Cantrell said the money should not be considered “new money” and that some of the funding will go to repaying money spent over the course of the pandemic. Immediate needs will be loans that the city has taken out. According to Cantrell, the money will be spent over the course of three to five years. The city said it will not see a lump sum immediately, and they are not sure when the first installment will be.
According to the National League of Cities, New Orleans is set to receive an estimated $378 million in stimulus funding. Last month, Mayor LaToya Cantrell that the city is putting together a task force to address how it will spend the stimulus funding.
Cantrell said the city won’t see the money for at least 60 days. The city of New Orleans released additional information Thursday on how it plans to use resources made available by the American Rescue Plan.
Source www.wdsu.com Cantrell said if tourism doesn’t get better, things could get much worse as far as finances for the city.
So while there will be additional support previously provided by the CARES Act – most notably rental assistance and payroll protection – there will also be a range of support for child care, small business, mental and physical healthcare, education, water and energy, telecommunications and more, according to the city. City officials are working to confirm guidance from its federal partners through related departments and agencies associated with each different piece of the legislation.
The News Highlights
- Part of the New Orleans stimulus money will pay off loans and cover pandemic-related expenses
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