RALEIGH, N.C. (WNCN) — North Carolina received more than $2 billion from the federal government as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, according to State Treasurer Dale Folwell’s office.
Office of State Budget and Management (OSBM) along with the Office of the State Controller and staff at DST completed the application on April 14 and the funds were received by the State Bank the next day.
The money is the first disbursement from the federal government of more than $4 billion slated for North Carolina.
“As keepers of the public purse, we’re responsible for receiving money and putting it in interest bearing accounts,” Folwell said. “We’ll process the withdrawal when directed by the legislative and executive branches.”
The CARES Act, as passed by Congress and signed by the President, will provide $150 billion for the Coronavirus Relief Fund including direct payments to states, the District of Columbia, U.S. Territories, and eligible units of local government based on population as provided in the CARES Act.
The North Carolina General Assembly (NCGA) will decide how the state’s money will be spent as part of legislation expected near the end of the month.
Once an agreement has been reached, OSBM will distribute the funds.
In the interim, the Investment Management Division at DST will invest the money in a short-term investment fund (STIF) that is high quality, low risk and interest-bearing.
The money will be held until the NCGA and/or other state officials direct where it will be spent.
More headlines from CBS17.com:
- Indiana man admits to pushing toddler down stairs after argument over food, court docs show
- 1 million air passengers reported in a day marks new flying milestone during pandemic
- Counties reaching out to about 10,000 NC voters who need to fix absentee ballot issues
- Wake County fire tanker truck crashes while responding to house fire
- 20-year-old ‘dead’ woman found alive at funeral home later dies at Detroit hospital, family says
For more stories like this that matter to you, click here to download the CBS 17 News app for free.
Watch live newscasts, get breaking news and sign up for push alerts – download now