The American Rescue Plan Act (ARPA) approved by Congress in March 2021 provides $350 billion in funding for state and local governments across the Country. State funding is approximately $195 billion and local funding approximately $130 billion (equally divided between cities and counties).
This money is currently being distributed to state and local government. Racetracks and businesses should be in contact in with their local/state officials regarding funding opportunities.
These funds can be used for:
· Revenue replacement for local government caused by the reduction in revenue due to COVID-19 impacts
· COVID 19 impacts to small businesses, households, hard-hit industries, and economic recovery
· Investments in water, sewer, and broadband infrastructure
Racetracks and Motorsports Businesses experiencing losses in 2020/21 due to COVID should be talking to local officials regarding these funding opportunities. Like the Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) you want to demonstrate revenue losses due to COVID. Additional possibilities might be track or business expansions delayed due to COVID impacting operating expenses/revenue.
Here is a link for more information about ARPA: Coronavirus State and Local Fiscal Recovery Funds | U.S. Department of the Treasury
Local governments are making decisions on how to spend these funds. If you are a racetrack in a rural or urban area contributing dollars to the local economy, a case can be made for COVID relief for your facility.
Please contact the USMA Government Affairs if you need assistance.
email@example.com or 704-325-8003