PROVIDENCE – More than $29 million in federal stimulus funds is set to hit the bank accounts of Rhode Island cities and towns Tuesday, General Treasurer Seth Magaziner announced in a statement.
The funding is part of the $540 million included for Rhode Island municipalities in the American Rescue Act Plan of 2021. Of that, Magaziner is responsible for delivering $260 million, which will be dispersed in several rounds, or “tranches,” as it comes from the federal government.
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The first wave of that funding, totaling $29.1 million, will go out to 33 cities and towns on June 29. The following six cities and towns are receiving money from the federal government directly, rather than via Magaziner’s office: Cranston, East Providence, Pawtucket, Providence, Warwick and Woonsocket.
Among those set to get a cash injection Tuesday, Cumberland will receive the greatest amount with $1.85 million, followed by Coventry at $1.82 million and North Providence at $1.71 million.
Including all rounds of funding, Providence will get the largest chunk of change with $166.7 million, followed by Pawtucket at $60 million and Cranston at $43.2 million.
“With these stimulus funds, Rhode Island has an opportunity to spur a broad-based economic recovery for all Rhode Islanders,” Magaziner said in a statement. “Rhode Island cities and towns can use this funding for a variety of purposes, including supporting small businesses, helping students make up for learning loss, upgrading infrastructure and improving public health systems.”
Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.
