Everything You Must Know About Government Grants

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Everything You Must Know About Government Grants by Justin Maeston

Beginning with the 1999 Federal Financial Assistant Management Improvement Act, commonly referred to at Public Law 106-107, changes to the government grant program were made. Basically stated, Public Law 106-107 deems that improvement be made in the effectiveness and performance of federal financial assistance programs. Further, the law stated that simplification was needed in the federal assistance application and reporting requirements. Finally, there must be an improvement in the delivery of financial services to the public and better coordination between all members involved in that delivery process.

From the Public Law 106-107 enacted in November, 1999, the website grants dot gov was formed. Federal funded grant programs in excess of 1,000 are available to online users at the click of a mouse button. An additional $400 billion in grant program awards has also been made available. After a quick online registration process, a user is granted instant access to over 26 federal grant making agencies. This online fund management has met the requirements for an easier user system set by Public Law 106-107 back in 1999.

Contrary to popular belief, a government grant is not a form of a personal or business loan. A government grant is simply a financial award given to a recipient from the federal government. The recipient must use the funds granted to carry out services or support as deemed appropriate by the federal government. A government grant may not be used to acquire the services that would directly benefit the federal government. Likewise, the grant may also not be used to purchase property that would provide the federal government with direct benefits.

There are 21 main categories that government grants can be divided into. Some of the larger categories include social services and income security; law, justice and legal services; employment labor and training; and disaster prevention and relief. Department of Agriculture; Department of Commerce; Department of Education and the Department of Homeland Security are just a few available grant lending agencies. The three main categories with the ability to apply for government grants include government organizations; education organizations and public housing organizations. Non – profit organizations and for profit organizations may also apply. Small businesses organizations are ineligible.

Written by Justin Maeston. Find the latest information on Government Grants as well as Free Government Grants

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March 15 2008 07:57 pm | Debt Solutions

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