The U.S. Office of Management and Budget (OMB) recently announced a pause on federal loans and grants. This development understandably raises concerns for local governments managing federally funded projects or awaiting pending awards.
To provide clarity, we’ve linked below a concise two-page memo, provided by the OMB, that highlights key federal programs and policies impacted by this pause.
(OMB Memo) Temporary Pause of Agency Grant, Loan, and Other Financial Assistance Programs
Here are a few important takeaways from the memo:
- Defined Timeframe: State and federal agencies are required to respond by February 10th, offering a clear timeline and direction.
- Exceptions and Flexibility: The memo outlines potential exceptions and emphasizes compliance with applicable laws, allowing agencies some flexibility to proceed with certain projects.
Our team is actively engaging with the state and federal agencies overseeing these programs. As more information becomes available, we will share updates with you.
If you have questions or need further assistance, please don’t hesitate to reach out to WithersRavenel’s Director of Funding Services, Amanda Whitaker, at awhitaker@withersravenel.com.