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Understanding the American Recovery and Reinvestment Act [ARRA]: Legal Definition and Purpose
Definition & meaning
The American Recovery and Reinvestment Act (ARRA) was enacted in 2009 to address the economic challenges following the recession. Commonly referred to as the Recovery Act, its primary goals include creating new jobs, preserving existing employment, encouraging economic activity, and investing in long-term growth. The Act also emphasizes accountability and transparency in government spending to ensure that funds are used effectively.
Table of content
Legal use & context
The ARRA is relevant in areas of economic policy and public finance. It is used in discussions about federal funding, infrastructure projects, and economic recovery initiatives. Legal practitioners may encounter the ARRA in cases involving federal grants, compliance with funding requirements, and accountability measures in government spending. Users can manage related forms and procedures through US Legal Forms, which offers templates drafted by attorneys for various legal needs associated with economic recovery efforts.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
One example of the ARRA in action is the funding provided for infrastructure projects, such as road repairs and public transportation improvements, which aimed to create jobs while enhancing community resources. Another example is the financial assistance allocated to state governments to prevent cuts to essential services during economic downturns (hypothetical example).
Relevant laws & statutes
The primary statute related to this term is the American Recovery and Reinvestment Act of 2009. This law outlines the specific provisions for funding, accountability, and reporting requirements for projects funded under the Act.
Comparison with related terms
Term
Definition
Key Differences
American Recovery and Reinvestment Act
A federal law aimed at economic recovery through job creation and infrastructure investment.
Focuses on broad economic recovery efforts and government accountability.
Stimulus Package
A broader term for any government program designed to stimulate the economy.
Can include various forms of economic aid, not limited to infrastructure or job creation.
Common misunderstandings
What to do if this term applies to you
If you believe you may be eligible for assistance or funding under the ARRA, consider exploring available resources and forms through US Legal Forms. These templates can help you navigate the application process. If your situation is complex, seeking guidance from a legal professional may be beneficial.
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