As the United States continues to recover from the coronavirus pandemic, the $3 billion allocated to the Economic Development Administration (EDA) under President Biden’s American Recue Plan is allowing the bureau to make once-in-a-generation investments to dramatically transform America’s communities during this critical moment in our history.
Since launching its six American Rescue Plan programs in July 2021, EDA has been working expeditiously to equitably move this critical funding into our communities. Today, EDA is celebrating the more than 2,500 communities that designed economic development strategies and submitted projects for this special funding. EDA has officially closed all of its American Rescue Plan programs for applications. The $3 billion program funding will be awarded on a rolling basis through September 30, 2022.
The demand and participation for these programs are impressive and reflect the tremendous interest in building upon other American Rescue Plan support, the Bipartisan Infrastructure Law, and further competitiveness legislation that is already benefiting every corner of the United States. Applications reflect hundreds of new participants in EDA programs, an emphasis on an inclusive, equitable recovery, and bolder regional collaborations that will increase America’s global economic competitiveness.
As of May 11, EDA had received approximately $15.8 billion in proposals for the $3 billion available for grant funding through the American Rescue Plan.
The Build Back Better Regional Challenge received 529 total applications for the first phase of the competition, of which it selected 60 finalists to apply for Phase 2 funding. These finalists requested $4.3 billion in total implementation investments, or more than four times the available funding.
The Good Jobs Challenge received over 509 applications requesting more than $6.5 billion in funding, or about 13 times more than the available funding.
EDA’s other American Rescue Plan programs — Economic Adjustment Assistance; Travel, Tourism and Outdoor Recreation; and Indigenous Communities — were also more than four times oversubscribed and received nearly 1,500 applications requesting $3.7 billion.
While the opportunity to apply for EDA’s American Rescue Plan funding has passed, prospective grantees are encouraged to explore several other EDA programs open with funding available to support a wide spectrum of local economic development needs. EDA encourages prospective grantees to reach out to their local Economic Development Representatives to explore opportunities, as well as the Economic Development Integration team who can help guide interested parties to other Federal resources that may help meet needs.
Applications for EDA’s traditional, non-supplemental funding are accepted on an ongoing, rolling basis. Please note that EDA is also significantly oversubscribed across the Economic Development Assistance Program (EDAP) for work underway in fiscal year 2022. Under EDAP, EDA is administering $220.5 million in funding for fiscal year 2022. As of May 11, EDA has received 266 proposals requesting more than $588 million under these programs, or more than two times the available funding.
The EDA team remains committed to working with communities across the country to fund competitive, locally driven economic development projects and strategies to support equitable economic prosperity.
For the latest news and funding opportunities, prospective grantees should keep an eye on EDA.gov and EDA’s social media channels.