The state treasurer’s office has confirmed that North Carolina has received $2 billion as part of the federal CARES (Coronavirus Aid, Relief and Economic Security) Act. The state is slated to receive a total of more than $4 billion from the recently-passed congressional legislation. (The CARES Act includes a total of more than $150 billion to be distributed to all 50 states and the US territories to help soften the economic blow brought on by the coronavirus. )
Treasurer Dale Folwell, as the state’s “banker,” took receipt of this initial payment from Washington. What happens next to the money is the domain of The General Assembly and the Office of State Budget and Management. Those two entities will make the decisions on where specifically the money from Washington will be applied. Until those decisions are made, the treasurer’s office will hold the money in short-term investment funds.