ban into Law

Posted on: November 11, 2020

2019 Senior Freeze Deadline Extended

Posted on: November 2, 2020

Hospital Propety Tax Bill Held from Vote

Posted on: November 2, 2020

Vegetation Management Bill Advances

Posted on: September 21, 2020

Hospital Property Tax Bill Advances

Posted on: September 21, 2020

Governor Takes Action on Bills

Posted on: September 21, 2020

MIllioniares' Tax to Bolster State Budget

Posted on: September 21, 2020

State Budget Deliberations Begin

Posted on: September 11, 2020

Final NJ Census Push in Full Swing

Posted on: September 9, 2020

Census 2020- Time Is Running Out

Posted on: September 8, 2020

Proposed Budget Holds ETR/CMPTRA Level

Posted on: August 25, 2020

Week of August 17: COVID-19 Update

Posted on: August 25, 2020

Local Aid Crucial for Economic Recovery

Posted on: August 25, 2020

Week of August 10: COVID-19 Update

Posted on: August 14, 2020

Time is Running Out for the 2020 Census

Posted on: August 14, 2020

Week of August 2: COVID-19 Update

Posted on: August 9, 2020

COVID-19 Research Volunteers Needed

Posted on: August 6, 2020

Storm Update from NJBPU

Posted on: August 5, 2020

Week of July 27: COVID-19 Update

Posted on: August 5, 2020

Week of July 13: COVID-19 Update

Posted on: July 19, 2020

Murphy Ok's COVID-19 Borrowing Bill

Posted on: July 19, 2020

Interim State Budget Enacted

Posted on: July 6, 2020

Bridge Budget Bill Introduced

Posted on: June 26, 2020

Week of June 8, 2020 Covid-19 Update

Posted on: June 12, 2020

Week of May 25: COVID-19 Update

Posted on: May 29, 2020

Week of May 18: COVID-19 Update

Posted on: May 22, 2020

State Budget Update

Posted on: May 22, 2020

Call for Federal Lifeline

Posted on: May 22, 2020

DEP Launches "Mask Up!" Campaign

Posted on: May 20, 2020

Week of May 11 COVID-19 Update

Posted on: May 15, 2020

HEROES Act Includes Hometown Help

Posted on: May 15, 2020

Week of May 4 COVID-19 Update

Posted on: May 8, 2020

Week of April 27 COVID-19 Roundup

Posted on: May 1, 2020

Gov. Murphy OK's May 2 Park Reopening

Posted on: April 30, 2020

Possible Help for Seasonal Businesses

Posted on: April 30, 2020

New Federal Help for Local Businesses

Posted on: April 29, 2020

Week of April 20 COVID-19 Update

Posted on: April 24, 2020

Week of April 12 COVID-19 Update

Posted on: April 17, 2020

ABC Extends Retail License Terms

Posted on: April 17, 2020

Congress Considers Local Aid Bills

Posted on: April 17, 2020

Primary Election Day Moved to July 7

Posted on: April 9, 2020

COVID-19 Rundown: Week of March 30

Posted on: April 3, 2020

April 1 Is Census Day

Posted on: April 1, 2020

CARES Bill Follow-up

Posted on: March 30, 2020

COVID-19 Update Week of March 22

Posted on: March 27, 2020

Federal CARES Act Analysis Continues

Posted on: March 27, 2020

CARES Act Preliminary Snapshot

Posted on: March 26, 2020

COVID-19: Free Informational Webinar

Posted on: March 24, 2020

State Freezes Spending

Posted on: March 25, 2020

March 23, 2020 Daily COVID-19 Update

Posted on: March 23, 2020

Governor Signs EO on Elections

Posted on: March 19, 2020

COVID-19 Bill Package

Posted on: March 15, 2020

Emergency Procurement Guidance

Posted on: March 15, 2020

March 13, 2020 COVID-19 Update

Posted on: March 13, 2020

State & Local COVID-19 Briefing

Posted on: March 10, 2020