(Washington, D.C.) – The U.S. Department of the Treasury published a new interim final rule for the State and Local Fiscal Recovery Funds (SLFRF) program.
This interim final rule, Obligation IFR, provides additional flexibility and clarity for recipients regarding the definition of “obligation” and associated guidance.
The Obligation IFR clarifies the application of the statutory obligation deadline of December 31, 2024, to subrecipients and contractors, and provides guidance on the circumstances under which contracts and subawards entered into prior to the obligation deadline may be amended or replaced. It does not alter the existing obligation and expenditure deadlines or eligible use categories, including how recipients may use SLFRF funds under the revenue loss eligible use category.
