The United States Treasury recently released guidance concerning fiscal recovery funds (FRF) provided to states, counties and municipalities that were authorized in the American Rescue Plan. The guidance provides critical details on eligible uses for each of the four categories of FRF spending, as well as other use restrictions and reporting requirements. At the same time, Treasury released FRF guidance, it also provided final funding distributions. This bulletin provides a summary of critical aspects of the guidance and assesses policy implications for Massachusetts.