Insights
6 Tips for Tribes:
American Rescue Plan’s $20 Billion
Insights
6 Tips for Tribes: American Rescue Plan’s $20 Billion
The American Rescue Plan sets aside $20 Billion in a “Fiscal Recovery Fund” for Tribes. This is an unprecedented amount of funding that Tribes must be ready for. First, each Tribe will receive $1.7 million regardless of size. Second, the remaining $19 Billion will be distributed by formula determined by the Secretary of Treasury pursuant to Tribal consultation.
Last year, I helped Tribes all over the country maximize their CARES Act Relief Fund spending plans. Not only did we save lives and language speakers, but we also permanently enhanced Tribes’ sovereignty, self-reliance, and resiliency.
This year, I’ll be helping Tribes with the American Rescue Plan in the same way I helped with the CARES Act – through thought leadership and financial strategies that no one else can duplicate.
So, let’s start with six tips you can use right now to make this funding work for your Tribe:
1. Mindset – It’s important that you get into the right mindset about the American Rescue Plan (ARP) vs. the CARES Act Relief Fund (CRF). The ARP is almost totally different than the CRF. If you are thinking about ARP the same way you’re thinking about CRF, it’s a big mistake to do so, so let’s talk about some of the key differences…
2. Understand Differences – To start, this isn’t “use it or lose it funding” – you have over 3.5 years to spend it. Second, the amount you receive could be nearly 2.5X greater than what you received in CRF. Are you ready to manage it all?? Third, the allowable legal uses are extremely different from CRF. While ties to COVID are necessary for some (but not all) allowable uses, I read the ARP as much broader opportunity to create impactful uses.
3. Draft Initial List for Spending Plans – Most Tribes are going to start with the items that couldn’t be done with CRF last year due to timelines or allowable uses. While that’s a good place to start, I think an even better place to start is with the text of the allowable uses from the law itself. I see SO many opportunities!!
4. Take Your Initial List and Look for Gaps – What is necessity for you right now? What do you need to do that the law isn’t clear on? Start to make a list…
5. Consult with Treasury – Register for the consultations and communicate any gaps that aren’t clear to Treasury during the consultation process. If you want to do something, say so! Now is the time to help sway the forthcoming “Guidance” or “FAQs” in your favor so that this funding can be most impactful.
6. Hire an Expert – Don’t feel like you have to do this alone. Sound, strategic advice has a quantifiable return on investment. Lots of eyes will be on this funding, including the eyes of your People. Generations to come will know how you spent this funding, so add a trustworthy expert like me to your team.
If Tribes can understand that there are major differences in the ARP from the CRF and exit the crazy ride we were all on last year with CRF and take a breath…
Then this could be the most amazing and transformative source of funding your Tribe has ever received.
This is quite literally Once in a Generation Funding.
Contact me or send me a direct message.
“Knowledgeable. Trustworthy. Results-Driven” – that’s how my clients describe me. Let’s talk about how I can help you, too.
Prayers for the health and safety of you and your people.
Wado!
