On Monday, Kentucky Governor Andy Beshear said that the Commonwealth was set to receive $2.183 billion from the American Rescue Plan Act of 2021 for the Coronavirus State Fiscal Recovery Fund.
According to Gov. Beshear, Kentucky's announced allotment was smaller than a previous estimate because of the state’s positive economic performance.
The U.S. Department of the Treasury announced state allocations on Monday based primarily on each state’s share of the nation’s number of unemployed individuals from October through December 2020.
According to Gov. Beshear, the Commonwealth of Kentucky performed better than expected in the fourth quarter of 2020, when preliminary data was used. Based on the improvement in Kentucky’s employment numbers, the initial estimate of $2.441 billion was lowered to $2.183 billion.
“Our economy is surging and strong,” Gov. Beshear said. “We are in a strong position to sprint out of this pandemic with continued positive economic indicators and with this funding that will create jobs, momentum, and a better quality of life in every corner of the commonwealth.”
Half of the funds from the American Rescue Plan Act will be available later in May. The funds will be used to assist Kentucky in responding to the impacts of the pandemic.
You can hear more on the governor's announcement and the state of Kentucky's economy by clicking here.