Stimulus Update: Emergency Rental Assistance Program Surpasses 2.5 Million Payments

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As the economic rescue operation continues, state and municipal governments continue to give financial assistance to those in greatest need. The United States Department of the Treasury said on Monday, Nov. 29, that state and local authorities provided rental help to more than 521,000 tenants and landlords in October under the Treasury’s Emergency Rental Assistance (ERA) program. Since its inception, the program has awarded over $2.8 billion in money to over 2.5 million people.

According to the US Treasury, between $25 billion and $30 billion in ERA 1 and ERA 2 monies will be spent or obligated by the end of 2021. At least 80% of ERA 1 funds will be used by the end of the year, nine months before the deadline.

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According to a US Treasury news release, by the end of October, more than 100 state and local ERA 1 grantees had spent 95 percent or more of their cash, while 130 grantees had already begun to tap into ERA 2 monies.

Read More: Confirmation of stimulus update: Payouts of $ 2,000 and $ 1,000 are sent. Please check your email.

Who Are the Largest Spenders?

  • New York State has funded or pledged $2 billion of the total ERA contribution of $2.4 billion.
  • Texas has spent $1.2 billion, which exceeds its allocated for ERA 1 and ERA 2.
  • Oregon has also depleted all of its funds.

If you live in one of these states and want support, you may still be able to apply for rental aid. The United States Treasury is reallocating ERA 1 money from states and local governments that have not exhausted their available resources. According to the Treasury, much of the re – allocation will be done on a voluntary basis.

The Treasury is also pushing governments to use alternative financial sources, such as the $350 billion accessible under the Coronavirus State and Local Fiscal Relief Funds.

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