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1 1 (May 21, 2020)

handle is hein.crs/govdawr0001 and id is 1 raw text is: Researh Sevice The Economic Development Administration's Economic Recovery Assistance for COVID-19 Impacted Communities May 21, 2020 As a part of the federal disaster response and recovery assistance, the Economic Development Administration's (EDA's) Economic Adjustment Assistance (EAA) program can be used to support efforts to respond to the COVID- 19 pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) provided $1.5 billion in supplemental economic recovery funding for the EAA program. This Insight provides an overview of the EAA program and highlights how community stakeholders may apply for EAA funds to support economic development efforts in response to the COVID-19 pandemic. Economic Adjustment Assistance Program Overview The EAA program awards grants to areas experiencing long-term economic distress or sudden and substantial economic dislocation (42 U.S.C. §3149). For FY2020, Congress appropriated $333 million for programs and administration of the EDA (P._.. 116-93), with $37 million of its FY2020 appropriations allocated to the EAA program. The EAA program is also used to meet long-term recovery needs in disaster-affected areas, generally through supplemental appropriations, and for targeted initiatives (such as the Assistance to Coal Communities and Assistance for Nuclear Closure Communities programs) designed to meet ongoing economic restructuring needs. The average award is approximately $650,000, with amounts ranging from $150,000 to $1,000,000. Economic Adjustment Assistance and CARES Act Funding for COVID-19 Response and Recovery The EDA CARES Act Recovery Assistance funding will be administered through the EAA program as a competitive grant program. EDA also is to invite select current grantees to apply for CARES Act Recovery Assistance funding using specific award conditions in order to expedite funding and Congressional Research Service https://crsreports.congress.gov IN11402 CRS NS GHT Prpred For Meumbers and Comrm ttees of Conress ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------

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