RALEIGH, N.C. (FOX 46 CHARLOTTE) – North Carolina Governor Roy Cooper and state officials discussed their plans for allocating federal funds from President Biden’s $1.9 trillion American Rescue Plan Wednesday afternoon.
States, including North Carolina, are set to receive nearly $200 billion in recovery funds from the U.S. government.
The funds are expected to go to schools, healthcare and other institutions affected by the pandemic. Here’s how plans for some of it will be spent.
- $1.2B to broadband access, to help close the gap for those struggling to find work.
- $575M to affordable housing
- $800M to water and wastewater investments
- $350M to scholarships and financial aid
- $350M to the industries hit the hardest by the coronavirus pandemic
- $300M to public education
- $250M to low-income families dealing with financial hardship
- $45M to tourism, motorsports and outdoor events including $10M to Charlotte Motor Speedway and $10M to North Wilkesboro Speedway
Treasury officials said the funds should not be used by state and local governments to cut taxes, pay down debt or bolster reserve funds.
Biden called the plan the first step in economic recovery.
“Some critics said we didn’t need the American Rescue Plan — that this economy would just heal itself,” Biden says. “Today’s report just underscores, in my view, how vital the actions we’re taking are…we’re still digging out of an economic collapse.”