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Time to get creative with coronavirus relief funds, deadline approaching

Dear Tribal Leaders & Enterprise Operators:

For many tribes, now is the time to get creative and spend coronavirus relief funds before deadline and be in position to request for additional funds.

Meanwhile, Congressman O’Halleran and others in the House of Representatives, push for a bill to extend the deadline for tribes to spend CARES Act relief funding from December 2020, to December 2021.

Additionally, lawmakers are negotiating over another relief funding bill that will be critical to augment loss and diminished revenues by U.S corporations and small businesses.

We expect the next bill to address and focus on the following priorities:

  • Emphasis on education
  • Widespread liability protection
  • Increased funding for testing
  • Extension of the PPP
  • Payroll tax Cut

Whatever is eventually approved, it is unlikely that additional relief will include Tribes considering a July 17, report that stated that most Tribes had not spent their CARES Act funding.

In addition, there are other options for tribes and their enterprises, including casinos, such as the Paycheck Protection Program and the Mainstreet Leading Program.

Some Tribes are moving fast, as unemployment benefits could soon be drastically reduced at the end of the month if lawmakers cannot come to an agreement.

With many Tribal members taking advantage of unemployment benefits, this would impact and burden those families who relying on those benefits until the economy recovers and jobs become more available.

In addition, many native-owned small businesses are struggling to keep their operations going and keep their employees on payroll and may also be affected by when the unemployment benefits end.

It’s apparent that for many Tribes that now is the time to get creative with spending CARES Act relief funding, even if the deadline gets extended.

Until the funds are completely spent, Tribes will not be considered for additional funding in any future relief packages passed my U.S. lawmakers.

Over the last week, we have seen stories about how tribes, counties, and other local governments are using relief funds to address needs surrounding, testing, personal protective equipment, housing, career training, small business grants, infrastructure projects, and much more.

Our team of economic development, government policy, healthcare, and accounting professionals can quickly evaluate opportunities and develop expenditure plans to help tribes spend fund effectively and appropriately.

There is still need for protective equipment, families are still struggling, businesses are going to shut down, and many more needs that can be addressed with the coronavirus relief funds.

We can also identify other sources of funds available through grant and loan programs that are available to tribes and their enterprises.

Our comprehensive team can look at situations from many vantage points and perspectives to generate ideas and a comprehensive approach to the unique challenges in native communities.

Contact us for a consultation. We look forward to speaking with you.

Sincerely,

Sean McCabe, CPA, Managing Member

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