North Carolina receives $2B as part of CARES Act

North Carolina news

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.

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