EDA American Rescue Plan Act funding program: Economic Adjustment Assistance

EDA hosted a webinar on its Economic Adjustment Assistance program to provide a better understanding of the program’s details. Of the six EDA American Rescue Plan Act funding programs, the Economic Adjustment Assistance program is the most flexible and can fund the widest range of economic development projects.

The Economic Adjustment Assistance program is designed to help communities respond and recover from economic damages caused by COVID-19, as well as help improve communities’ and regions’ disaster preparedness and resilience. As the broadest program, projects can cover an array of different economic development initiatives. EDA encourages applications based around long-term and regionally-oriented economic development strategies that foster economic growth, resilience, and equity. 

Improving equity is the number one investment priority of these six programs, and the webinar highlighted how applicants are required to display their commitment to this priority. Applicants for the Economic Adjustment Assistance program must demonstrate in their application how they plan to ensure that the economic benefits of their project are shared by all communities within the project’s region. 

Economic Adjustment Assistance program

  • EDA has allocated $500 million for the Economic Adjustment Assistance program. $200 million of the $500 million is dedicated to coal communities.
  • The funding range is from $100,000 to $10 million.
  • EDA advises submitting completed applications by March 31, 2022.
  • The presumptive grant rate is 80 percent, with the ability to go up to 100 percent at EDA’s discretion. Applications with higher matching fund rates will be more competitive.
  • EDA is allowing applicants to resubmit their CARES Act proposal, as long as there have been no substantial changes in the application.
  • The period performance for all projects must end by May 31, 2027.
  • Funds expire on September 30, 2027.

The webinar provided next steps for applying and reiterated the number one tip for successfully navigating the application process: communication and collaboration with your Economic Development Representative.

EDA’s Next Steps to Apply

  1. Read the Notice of Funding Opportunity and eligibility requirements.
  2. Find your Economic Development District for planning and technical assistance.

Connect with your state’s Economic Development Representative.