The recent passage of the CARES Act allocates roughly $2 trillion to mitigate the economic impact of the coronavirus across the country. According to the latest estimates, state, local and tribal governments and territories can anticipate at least $339.8 billion coming their way.
Out of those funds, $274 billion will go toward specific COVID response efforts, with $150 billion in direct aid for state, local, tribal governments, and U.S. territories that are getting spread thin on their resources.
Most likely, you’ve probably read all about the CARES Act now and are familiar with Title V and the Coronavirus Relief Fund. What you may still be wondering is with all this funding coming out, How do I assemble the right project plan? How can my agency or department manage and track these incoming grants? With the likelihood of additional programmatic and reporting requirements, how do we make sure we’re staying compliant?
The time to consider these questions and your grants management plan is NOW. Rather than reacting as the funding comes in, it’s crucial that you assemble your grants management and project plan ahead of time, as this will make or break your ability to successfully obtain and manage the incoming funding during a time of crisis.
Here are five steps you can take right now to make the most of COVID-19 dollars coming your way:
- Assemble a Centralized Grants Management Team
- Prepare Your Budget Appropriation and Spending Authority
- Maximize Your Funding
- Revisit Your Cost Allocation Plans and Negotiated Indirect Cost Rate
- Prepare for the Inspector General
We break down these steps further in our new guide, “Your Roadmap to Navigating COVID-19 Funding." You can download the full guide here.
Need help simplifying grants management? Reach out to firstname.lastname@example.org to see how we can help.