Federal government has spent $3.2 trillion on COVID-19, where has the money gone?

So far, the federal government has spent $3.2 trillion of taxpayer money and obligations in its response to COVID-19 with $3.6 trillion in obligations and has allotted $4.6 trillion for the effort.

Government spending funded by COVID-19 supplemental appropriations is tracked through the use of Disaster Emergency Fund Codes (DEFC). This article depicts agency financial and award data submitted monthly, covering activity beginning April 1, 2020. The data in all tables and visualizations are aggregates of all records tagged with an appropriate COVID-19 DEFC.

For the following numbers, we will focus on the actual money that has been spent. Understand that they have appropriated much more; however, not yet spent. For instance, the Department of Treasury has spent $1.7 trillion on the COVID-19 response, though has a $3 trillion budget allocated specifically for COVID-19. Much of this spending ($560 billion) went to many American bank accounts as stimulus payments.

The Small Business Administration (SBA) has spent $330 billion for which 99.4% went to PPP ($295.5 billion) and the restaurant revitalization fund ($28.6 billion). Department of Labor has spent $557 billion in response to COVID-19 response in FY2021 and can spend up to $886.3 billion. The bulk of the $557 billion has gone to pay federal unemployment benefits to Americans the pandemic affected whose jobs.

HHS (Dept of Health and Human Services) has spent $1.6 trillion which went to help pay for the healthcare costs associated with COVID-19. The Department of Education has spent $129 billion, which has mostly gone toward state and local education/school districts.

Categories: Government, News

Tags: , , , ,

%d bloggers like this: