Department of the Treasury 

Treasury Coronavirus 

Relief, Response, Aid, and 

Recovery Programs 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2024 
COVID - 2 

Table of Contents

Section I – Budget Request ......................................................................................................................... 3

A – Mission Statement ............................................................................................................................. 3

B – Enacted Legislation ............................................................................................................................ 3

C – Strategic Approach ............................................................................................................................. 6

Section II – Program Summary ................................................................................................................. 7

A – Performance ....................................................................................................................................... 7

B – Assistance for Taxpayers ................................................................................................................... 7

1.1 - Economic Impact Payments ............................................................................................................. 8

1.2 - Employer Refundable Credits .......................................................................................................... 8

1.3 - Child and Dependent Care Tax Credits, Advance Payments of Child Tax Credit, Child Tax 

Credit, and Earned Income Tax Credit Changes .................................................................................... 10

C – Assistance to American Industry & Small Businesses .................................................................... 12

1.1 - Transportation Services .................................................................................................................. 12

1.2 - Payroll Support Program, Air Carrier Worker Support & Pandemic Relief for Aviation Workers

 ................................................................................................................................................................ 13

1.3 - Economic Stabilization Program .................................................................................................... 14

D – Assistance for State, Local, U.S. Territory & Tribal Governments ................................................. 14

1.1 - Coronavirus Relief Fund ................................................................................................................ 15

1.2 - Homeowner Assistance Fund ......................................................................................................... 16

1.3 - Emergency Rental Assistance ........................................................................................................ 17

E – Access to Capital for Community Development and Small Businesses .......................................... 18

1.1 - Community Development Financial Institutions Fund, Emergency Support ................................. 18

1.2 - Emergency Capital Investment Program ........................................................................................ 19

1.1- State Small Business Credit Initiative ............................................................................................. 20

F – COVID Program Administration and Oversight .............................................................................. 21

1.1 - Bureau of the Fiscal Service ........................................................................................................... 21

1.2 - Internal Revenue Service COVID Response (Admin.) .................................................................. 22

1.3 - CDFI Emergency Support (Admin.) .............................................................................................. 22

1.4 - Departmental Offices, Office of Recovery Programs .................................................................... 23

1.5 - Special Inspector General for Pandemic Recovery ........................................................................ 24

1.6 - Office of the Inspector General ...................................................................................................... 24

1.7 - Treasury Inspector General for Tax Administration ...................................................................... 25
COVID - 3 

Section I – Budget Request 

 

A – Mission Statement

Continue to administer multiple relief and recovery programs authorized through the Families 

First Coronavirus Response Act (FFCRA), Coronavirus Aid, Relief, and Economic Security Act 

(CARES Act), Consolidated Appropriations Act, 2021 (CAA, 2021), and the American Rescue 

Plan Act of 2021 (ARP). The responsibilities that have been assigned to the Department of the 

Treasury (Treasury) are central to the Administration’s overall relief and recovery agenda. They 

offer unique opportunities to secure a robust, equitable recovery through tools including state and 

local aid, rental assistance to struggling tenants, help for homeowners facing foreclosure, and the 

provision of capital to communities that have traditionally been left behind. 

Treasury Amounts in the U.S. Government's COVID-19 Response1

Dollars in Thousands 

 FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute 

FFCRA 10,820,000 200,988 0 689,000 0 6,737,000 2,693,000 500,000 

CARES Act 2, 

3 1,022,735,350 485,666,300 0 10,589,750 0 22,487,651 23,027,384 9,576,619 

CAA, 2021 4 0 0 (281,940,231) 185,116,243 0 14,270,262 2,253,766 19,826 

ARP 0 0 834,470,900 801,072,802 0 29,343,504 7,613,159 677,573 

IIJA 0 0 0 0 (4,566,100) 0 0 0 

Total $1,033,555,350 $485,867,288 $552,530,669 $997,467,795 ($4,566,100) $72,838,417 $35,587,309 $10,774,018 

 FTE5 13 99 234 187 267 1

Enacted budget authority includes varying periods of availability depending on the program legislation; Obligations are based on FY 2023 

President’s Budget estimates. 

2

Section 1003 of the CAA, 2021, rescinded unobligated balances from the CARES Act 2020 appropriation Economic Stabilization Program; the 

ultimate effect of Sec. 1003 rescinded $478.80B from this program. 3

The FY 2024 Obligations under CARES Act includes an estimated $9.54B for U.S. Coronavirus Refundable Credits. 4

In FY 2022, the Infrastructure Investment and Jobs Act (PL 117-58) Section 90007 rescinded $3B from the CARES Act Section 4120 budget 

authority and $200M from the P.L 116-260 Division N Sec. 411 budget authority from the Payroll Support Program (Air Carrier Worker Support 

& Pandemic Relief for Aviation Workers) and $1.366B from the CARES Act Section 4027 budget authority from the Economic Stabilization 

Program. 

5

The Consolidated Appropriations Act, 2023 (P.L. 117-328) provided funding to Treasury Departmental Offices to support the Office of Recovery 

Programs administrative expenses. Refer to the Departmental Offices Congressional Justification for FTE funded from the annual appropriation. 

B – Enacted Legislation 

The coronavirus pandemic has had unprecedented, widespread impacts on the economy and 

caused significant disruptions to industries and families across America. In response to the onset 

of the COVID-19 pandemic in FY 2020, Congress passed the FFCRA (P.L. 116-127) and the 

CARES Act (P.L. 116-136). As the pandemic continued into FY 2021, Congress provided 

additional relief in the CAA, 2021 (P.L. 116-260) and passed the ARP (P.L. 117-2). The 

legislative intent and focus of the Treasury is to provide fast, effective, and efficient direct 

economic assistance to American workers, families, small businesses, and industries. 

The FFCRA was enacted on March 18, 2020. The FFCRA, amended by the COVID-related Tax 

Relief Act of 2020 (P.L. 116-260, Division N, Subtitle B) and the ARP, provides small and 

midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of 
COVID - 4 

providing paid sick and family leave wages to their employees for leave related to COVID-19. 

More specifically, the FFCRA gives businesses with fewer than 500 employees funds to provide 

employees with paid sick and family and medical leave for reasons related to COVID-19, either 

for the employee's own health needs or to care for family members. 

 

The CARES Act, enacted on March 27, 2020, created a variety of programs to address the 

COVID-19 pandemic. The CAA, 2021, enacted on December 27, 2020, created several new 

programs and maintained many of the CARES Act programs by adding new phases, new 

allocations, and new guidance. 

The ARP continues many of the programs started by the CARES Act and CAA, 2021. The ARP 

also created a variety of new programs to address continuing pandemic-related crises, and fund 

recovery efforts as the United States begins to emerge from the pandemic. 

In FY 2022, Congress enacted the Infrastructure Investment and Jobs Act (IIJA) (P.L. 117-58). 

Section 90007 of the IIJA rescinded $4.6 billion in funds from the CARES Act Section 4120 

budget authority and the CAA, 2021 Division N Sec. 411 budget authority. 

The Consolidated Appropriations Act, 2023 (P.L. 117-328) Division LL Section 102(d) made 

remaining balances of several pandemic recovery programs accounts’ administrative expenses 

also available for expenses necessary for Treasury’s administration of other pandemic recovery 

programs. Treasury is actively working on a plan to implement the new provision. 

Treasury categorizes enacted COVID related programs into four categories: 1) assistance to 

taxpayers, which includes individuals and businesses, 2) assistance to American industry and 

small businesses, 3) assistance for state, local, U.S. territory and Tribal governments, and 4) 

access to capital for community development and small businesses. Treasury also received 

funding for program administration and oversight. 

 
COVID - 5 

Treasury COVID-19 Budget Authority Overview1

Dollars in Thousands 

 

2020 

Enacted 2020 Enacted 2021 Enacted 

2021 

Enacted 2021 Enacted 

 FFCRA CARES Act CAA, 2021 ARP IIJA 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Assistance to Taxpayers2 

Economic Impact Payments3 0 275,087,000 141,369,000 405,266,000 0 

U.S. Coronavirus Refundable Credits4 10,805,000 64,789,000 0 510,000 0 

Child and Dependent Care Tax Credit 0 0 0 8,253,000 0 

Assistance to Industry & Small Businesses 

Transportation Services 0 0 1,950,000 0 0 

Payroll Support Program, Air Carrier Worker Support 

& Pandemic Relief for Aviation Workers5 0 31,939,000 16,000,000 14,990,000 (3,200,000) 

Economic Stabilization Program6 0 499,903,000 (478,796,257) 0 (1,366,100) 

Assistance for State, Local & Tribal Governments 

Coronavirus Relief Fund 0 150,000,000 0 362,000,000 0 

Homeowner Assistance Fund 0 0 0 9,918,400 0 

Emergency Rental Assistance 0 0 24,985,000 21,517,000 0 

State Small Business Credit Initiative (SSBCI) 0 0 0 9,788,000 0 

Community Development Financial Institutions Community Development Financial Institutions Fund, 

Emergency Support 0 0 2,988,540 0 0 

Emergency Capital Investment Program 0 0 8,730,417 0 0 

COVID Program Administration & Oversight 

Bureau of the Fiscal Service (Fiscal Service) 0 78,650 0 23,200 0 

IRS COVID Response (Admin.) 15,000 750,700 509,000 1,861,700 0 

Community Development Financial Institutions Fund, 

Emergency Support (Admin) 0 0 11,460 0 0 

Departmental Offices7 0 128,000 317,569 330,000 0 

Special Inspector General for Pandemic Recovery 0 25,000 0 0 0 

Office of the Inspector General 0 35,000 6,500 5,600 0 

Treasury Inspector General for Tax Administration 0 0 0 8,000 0 

 $10,820,000 $1,022,735,350 ($281,928,771) $834,470,900 ($4,566,100) 1

Budget authority is based on enacted legislation; subsequent legislation extending existing authority increases the initial legislative authority. The 

table displays both mandatory and discretionary funding. 2

Mandatory funding; Amounts will change as funds are needed and obligated; Assistance to Taxpayers also includes some support for businesses; 

Under the Assistance to Taxpayers category, the ARP also expanded the Child Tax Credit and created advance payments; established a child and 

dependent care tax credits; and made changes to the Earned Income Tax Credits. 3

Excludes Recovery Rebate Credits associated with all Economic Impact Payments; FY 2021 Budget Authority $38,512M of which $23,403M 

was obligated in FY 2021, $12,673M was obligated in FY 2022, $2,236M is estimated to be obligated in FY 2023 and $200M estimated in FY 

2024. Also, excludes recoveries. 

4

This estimate only included the advance portions of the credits; other impacts of the credits are reflected in the FY 2023 Budget receipt estimates. 5

The Infrastructure Investment and Jobs Act (PL 117-58) Section 90007 rescinded $3B from the CARES Act Section 4120 budget authority and 

$200M from the P.L 116-260 Division N Sec. 411 budget authority in FY 2022. The Consolidated Appropriations Act, 2023 (P.L. 117-328) 

Division LL, made unavailable amounts from the CARES Act Section 4003 budget authority for administrative expenses resulting in a increase in 

amounts reflected here, as $39M less is now available for administrative use from the Payroll Support Program. 6

Section 1003 of the CAA, 2021, rescinded unobligated balances from the CARES Act 2020 appropriation to the Economic Stabilization 

Program; the ultimate effect of Sec. 1003 rescinded $478.796B from this program. The IIJA, Section 90007, rescinded $1.366B from the CARES 

Act Section 4027 budget authority in FY 2022. The Consolidated Appropriations Act, 2023 (P.L. 117-328) Division LL, made unavailable 

amounts from the CARES Act Section 4112 budget authority for administrative expenses resulting in a increase in amounts reflected here, as 

$33M less is now available for administrative use from the Economic Stabilization Program. 

7

The Office of Recovery Programs, within the Departmental Offices, provides administrative support and reflect the budget authority for the 

following programs: Transportation Services, Payroll Support Program, Air Carrier Worker Support & Pandemic Relief for Aviation Workers, 

Economic Stabilization Program, Homeowner Assistance Fund, Emergency Rental Assistance, Emergency Capital Investment Program, State 

Small Business Credit Initiative and Coronavirus Relief Fund, which includes the State and Local Fiscal Recovery Fund, Capital Projects Fund, 

Local Assistance and Tribal Consistency Fund. 
COVID - 6 

C – Strategic Approach 

Treasury’s Office of Recovery Programs (ORP) was established in April 2021 to lead the 

Department’s implementation of economic relief and recovery programs, including those 

established by the FFCRA, CARES Act, CAA, 2021, and ARP. 

The creation and build-out of ORP has allowed Treasury to put processes in place that support 

responsible, effective implementation, including: 

1. Robust communication and engagement with recipients, particularly smaller entities with less 

experience working with the Federal Government. 

2. A focus on equity and access embedded into all programs, including through innovative 

approaches for outreach, documentation, and data collection. 

3. The ability to monitor program effectiveness and respond on an ongoing basis to support the 

deployment of funds. 

4. A strategic, data-centric approach to monitoring compliance, audit resolution, and 

remediation that focuses on areas of greatest risk in a resource-constrained environment. 

5. A matrix model that identifies areas of shared need and expertise across programs, enabling 

greater efficiency and easing the scale-up of programs. 

The implementation of the recovery programs disbursed through the tax code, including 

Economic Impact Payments, the enhanced Child Tax Credit (CTC), and the CTC advance 

payments, has been led by the Office of Tax Policy, the Internal Revenue Service (IRS), and the 

Bureau of the Fiscal Service (Fiscal Service), in coordination with ORP. 

Ongoing appropriations through the Departmental Offices Salaries and Expenses account would 

enable the ORP to support essential operations and ongoing capacity for the delivery of financial 

assistance and the promotion of access to capital with reduced risk of fraud, waste, and abuse, 

and enhanced customer experience consistent with the President’s Management Agenda and 

Treasury’s Strategic Plan. Refer to the Departmental Offices Congressional Justification for 

further detail on the FY 2024 discretionary request for the Office of Recovery Programs. 
COVID - 7 

Section II – Program Summary 

A – Performance 

The Office of Recovery Program’s COVID economic response programs support the following 

objectives in the Treasury FY 2022 – FY 2026 Strategic Plan: 

 Objective 1.3 Economically Resilient Communities – relief to state, local, territorial, and 

Tribal governments (Coronavirus Relief Fund, State and Local Fiscal Recovery Fund, 

Capital Projects Fund, and Local and Tribal Consistency Fund); access to capital for 

households and businesses through the Emergency Capital Investment Program and the State 

Small Business Credit Initiative; relief to transportation businesses through the Coronavirus 

Economic Relief for Transportation Service Providers Program 

 Objective 1.4 Resilient Housing Market – relief to homeowners and renters through the 

Homeowner Assistance Fund and Emergency Rental Assistance programs 

Within the strategic plan, Treasury identified high-level desired outcomes for each of these 

objectives, and measures and indicators of success at the strategy level. Treasury worked to 

develop performance measures for ARP programs to help the agency track progress towards the 

measures, indicators, and outcomes in the strategic plan. Both at the program level and across 

programs, Treasury has engaged to build a stronger evidence-based policy infrastructure, and 

identify datasets and evaluation activities, which, in addition to regular program reporting, can be 

used to measure whether programs are contributing to the outcomes in the strategic plan by 

having the intended outcomes and impact. 

The COVID-19 public health crisis and resulting economic crisis put many sectors of the 

American economy under unprecedented strain. Therefore, Treasury is providing: 

 financial support to American industry so they can better support American workers and play 

a pivotal part in driving the national recovery effort. 

 much needed relief to state, local, and Tribal governments to enable them to continue to 

support the public health response and lay the foundation for a strong and equitable economic 

recovery. 

 critical assistance to small businesses across the country, facilitating the deployment of 

capital and support to help entrepreneurs drive a strong recovery. 

 funding for state, local, and Tribal governments to help renters and homeowners avoid 

eviction or foreclosure. 

B – Assistance for Taxpayers 

The Treasury Department, Fiscal Service, and IRS have provided three rounds of fast relief 

payments to taxpayers during the COVID-19 crisis. 
COVID - 8 

1.1 - Economic Impact Payments

Dollars in Thousands FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority 

Obligation

s 

Estimated 

Obligation

s 

Estimated 

Obligation

s 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute1 

CARES Act 275,087,000 274,654,000 0 433,000 0 0 0 0 

CAA, 2021 0 0 141,369,000 141,369,000 0 0 0 0 

ARP 0 0 405,266,000 404,303,000 0 963,000 0 0 

Total $275,087,000 

$274,654,00

0 

$546,635,00

0 

$546,105,00

0 $0 $963,000 $0 $0 1

Excludes Recovery Rebate Credits associated with all Economic Impact Payments; FY 2021 Budget Authority $38,512M of which 

$23,403M was obligated in FY 2021, $12,673M was obligated in FY 2022, $2,236M is estimated to be obligated in FY 2023 and $200M

estimated in 

 FY 2024.This also excludes recoveries. 

This account includes the 2020 and 2021 recovery rebate credits, including the advance 

Economic Impact Payments of those credits, enacted in Section 2201(a) of the CARES Act, 

Section 272(a) of the COVID-related Tax Relief Act of 2020, and Section 9601(a) of the ARP. 

1.2 - Employer Refundable Credits

Employee Retention Credit: Section 2301 of the CARES Act created the employee retention 

credit, a refundable tax credit against certain employment taxes equal to 50 percent of the 

qualified wages certain businesses and tax-exempt employers pay to employees (up to $10,000 

per employee) after March 12, 2020, and before January 1, 2021. Eligible employers could get 

immediate access to the credit by reducing employment tax deposits they were otherwise 

required to make and by requesting an advance of the credit. 

Section 206 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted as Division 

EE of the CAA, 2021, amended and made technical changes to section 2301 of the CARES Act 

retroactive to section 2301's original effective date, including permitting an employer that 

received a Paycheck Protection Program (PPP) loan to be eligible to claim an employee retention 

credit under section 2301, provided the wages reported in support of the forgiveness of the PPP 

loan are not the same wages for which the credit is claimed. 

Section 207 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 extended the 

employee retention credit to qualified wages paid after December 31, 2020 and before July 1, 

2021; increased the maximum credit amount that may be claimed per employee (making it equal 

to 70 percent of $10,000 of qualified wages paid to an employee per calendar quarter); limited 

eligibility for and amount of the credit advance; and expanded the category of employers that 

may be entitled to claim the credit, among other technical amendments. 

Section 9651 of the ARP enacted section 3134 of the Internal Revenue Code of 1986, which 

extended the availability of the employee retention credit to wages paid after June 30, 2021, and 

before January 1, 2022. Section 3134 generally maintained the structure of the employee 

retention credit as provided under section 2301 of the CARES Act, as amended, with certain 

changes. 
COVID - 9 

Employers in a U.S. Territory that otherwise qualify for the employee retention credit can claim 

the credit. Payments of wages by employers in U.S. Territories are wages within the meaning of 

section 3121(a) and therefore employers eligible to claim the credit include employers in the 

U.S. Territories that pay qualified wages and otherwise meet the requirements for the credit. 

Section 80604 of the IIJA amended Code section 3134 to provide that the employee retention 

credit under section 3134 shall apply only to wages paid after June 30, 2021, and before October 

1, 2021 (or, in the case of wages paid by an eligible employer which is a recovery startup 

business, January 1, 2022). 

Paid Leave Credits: FFCRA Division G Sections 7001 and 7003 created refundable tax credits 

against certain employment taxes for small and midsize employers to reimburse them for the cost 

of providing required paid sick and family leave wages to their employees for leave related to 

COVID-19 as set forth under Division E, the Emergency Paid Sick Leave Act (EPSLA) and 

Division C, the Emergency Family and Medical Leave Expansion Act (Expanded FMLA) of the 

FFCRA. Sections 7002 and 7004 of the FFCRA created similar credits for certain self-employed 

persons in similar COVID-related circumstances. An employer is eligible for credits for qualified 

sick leave wages up to $511 per day and $5,110 in the aggregate (for up to 10 days of leave) and 

up to $200 per day and $10,000 in the aggregate (for up to 10 weeks of leave) for qualifying 

COVID-related leave reasons. Eligible employers could get immediate access to the credit by 

reducing employment tax deposits they are otherwise required to make and by requesting an 

advance of the credit. The requirement to provide leave under the EPSLA and Expanded FMLA 

expired on December 31, 2020, but the credits for paid leave that otherwise would have satisfied 

the requirements under the EPSLA and Expanded FMLA were later extended through 

September 30, 2021. 

Sections 286, 287 and 288 of the COVID-related Tax Relief Act of 2020, enacted under Division 

N of the CAA, 2021, extended the credits for periods of leave from January 1, 2021, through 

March 31, 2021, and made certain technical improvements to the FFCRA credit provisions. 

Section 9641 of the ARP enacted sections 3131, 3132, and 3133 of the Code to extend the credits 

through the period from April 1, 2021 through September 30, 2021; expand the category of 

employers eligible for the credit; reset the limitations on the amount of qualified wages that may 

be taken into account for purposes of the credits (and increased the aggregate cap for paid family 

leave wages from $10,000 to $12,000); expand the category of qualifying reasons for paid leave 

wages eligible for the credits (including leave to receive and recover from a COVID-19 vaccine), 

and make other technical amendments. (Sections 9642 and 9643 of the ARP amended and 

extended the equivalent tax credits for certain self-employed individuals for April 1, 2021, 

through September 30, 2021.) 

Employers in a U.S. Territory that otherwise qualify for the paid leave credits can claim the 

credit. Payments of wages by employers in U.S. Territories are wages within the meaning of 

section 3121(a) and therefore employers eligible to claim the credit include employers in the 

U.S. Territories that pay qualified wages and otherwise meet the requirements for the credit. 
COVID - 10 

COBRA Credit: Section 9501 of the ARP required certain employers to offer free Consolidated 

Omnibus Budget Reconciliation Act (COBRA) coverage to certain qualified individuals for 

periods of coverage from April 1, 2021, through September 30, 2021. The ARP provided tax 

credits to employers to offset the cost of the COBRA coverage. The ARP provision subsidized 

100 percent of COBRA premiums for six months for individuals who lost employment 

involuntarily or had reduced hours. 

This Budget proposes to increase the statute of limitations on assessment of the COVID-related 

paid leave and employee retention tax credits. This proposal impacts the U.S. Coronavirus 

Refundable Credits. 

1.3 - Child and Dependent Care Tax Credits, Advance Payments of Child Tax Credit, 

Child Tax Credit, and Earned Income Tax Credit Changes

Section 9631(a) of the ARP amended Section 21 of the Internal Revenue Code (Code) to provide 

special rules for the Child and Dependent Care Tax Credit (CDCTC) solely for Tax Year 2021. 

Specifically, the ARP made the CDCTC fully refundable. In addition, the maximum credit rate 

of the CDCTC increased from 35 percent to 50 percent. The amount of expenses that are eligible 

for the CDCTC was increased from $3,000 to $8,000 for one qualifying dependent (from $6,000 

to $16,000 for two or more qualifying dependents). The ARP increased the phase-out threshold 

of the CDCTC from $15,000 of AGI to $125,000. The credit rate is phased down, but not below 

20 percent, by 1 percentage point for each $2,000 (or fraction thereof) by which the taxpayer's 

adjusted gross income (AGI) exceeds this threshold. The ARP further phased down the credit 

rate of 20 percent by 1 percentage point for each $2,000 (or fraction thereof) by which the 

taxpayer's AGI exceeds $400,000. Section 9631(b) of the ARP amended Section 21 of the Code 

to authorize payments to U.S. territories with mirror code tax systems and to U.S. territories with 

non-mirror code tax systems. 

Section 9632(a) of the ARP amended Section 129(a)(2) of the Code to increase, for Tax Year 

2021 only, the maximum amount of employer-provided dependent care assistance that may be 

excluded from gross income. This increase doubles the generally applicable amounts that is, 

$5,000 (or $2,500 in the case of a married individual filing a separate return) such that an eligible 

employee for Tax Year 2021 can receive an exclusion of $10,500 (or $5,250 in the case of a 

married individual filing a separate return). 

Sections 9611 and 9612 of the ARP amended the Code to modify the CTC generally for 2021 tax 

year only. Section 9611 of the ARP amended Section 24 of the Code to make the entire amount 

of the CTC refundable and extended the CTC to cover qualifying children 17 years old and 

younger. The legislation also increased the amount of the CTC from $2,000 to $3,600 for 

qualifying children under age 6, and $3,000 for other qualifying children under age 18. The 

amount of this increase in the CTC (that is, $1,600 in the case of qualifying children under age 6 

and $1,000 in the case of other qualifying children under age 18) is reduced by $50 for each 

$1,000 (or fraction thereof) by which the taxpayer's modified adjusted gross income exceeds 

certain thresholds. These thresholds are (i) $150,000 for joint filers and surviving spouses, (ii) 

$112,500 for heads of household, and (iii) $75,000 in all other cases. In addition, the ARP 

amended the Code to require advance payments of the CTC to be made periodically throughout 

2021, beginning after July 1, based on the taxpayer's 2020 or 2019 tax returns, in an aggregate 
COVID - 11 

amount equal to 50 percent of the estimated amount of the taxpayer's refundable CTC. Section 

9612 of the ARP amended Section 24 of the Code to remove the requirement for bona fide 

residents of Puerto Rico to have three qualifying children to claim the CTC. For 2021 and years 

thereafter, bona fide residents of Puerto Rico need only one qualifying child to claim the CTC. In 

addition, section 9612 of the ARP amended Section 24 of the Code to provide that certain 

residents of American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, or the 

U.S. Virgin Islands, may have been eligible to receive from their territory tax agency advance 

Child Tax Credit payments under the expanded, refundable CTC for 2021. Data released by the 

Census Bureau last year showed that the expanded Child Tax Credit was the leading driver 

behind a 46% decline in child poverty in 2021, cutting child poverty to its lowest-ever recorded 

level. 

The Budget proposes, beginning in tax year 2023, to permanently make the Child Tax Credit 

fully refundable. Beginning in tax year 2024, the entire amount of the Child Tax Credit would 

be paid in advance through monthly payments. This monthly advance payment program would 

be extended to Puerto Rico for the first time, as well as any other U.S. territory that elects to 

establish an advance payment program. In addition, beginning in tax year 2024, the proposal 

would make eligibility determined on a monthly basis instead of a taxable year basis, would 

make eligibility based primarily on the source of care rather than on familial relationship, and 

would provide authority to the Secretary to automatically enroll specified children for the credit. 

For tax years 2023 through 2025 only, the proposal would increase to age 17 the maximum age 

an individual may be claimed for the credit and would increase the maximum yearly credit 

amount to $3,600 for each specified child under age 6 and to $3,000 for each other specified 

child under age 18. 

Sections 9621 through 9626 of the ARP modified the EITC. For Tax Year 2021 only, the ARP, 

generally, (i) reduced from 25 to 19 the general minimum age to claim the EITC with no 

qualifying children (Childless EITC); (ii) eliminated the upper-age limit for the Childless EITC; 

(iii) increased the credit amount and the phaseout percentages for the Childless EITC; and (iv) 

allowed individuals to use their earned income from Tax Year 2019 instead of their earned 

income from Tax Year 2021, if earned income from Tax Year 2021 is less, for purposes of 

calculating the EITC for Tax Year 2021. The ARP also permanently modified the rules, 

beginning in 2021, regarding (i) children who fail to meet certain identification requirements, (ii) 

separated spouses, (iii) the disqualified investment income test, and (iv) the application of the 

EITC to the U.S. territories. 

The Budget proposes to permanently increase the Earned Income Tax Credit for individuals with 

no qualifying children. Beginning in tax year 2023, it would (i) increase to 15.3 percent the 

credit and phaseout percentages for individuals with no qualifying children, (ii) reduce to age 19, 

in general, the minimum age for eligibility for the credit, and (iii) eliminate the maximum age for 

eligibility for the credit. For tax year 2023, for individuals with no qualifying children, the 

earned income amount would be $10,840, and the phaseout amount would be $12,820. These 

dollar amounts would be indexed for inflation thereafter using the Chained Consumer Price 

Index for All Urban Consumers. 
COVID - 12 

C – Assistance to American Industry & Small Businesses 

The COVID-19 public health crisis and resulting economic crisis have put many sectors of the 

American economy under unprecedented strain. The Treasury Department is offering financial 

support to American industry so they can better support American workers and play a pivotal 

part in driving the national recovery effort. 

The pandemic has also created a variety of challenges for small, micro, and solo businesses in 

communities across the country. Treasury is provides critical assistance to small businesses 

across the country, facilitating the urgent deployment of capital and support to help these 

organizations not just persevere, but recover on solid footing.

1.1 - Transportation Services

Dollars in Thousands FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority1

Obligations Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 3

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute CAA, 2021 2 0 0 1,950,000 1,290,525 0 684,475 10,600 0 

Total $0 $0 $1,950,000 $1,290,525 $0 $684,475 $10,600 $0 1

Funds available until expended; excludes $50M designated for administrative expenses including administrative flexibility provided in the 

CAA, 2023. 

2

Excludes $3.6M in recoveries recorded in FY 2022 and $32M in anticipated recoveries in FY 2023. 3

The Consolidated Appropriations Act, 2023, made $10.6M available for the Local Assistance and Tribal Consistency Fund from 

Transportation Services administrative expense balances. 

Performance Measure FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Actual Actual Actual Target Target 

Metric: Percent of total grant funds spent on Payroll Costs N/A N/A 81% 75% N/A 

Service Indicator: Recipient rating of program effectiveness 1 N/A N/A 93% 94% N/A 

1Effectiveness metrics will be updated in FY 2023 upon receipt and analysis of recipient quarterly filing 

The CAA, 2021 Division N, Section 421 authorized the Secretary of the Treasury, in 

consultation with the Secretary of Transportation, to make grants available to eligible providers 

of transportation services that suffered revenue loss due to the coronavirus pandemic. Eligible 

companies provided charter, local, commuter, school, and tour bus services, eligible small 

passenger vessels (as defined in 46 U.S.C 85, 116, and 2101) and the pilotage industry were also 

included. 

The CAA, 2023 Division LL, Section 102(d), made remaining balances for this account's 

administrative expenses also available for financial assistance to eligible revenue sharing 

consolidated governments under the Local Assistance and Tribal Consistency Fund (section 

605(g) of the Social Security Act, as added by the CAA, 2023 Division LL, Section 103). 

Under the program, Treasury provided up to $2.0 billion in grants to eligible companies that 

certified they had experienced an annual revenue loss of 25 percent or more as a direct or 

indirect result of COVID-19. The Coronavirus Economic Relief for Transportation Services 

(CERTS) Program grant funds primarily cover payroll costs but may also be used to cover 

acquisition of services, equipment that includes personal protective equipment and protection 
COVID - 13 

measures from COVID-19 for workers and customers, and continued operations and 

maintenance of existing equipment and facilities (i.e., rent, leases, insurance, and interest on 

regular debt service). 

Grant funding started in August 2021, and approximately $1.9 billion of CERTS funds have been 

expended by grantees. Most companies chose to use substantially more than the required 60% to 

support payroll costs. In total, approximately 81% of funds have been spent on payroll costs, 

with the remainder of funds expended on costs such as operations, maintenance, and COVID-19 

protection. Grants have been fully disbursed. 

1.2 - Payroll Support Program, Air Carrier Worker Support & Pandemic Relief for 

Aviation Workers

Dollars in Thousands FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority5

Obligations Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute1 CARES Act2 31,939,000 28,199,000 0 478,126 0 0 0 0 

CAA, 2021 0 0 16,000,000 15,683,351 0 26,328 0 0 

ARP3 0 0 14,990,000 14,669,058 0 25,576 0 0 

IIJA4 0 0 0 0 (3,200,000) 0 0 0 

Total $31,939,000 $28,199,000 $30,990,000 $30,830,535 ($3,200,000) $51,904 $0 $0 1

Excludes $44.9M in recoveries recorded in FY 2021, $126.9M in FY 2022 and $6M anticipated in FY 2023. 2

Excludes $61M designated for administrative expenses. 

3

Funds available until expended; $10M designated for administrative expenses 4

The Infrastructure Investment and Jobs Act (PL 117-58) Section 90007 rescinded $3B from the CARES Act Section 4120 budget authority 

and $200M from the P.L 116-260 Division N Sec. 411 budget authority in FY 2022. 

5

The Consolidated Appropriations Act, 2023 (P.L. 117-328) Division LL, made unavailable amounts from the CARES Act Section 4003 

budget authority for administrative expenses resulting in a increase in amounts reflected here, as $39M less is now available for 

administrative use from the Payroll Support Program. 

The CARES Act Section 4112, CAA, 2021 Division N Section 402, and the ARP Section 7301 

each authorized the Secretary of the Treasury to provide financial assistance to the aviation 

industry for the continued payment of employee wages, salaries, and benefits. The CARES Act 

provided financial assistance to passenger air carriers, cargo air carriers, and airline contractors. 

The two subsequent laws provided additional financial assistance only for passenger air carriers 

and airline contractors. The Infrastructure Investment and Jobs Act (P.L. 117-58) Section 90007 

rescinded $3 billion from CARES Act Section 4120 budget authority, which corresponded with a 

lack of demand for the program among cargo airlines, as well as $200 million from the P.L. 116-

260 Division N Sec. 411 budget authority. 

The CAA, 2023 Division LL, Section 102(d), made remaining balances for this account's 

administrative expenses also available for expenses necessary for Treasury's administration of 

other pandemic recovery programs. Additionally, it made $39M from the CARES Act Section 

4003 administrative budget authority unavailable for such expenses resulting in an increase in 

non-administrative amounts reflected here for the Payroll Support Program (PSP). 

The PSP provided $59 billion in financial assistance awards to 699 aviation businesses to fund 

salaries and benefits for more than 600,000 aviation employees during the pandemic and 

maintain critical infrastructure capacity. PSP awards funded more than 640,000 direct jobs for 
COVID - 14 

three or more quarters. While not all aviation positions were at risk, PSP recipients reported 

more than 360,000 positions were retained or created. Based on regulatory filings with the 

Department of Transportation in 2022, employment levels and average salaries, wages, and 

benefits for the largest PSP recipients exceeded 2019 levels in FY 2022. Large recipients that 

provided taxpayer protection promissory notes and warrants to Treasury as appropriate 

compensation for financial assistance contributed $220 million to the General Fund in FY 2021 

and $508 million in FY 2022, including more than $465 million in principal prepayments. 

1.3 - Economic Stabilization Program

Dollars in Thousands 

 FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority1, 5

Obligations Enacted 

Budget 

Authority2

Obligations Enacted 

Budget 

Authority3

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute 

CARES Act4 499,903,000 31,823,000 0 0 0 0 0 0 

CAA, 2021 0 0 (478,796,257) 0 0 0 0 0 

IIJA 0 0 0 0 (1,366,100) 0 0 0 

Total $499,903,000 $31,823,000 ($478,796,257) $0 ($1,366,100) $0 $0 $0 1

$25M transferred to SIGPR; $67M for administrative expenses available until expended, $5M designated for Congressional Oversight 

Commission reimbursement; subsidy and re-estimates not included. 

2

Prior year obligations were recovered before the January 9, 2021 recission deadline 3

Section 1003 of the CAA, 2021, rescinded unobligated balances from the CARES Act 2020 appropriation to the Economic Stabilization 

Program; the ultimate effect of Sec. 1003 rescinded $478.796B from this program. The IIJA, Section 90007, rescinded $1.366B from the CARES 

Act Section 4027 budget authority in FY 2022. 

4

Excludes $12.3B in recoveries recorded in FY 2021 and $6.8M in FY 2022. 

5

The Consolidated Appropriations Act, 2023 (P.L. 117-328) Division LL, made unavailable amounts from the CARES Act Section 4112 budget 

authority for administrative expenses resulting in a increase in amounts reflected here, as $33M less is now available for administrative use from 

the Economic Stabilization Program. 

The CARES Act authorized the Treasury to make up to $500 billion in loans and other 

investments in support of and to provide liquidity to eligible businesses, nonprofits, states, and 

municipalities impacted by the COVID-19 pandemic. This included investments in facilities 

established by the Board of Governors of the Federal Reserve System pursuant to Section 13(3) 

of the Federal Reserve Act to provide liquidity to the financial system. The CARES Act also 

authorized Treasury to use up to $46 billion of these funds to make loans to passenger and cargo 

air carriers, certain other aviation businesses, and businesses critical to maintaining national 

security. As required by the Federal Credit Reform Act of 1990, as amended, this account 

records the subsidy costs associated with these loans and investments, which are estimated on a 

net present value basis. The CAA, 2021 Sec. 1003 rescinded $478.8 billion in budget authority 

from this program in FY 2021 and the IIJA Sec. 90007 further rescinded $1.4 billion in FY 2022. 

The CAA, 2023 Division LL, Section 102(d), made remaining balances for this account's 

administrative expenses also available for expenses necessary for Treasury's administration of 

other pandemic recovery programs. Additionally, it made $33 million of the CARES Act Section 

4112 budget authority for administrative expenses unavailable resulting in an increase in nonadministrative amounts reflected above for the Economic Stabilization Program. 

D – Assistance for State, Local, U.S. Territory & Tribal Governments 

The COVID-19 public health crisis and resulting economic crisis placed state, local, U.S. 

territory and Tribal governments under unprecedented strain. The Treasury Department is 
COVID - 15 

providing needed relief to enable them to continue to support the public health response and lay 

the foundation for a strong and equitable economic recovery. 

1.1 - Coronavirus Relief Fund

Dollars in Thousands FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority1

Obligations Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute CARES Act 150,000,000 150,000,000 0 0 0 0 0 0 

ARP2 0 0 362,000,000 350,000,000 0 11,878,587 117,000 10,000 

Total $150,000,000 $150,000,000 $362,000,000 $350,000,000 $0 $11,878,587 $117,000 $10,000 1

$2B available through 2023, $350B available through 2025 and $10.05B available until expended; excludes $50M designated for administrative 

expenses. 

2

Excludes 73M in recoveries recorded in FY 2022 and $32M in anticipated recoveries in FY 2023. 

Performance Measure FY 2021 FY 2021 FY 2022 FY 2023 FY 2024 

 Actual Actual Actual Target Target 

State and Local Fiscal Relief Fund (SLFRF) 

Metric: Number of governments using funds 

to meet housing needs (among quarterly 

reporters) 

N/A 353 551 575 575 

Metric: Number of governments using funds 

to support workers and develop the workforce 

(among quarterly reporters) 

N/A 676 903 950 950 

Metric: Number of governments using funds 

for community violence intervention programs 

(among quarterly reporters) 

N/A 90 196 225 225 

Contextual Indicator: Revenue loss avoided by 

governments N/A $149B $274B I I 

Service Indicator: Recipient rating of program 

effectiveness N/A N/A 81% B B 

Capital Projects Fund (CPF) 

Indicator: Number of locations served with 

high speed reliable broadband N/A N/A I I I 

Metric: Percent of State, Territory, and Freely 

Associated States with approved CPF Program 

Plans 

N/A N/A 23% 86% 100% 

Metric: Number of Tribal government 

applications with approved CPF applications N/A N/A 231 475 540 

Key: I – Indicator, B – Baseline

The CARES Act Section 5001, as amended by the CAA, 2021 Section 1001; and the ARP 

Section 9901 amended the Social Security Act (42 U.S.C. 301 et seq.) to authorize the Secretary 

of the Treasury to make payments to states, territories, tribal governments, and units of local 

government to assist with expenditures related to, as well as to mitigate the fiscal effects 

stemming from, the coronavirus pandemic. 

In addition, the ARP established the Coronavirus Capital Projects Fund and the Local Assistance 

and Tribal Consistency Fund. The Coronavirus Capital Projects Fund provides payments to 

states, territories, and tribal governments to carry out critical capital projects, including 

broadband infrastructure, directly enabling work, education, and health monitoring, including 

remote options, in response to the coronavirus pandemic. The Local Assistance and Tribal 

Consistency Fund provides payments to eligible revenue sharing counties, eligible tribal 
COVID - 16 

governments, and eligible revenue sharing consolidated governments as amended by the CAA, 

2023, for any governmental purpose other than lobbying activity. 

The CAA, 2023 Division LL, Section 102(d), made remaining balances for this account's 

administrative expenses also available for expenses necessary for Treasury's administration of 

other pandemic recovery programs. 

As of December 31, 2022, the State and Local Fiscal Relief Fund (SLFRF) is supporting the 

pandemic response in key areas, including: 

 Nearly $16 billion committed to meet housing needs, including over $5.4 billion for 

affordable housing development and preservation. 

 Over $24 billion committed for water, sewer, and broadband infrastructure. 

 Over $4 billion committed in assistance to small businesses. 

 Nearly $11 billion to support workers 

SLFRF has been a key vehicle to provide governments with fiscal stability to ensure that they do 

not have to cut their budgets in response to revenue loss stemming from the pandemic. Over 

31,000 participating governments report that they budgeted nearly $100 billion for over 28,000 

revenue replacement projects to provide fiscal stability. The SLFRF also included $20 billion for 

investment in Tribal Nations to support economic recovery and resilience. Over 579 Tribal 

Nations have instituted over 3,000 projects supporting over 2.6 million Tribal citizens. 

Additionally, through the Capital Projects Fund (CPF), as of March 7, 2023, 34 states have been 

approved to invest approximately $5 billion of CPF funding in affordable, reliable high-speed 

internet, estimated to reach more than 1.4 million locations. 

1.2 - Homeowner Assistance Fund

Dollars in Thousands 

 FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority1

Obligations2 Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute 

ARP3 0 0 9,918,400 9,918,400 0 255 41,000 0 

Total $0 $0 $9,918,400 $9,918,400 $0 $255 $41,000 $0 1

Funds available through FY 2025; excludes $2.6M for OIG and $40M designated for administrative expenses. 2

 In FY 2022, there was a prior year adjustment to the previously reported FY 2021 obligations. 3

Excludes $1.9M in recoveries recorded in FY 2022 and $41M in anticipated recoveries in FY 2023. 

Performance Measure FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Actual Actual Actual Target Target 

Metric: Number of unique homeowners receiving 

assistance (cumulative) N/A N/A 

162,105 

 

300,000 

 

500,000 

The ARP Section 3206 established the Homeowner Assistance Fund to mitigate financial 

hardships associated with the coronavirus pandemic by providing funds to states, territories, 

tribes, and other eligible entities in order to prevent homeowner mortgage delinquencies, 

defaults, foreclosures, loss of utilities or home energy services, displacements, and postforeclosure evictions. 
COVID - 17 

The CAA, 2023 Division LL, Section 102(d), made remaining balances for this account's 

administrative expenses also available for expenses necessary for Treasury's administration of 

other pandemic recovery programs. 

Of the $9.961 billion appropriated in FY 2021 for this program, we have disbursed an aggregate 

total of $9.6 billion through September 30, 2022. Of this amount, $8.6 billion was disbursed 

during FY 2022 and $1.0 billion in FY 2021. 

As of September 30, 2022, HAF programs assisted over 162,000 homeowners across the 

country, a 138% increase in the number of homeowners assisted as of June 2022. Total 

obligations and expenditures across the program also more than doubled from July through the 

end of September. Moreover, real-time dashboards published by many states show significant 

further acceleration in the final months of the year, which will be reflected in numbers to be 

released in the coming months that capture totals through December 2022. 

Reporting through September 30, 2022, shows that HAF assistance is reaching a much broader 

range of economically vulnerable and traditionally underserved homeowners than prior federal 

mortgage assistance and foreclosure prevention programs. Excluding omitted data or data not 

reported: 

 57 percent of HAF assistance was delivered to very low-income homeowners (those earning 

50 percent of area median income and below); 

 35 percent of HAF homeowners self-identified as Black and 20 percent self-identified as 

Latino; and 

 64 percent of HAF beneficiaries were female. 

1.3 - Emergency Rental Assistance

Dollars in Thousands 

 FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute 

CAA, 20211 0 0 24,985,000 24,985,000 0 5,254,323 0 0 

ARP2 0 0 21,517,000 21,517,191 0 3,185,000 1,611,000 0 

Total $0 $0 $46,502,000 $46,502,191 $0 $8,439,323 $1,611,000 $0 

1

One-year funding, $15M designated for administrative expenses. 

2

Funds available through FY 2027; excludes $3M transferred to OIG and $30M designated for administrative expenses. Excludes $707M in 

recoveries recorded in FY 2022 

3

In FY 2022, ERA1 under CAA, 2021, recovered $5.3M in prior year obligations. 

Performance Measure FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Actual Actual Actual Target Target 

Metric: Number of payments to households 

(cumulative) 3.9 million 9.7 million 10.5 million 11 million 

Contextual Indicator: Eviction filings since 

moratorium expiration compared to historical averages 

(% of filings compared to same period pre-pandemic) 

 72% 89% I I 

The CAA, 2021 Division N Section 501 established the Emergency Rental Assistance program 

to provide grants to states, territories, tribes, localities, and other eligible entities to provide 

financial assistance and housing stability services to eligible households. These services may 

include the payment of rent, rental arrears, and utilities and home energy costs over a specified 
COVID - 18 

period. The ARP Section 3201 provided for additional assistance and expanded eligibility for 

housing stability services, as well as allocating a subset of the funds specifically for high-need 

grantees in FY 2022 and FY 2023. 

As of September 2022, ERA has provided over 9 million payments to households at risk of 

eviction, and, at the same time, has helped build a national infrastructure for eviction prevention 

that we hope will persist even after ERA funds are exhausted. Over 80% of ERA assistance has 

been delivered to very low-income households. 

ERA has been praised by experts like Princeton University’s Eviction Lab founder Matthew 

Desmond, who said that the program and the federal eviction moratorium represent “the deepest 

investment in low-income renters the Federal Government has made since the nation launched its 

public housing system” and “the most important eviction prevention policy in American 

history.” Researchers have also found that ERA beneficiaries have not only received financial 

benefits from the program, but have also seen other positive effects on their well-being, such as 

improved mental health outcomes. 

The CAA, 2023 Division LL, Section 102(d), made remaining balances for this account’s 

administrative expenses also available for expenses necessary for Treasury's administration of 

other pandemic recovery programs. 

E – Access to Capital for Community Development and Small Businesses 

1.1 - Community Development Financial Institutions Fund, Emergency Support 

Dollars in Thousands 

 FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority1

Obligations Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute 

CAA, 2021 0 0 2,988,540 1,248,000 0 0 1,738,000 0 

Total $0 $0 $2,988,540 $1,248,000 $0 $0 $1,738,000 $0 1

$1.75B Funds available until expended; Excludes $11.4M for administrative expenses. 

The CAA, 2021, provided $3 billion to deliver immediate assistance to CDFIs in communities 

impacted by the COVID-19 pandemic. In the spring 2021, the CDFI Fund awarded $1.25 billion 

of these funds through its newly established CDFI Rapid Response Program (CDFI RRP), which 

was designed to quickly deploy capital to CDFIs through a streamlined application and review 

process. 

In the spring FY 2023, the CDFI Fund will award an additional $1.73 billion in grant funds to 

eligible CDFIs to address the economic impact of the COVID-19 pandemic through the CDFI 

Equitable Recovery Program (CDFI ERP). These grants will further assist distressed 

communities by expanding lending, grant making, and investment activity in low- or moderateincome communities and to borrowers that have significant unmet capital or financial service 

needs. 
COVID - 19 

1.2 - Emergency Capital Investment Program

Dollars in Thousands 

 FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority1

Obligations Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute 

CAA, 2021 0 0 8,730,417 0 0 8,285,417 445,000 0 

Total $0 $0 $8,730,417 $0 $0 $8,285,417 $445,000 $0 

1

Funds available until expended; excludes $269.6M designated for administrative expenses. 

Performance Measure FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Actual Actual Actual Target Target 

Metric: Percentage increase in qualified lending by ECIP recipients N/A N/A 20% 40% 

The Emergency Capital Investment Program (ECIP) invests in either perpetual preferred equity 

or subordinated debt (with a maturity of 15 or 30 years) issued by eligible financial institutions 

consistent with ECIP's terms. Eligible institutions must be: 1) Community Development 

Financial Institutions or Minority Depository Institutions; 2) insured depository institutions, bank 

or savings and loan holding companies, or federally insured credit unions; and 3) supportive of 

low-and middle-income communities. Dividend yields or interest paid on ECIP securities 

decrease when institutions reach lending goals established at the time of their participation. The 

CAA, 2021 Division N, Section 522 established ECIP by amending the Community 

Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4701, et seq.) and 

provided $9 billion for the program. 

As of the December 2022, Treasury issued $8.384 billion in investments in 170 credit unions, 

other depository institutions, and holding companies. Treasury anticipates completing final 

investments by August 2023. The program is structured to promote growth in loan origination 

for high-impact investments and will provide new insights into lending by depository 

Community Development Financial Institutions and Minority Depository Institutions. 

In its implementation of the ECIP, Treasury is providing additional credit to ECIP participants 

toward this rate reduction for “deep impact lending,” including loans to low-income borrowers 

and underserved small businesses, for deeply affordable housing, and in persistent poverty 

communities. This additional credit recognizes the fact that the kind of lending that will be most 

impactful in achieving the statutory purpose of the program often requires more time and 

resources from the lender. This approach is designed to help level the playing field for borrowers 

that face the greatest barriers to accessing capital and will provide greater transparency into the 

impact of the program. 
COVID - 20 

1.1- State Small Business Credit Initiative

Dollars in Thousands FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority1

Obligations Enacted 

Budget 

Authority 

Obligations2 Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute 

ARP 0 0 9,788,000 0 0 4,354,121 4,757,000 577,000 

Total $0 $0 $9,788,000 $0 $0 $4,354,121 $4,757,000 $577,000 1

Funds available until expended; excludes an estimated $212M for administrative expenses 2

This excludes the transfer authority of $100M to the Minority Business Development Agency to provide technical assistance to underserved 

entrepreneurs seeking direct capital investment. This transfer of funding was announced on April 28, 2022. 

Performance Measure FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Actual Actual Actual Target Target 

Metric: Percent of SSBCI funds expended for transactions to SEDI 

businesses 1 N/A I 27% 27% 

Key: I – Indicator

1

SSBCI Percent of funds expended for SEDI businesses for FY 2022 will be available in Q3 in CY due to reporting timelines. 

The ARP Section 3301, amended the State Small Business Credit Initiative Act of 2010 (12 

U.S.C. 5701, et seq.) and provided additional funding for the State Small Business Credit 

Initiative (SSBCI) established in the Small Business Jobs Act of 2010 (P.L. 111-240). SSBCI 

funds eligible state, territorial and tribal government programs through September 29, 2030, 

which provide support to investment and credit programs for small businesses, with particular 

emphasis on business enterprises owned and controlled by socially and economically 

disadvantaged individuals. Additionally, SSBCI funds technical assistance for small businesses 

applying for Federal and State support programs. 

The $10 billion State Small Business Credit Initiative has developed innovative approaches to 

expand access to capital, including through the implementation of an allocation for socially and 

economically disadvantaged (SEDI) small business owners and underserved geographies, an 

incentive for grantees that successfully reach these businesses, and a historic small business 

demographic data collection effort. SSBCI has now approved nearly all state and territorial 

plans, which support small businesses through a range of programs that are intended to provide 

up to $10 of private capital for every $1 of SSBCI capital invested, including through equity 

investments and small business loans. These funds will fill gaps in capital access for small 

businesses, especially those run by socially and economically disadvantaged individuals; for 

example, the Federal Reserve found, in its 2022 Annual Small Business Credit Survey, that only 

16 percent of Black and Latino small businesses received all the financing that they sought. 
COVID - 21 

F – COVID Program Administration and Oversight 

1.1 - Bureau of the Fiscal Service 

Dollars in Thousands FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority1

Obligations Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute CARES Act 78,650 11,784 0 18,230 0 0 0 0 

CAA, 20212 0 0 0 0 0 0 0 0 

ARP 0 0 23,200 4,758 0 10,984 0 0 

Total3 $78,650 $11,784 $23,200 $22,988 $0 $10,984 $0 $0 1 CARES funding was available until September 30, 2021. ARP funding was available until September 30, 2022. 2 The CAA, 2021, authorized the transfer of up to $63M to offset the losses resulting from the suspension of debt collection receipts during 

the coronavirus pandemic. Fiscal Service transferred $48.5M to the Debt Collection Fund. 3 Total excludes reimbursed postage cost from the IRS (31 U.S.C. 306); In FY 2020, IRS reimbursed Fiscal Service $16.9M for postage cost. 

In FY 2021, IRS reimbursed $31.7M. In FY 2022, IRS reimbursed $6.9M. 

The CARES Act provided the Fiscal Service $78.65 million in supplemental appropriations for 

the implementation of the Economic Impact Payments (EIPs) as well as the implementation of 

reporting requirements associated with spending of COVID-19 supplemental appropriations. In 

the first round of EIPs, Fiscal Service issued more than 166 million EIPs totaling more than $277 

billion. The CAA, 2021 authorized a second round of EIPs and allowed for the transfer up to $63 

million of the $78.65 million appropriated under CARES to offset any losses attributable to debt 

collection activities. Fiscal Service transferred $48.6 million to the Debt Collection Fund for this 

purpose. 

During FY 2021, Fiscal Service disbursed more than 428 million EIP 2, EIP3, and advance 

monthly CTC payments totaling $593 billion, of which 80 percent were disbursed electronically. 

In the first quarter of FY 2022, Fiscal Service also disbursed more than 110 million EIPs and 

ACTCs totaling $51 billion, of which 86% were disbursed electronically. IRS and Fiscal Service 

partnered to convert 70.2 million payments from check to direct deposit with a 99.6% accuracy 

rate, through the use of Fiscal Service’s Account Verification Service and Cross-Government 

Data Analytics, avoiding $33 million in check production costs (e.g., check stock, envelope, 

postage costs). Conversion from check to direct deposit provides an inherently improved 

customer experience through faster, safer, and more accurate payment delivery. This is 

especially notable, as historically, check payments are 16 times more likely to have exceptions 

(e.g., lost, stolen, returned) than payments made via direct deposit. In addition to the funds 

appropriated by the CARES Act, the CAA, 2021, and the ARP, the IRS reimburses Fiscal 

Service for the cost of postage (see 31 U.S.C. 306 note) associated with EIPs and CTCs. 

In FY 2022, Fiscal Service leveraged ARP funding to support the Payment Integrity Center of 

Excellence (PICOE) as it continued to monitor and report outcomes of payment exceptions, 

conduct queries and data analytics, and support law enforcement inquiries related to previously 

issued ACTC/EIP3 payments. Additionally, Fiscal Service continued to support the processing 

of returned U.S. Treasury checks, claims of non-receipt, and correspondence related to 

previously issued ACTC/EIP3 payments.
COVID - 22 

1.2 - Internal Revenue Service COVID Response (Admin.)

Dollars in Thousands 

 FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute1 FFCRA 15,000 14,988 0 0 0 0 0 0 

CARES Act 750,700 423,516 0 326,604 0 0 0 0 

CAA, 2021 0 0 509,000 502,125 0 0 0 0 

ARP2 0 0 1,861,700 453,224 0 1,146,253 262,223 0 

Total $765,700 $438,504 $2,370,700 $1,281,953 $0 $1,146,253 $262,223 $0 1

Includes funds for Taxpayer Services, Enforcement, Operations Support and Systems Modernization with multiple periods of availability. 2

FY 2023 obligations are based on estimates as of the time of the FY 2024 Budget; assumes funding will be fully obligated by the end of 

FY 2023. 

The IRS received $15 million in the FFCRA and $750.7 million in the CARES Act for the 

resources for the IRS to change its operations to operate during the pandemic and implement 

EIPs and other tax changes. The IRS received an additional $509 million in the CAA, 2021 to 

carry out a second round of EIPs and address COVID-related tax administration issues. Finally, 

the IRS received $1.465 billion in the ARP for a third round of EIPs and information technology 

modernization as well as $397.2 million to carry out advance payments for the CTC. 

1.3 - CDFI Emergency Support (Admin.)

Dollars in Thousands 

 FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority1

Obligations Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute 

CAA, 2021 0 0 11,460 617 0 2,493 2,495 2,497 

Total $0 $0 $11,460 $617 $0 $2,493 $2,495 $2,497 

 Total FTE 0 3 9 9 9 

1

Funds available until expended 

This account includes authority for administrative expenses pursuant to the CAA, 2021 and may 

be increased, if necessary. 
COVID - 23 

1.4 - Departmental Offices, Office of Recovery Programs 

Dollars in Thousands 

 FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority1

Obligations Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute CARES Act1 128,000 24,000 0 34,790 0 20,651 8,384 11,619 

CAA, 20212 0 0 317,569 37,690 0 17,719 58,166 18,826 

ARP3 0 0 330,000 30,642 0 57,109 19,340 14,573 

Total4, 5 $128,000 $24,000 $647,569 $103,122 $0 $95,479 $85,890 $45,018 1

$61M for administrative expenses related to Payroll Support Program available until expended; and $67M for the Economic Stabilization 

Program, available until January 1, 2026. 

2

$50M for administrative expenses related to Transportation Services, available through December 2023; $15M for Emergency Rental

Assistance, available through the end of FY 2021; and $269.6M designated for the Emergency Capital Investment Program, available until 

expended. 

3

$10M for administrative expenses related to Payroll Support Program, Air Carrier Worker Support & Pandemic Relief for Aviation 

Workers, available until expended; $50M for the Coronavirus Relief Fund, available until expended; $40M for the Homeowner Assistance 

Fund, available through FY 2025; $30M for Emergency Rental Assistance, available through FY 2027; and designated, but not limited to, 

$212M for the State Small Business Credit Initiative, available until expended. 4

Administrative support for Economic Impact Payments are excluded from this table. 

5

The CAA, 2023 Division LL, made $10.6M available for the Local Assistance and Tribal Consistency Fund from administrative expense 

balances; this is excluded from this table and the obligation is recorded in the Transportation Services Program. 

The Office of Recovery Programs, within the Departmental Offices, provides administrative 

support to the following programs: Transportation Services, Payroll Support Program, Air 

Carrier Worker Support & Pandemic Relief for Aviation Workers, Economic Stabilization 

Program, Coronavirus Relief Fund, State and Local Fiscal Recovery Fund, Capital Projects 

Fund, Local Assistance and Tribal Consistency Fund, Homeowner Assistance Fund, Emergency 

Rental Assistance, Emergency Capital Investment Program, and State Small Business Credit 

Initiative. 

The CAA, 2023 Division LL, Section 102(d), made remaining balances of several pandemic 

recovery account’s administrative expenses also available for expenses necessary for Treasury’s 

administration of other pandemic recovery programs. 

Departmental Offices COVID-19 FTE1

 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Actual Actual Estimated Estimated Estimated 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Assistance to Industry & Small Businesses Transportation Services 0 2 5 10 8 

Payroll Support Program, Air Carrier Worker Support & 

Pandemic Relief for Aviation Workers 

0 14 10 0 35 

Economic Stabilization Program 11 11 5 0 21 Assistance for State, Local & Tribal Governments Coronavirus Relief Fund2 0 7 31 0 0 

Homeowner Assistance Fund 0 2 10 0 17 

Emergency Rental Assistance 0 3 10 7 17 

State Small Business Credit Initiative (SSBCI) 0 3 21 29 30 Community Development Financial Institutions Emergency Capital Investment Program 0 0 14 17 18 

Total 11 42 106 63 146 1

DO FTE reflected above are funded from COVID-related legislation in support of recovery programs, not supplemented by Treasury 

Departmental Offices annual appropriation. Refer to Departmental Offices Congressional Justification for FTE funded from the annual 

appropriation. 

2

Coronavirus Relief Fund also includes the State and Local Fiscal Recovery Fund, Capital Projects Fund, Local Assistance and Tribal 

Consistency Fund. 
COVID - 24 

1.5 - Special Inspector General for Pandemic Recovery 

The Special Inspector General for Pandemic Recovery (SIGPR) was established by Section 4018 

of the CARES Act. 

SIGPR has the duty to conduct, supervise, and coordinate audits, evaluations, and investigations 

of the making, purchase, management, and sale of loans, loan guarantees, and other investments 

made by the Secretary of the Treasury under programs established by the Secretary, as 

authorized by Section 4018(c) of the CARES Act, and the management by the Secretary of 

programs, as authorized by Section 4018(c) of the CARES Act. 

By express incorporation, SIGPR also has the duties, responsibilities, powers, and authorities 

granted inspectors general under the Inspector General Act of 1978, including broad subpoena 

authority. 

The role and mission of SIGPR is to safeguard the peoples' tax dollars appropriated by Congress 

through the CARES Act until its authority expires in 2025. SIGPR strives to ensure that the 

American taxpayer gets the best return on investment by efficiently rooting out fraud, waste, and 

abuse. In carrying out its mission, SIGPR's goal is to treat everyone with respect, to operate with 

the utmost integrity, and to be fair, objective, and independent. 

The CARES Act provided an initial appropriation of $25 million to SIGPR derived from 

amounts made available under section 4027. 

For additional information regarding SIGPR please refer to the Special Inspector General for 

Pandemic Recovery (SIGPR) Congressional Budget Justification and Annual Performance Plan 

and Report. 

1.6 - Office of the Inspector General 

Dollars in Thousands FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority1

Obligations Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute 

CARES Act 35,000 2,000 0 8,000 0 7,000 9,000 9,000 

CAA, 20212 0 0 6,500 552 0 2,000 2,000 1,000 

ARP3 0 0 5,600 149 0 1,000 2,000 1,000 

Total $35,000 $2,000 $12,100 $8,701 $0 $10,000 $13,000 $11,000 Total FTE 0 30 52 57 57 1

Funds designated for Coronavirus Relief Fund oversite is available until expended. 2

Funds designated for Emergency Rental Assistance oversite is available until expended. 3

Funds designated for Homeowner Assistance Fund oversite is available through 21/25; and Funds designated for Emergency Rental 

Assistance oversite is available through 21/27. 

This account also supports the oversight of COVID response programs, such as the Coronavirus 

Relief Fund, Emergency Rental Assistance, and the Homeowner Assistance Fund pursuant to the 

CARES Act, Division N of the CAA, 2021, and the ARP. 
COVID - 25 

1.7 - Treasury Inspector General for Tax Administration 

Dollars in Thousands 

 FY 2020 FY 2020 FY 2021 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

 

Enacted 

Budget 

Authority 

Obligations Enacted 

Budget 

Authority1

Obligations Enacted 

Budget 

Authority 

Obligations Estimated 

Obligations 

Estimated 

Obligations 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Statute 

ARP 0 0 8,000 2,380 0 5,620 596 0 

Total $0 $0 $8,000 $2,380 $0 $5,620 $596 $0 

 Total FTE 13 29 3 0 1

Funds available through September 30, 2023 

This account also supports the oversight of EIPs and other fast and direct relief provided by the 

IRS pursuant to the CARES Act, Division N of the CAA, 2021, and the ARP.