Lee, FSAG release plan to continue Tennessee’s economic recovery

Bipartisan group recommends additional investment of federal relief dollars in key priorities

NASHVILLE – Today, Gov. Bill Lee and the Financial Stimulus Accountability Group (FSAG) released recommendations for federal relief dollars to support the state’s continued economic recovery, including more than $3 billion in investments to further strengthen infrastructure and businesses.

“As Tennessee continues its strong economic recovery, it’s important that we maintain proper stewardship of federal dollars coming to our state,” said Lee. “I thank the members of the Financial Stimulus Accountability Group for their efforts to manage these resources and serve Tennesseans.”

Since April 2020, the bipartisan FSAG has worked to ensure proper management of federal COVID-19 relief dollars, meeting publicly and reporting regularly to bring transparency to the process.

In August 2021, the FSAG committed an initial $1.85 billion of the state’s Fiscal Relief Fund to support sewer, water and broadband expansion projects across Tennessee. The recommendations released today include an additional investment of $1.3 billion in key infrastructure, public health and economic relief initiatives:

·       $628 million to improve state and local public health facilities

·       $624 million to support the economic recovery of negatively affected industries

The recommendations also include a reservation of up to $275 million of the state’s Fiscal Recovery Fund to assist impacted industries. Beginning Oct. 8, 2021, organizations seeking consideration for these funds may apply here.

In 2020, the group proactively invested Coronavirus Relief Fund dollars into the state’s unemployment trust fund, which successfully protected jobs and prevented tax hikes. The FSAG also supported the allocation of over $300 million in grants to small businesses across Tennessee.

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