$2 Trillion CARES Act Tribal Stimulus Package
The United States Congress approved a $2.2 trillion stimulus package that was signed by President Trump into law March 27, 2020, known as the Coronavirus Aid, Relief and Economic Security (CARES) Act. The legislation allocated an $ 8 billion set-aside for tribal governments to use for expenditures incurred due to the COVID-19 public health emergency, from March 1, 2020 through December 31, 2020.
McCabe CPA Group, LLC and McCabe Consulting has over 20 years of expertise in assisting Tribal Nations’ diverse economic portfolios. We are in unprecedented times and we are here to assist Tribes with opportunities identified through the CARES Act. The funding made available through this legislative package presents unique resources designed to provide relief to Tribal operations as a result of operational shutdowns due to the pandemic. This, in turn, poses unique challenges for Tribes to identify which options made available by the CARES act protects Tribal governments and Tribal enterprises and small business operations. These options and the financial risks associated with them will have short and long term effects on financial planning models and audit, compliance and accountability structures. From identifying the options best suited for your Tribal organization all the way through funding and accounting as well as compliance, McCabe CPA Group, LLC and McCabe Consulting stands ready to help.
McCabe CPA Group LLC can assist with:
- Funding options made available through the CARES act
- Application process
- Accounting processes for proper reporting, accountability and compliance
- All audit related issues
- Administration of stimulus funds
- The United States Congress approved a $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES Act), signed into law by President Trump on March 27, 2020.
- The stimulus relief fund package includes a set-aside of $8 billion for tribal governments to use for expenditures incurred due to the COVID-19 public health emergency, from March 1, 2020 through December 31, 2020.
- Tribes and their enterprises are also eligible for the $454 billion loan guarantee funds and $349 billion under the U.S Small Business Administration (SBA) Loan 7(a) Program.
- Funding can assist tribal governments, tribal enterprises and small business enterprises on tribal lands.
- Funds can cover unbudgeted COVID-19 related costs to purchase of protective equipment (PPE), increasing staff and cover the costs of overtime, staffing, transportation, cleaning supplies, water, food, Information Technology, broadband/internet service increase for telework and other COVID-19 activities.
- The Paycheck Protection Program (PPP) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during COVID-19 crisis.
- There will be accounting requirements for tribes to receive reimbursement or loan forgiveness.
- Short-term challenges that may arise once the funding is secured, such as effects on financial planning models, audit, compliance and accountability structures.
- The funding made available through this legislative package presents unique resources designed to provide relief to tribal entities whose operations have been impacted due to the pandemic.
- The professionals at McCabe CPA Group, LLC and McCabe Consulting are ready to advise tribal organizations on accessing funding, addressing long-term and short-term challenges, effects on financial planning models, audit, compliance and accountability structures.