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How State Spent Some COVID Funds on Tech

Here’s a look at where one state entity, the California State Treasurer’s Office, spent some of the federal Coronavirus Relief Funds it received with technology and innovation companies.

Artificial Intelligence
A key state entity has spent a majority of the Coronavirus Relief Funds (CRF) allocated to it by the federal CARES Act, with many millions of that going to technology companies.

The California State Treasurer’s Office (STO) received more than $9.5 billion in CRF via the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, which became law on March 27, 2020. State and local governments have until Dec. 31 to make expenditures from that funding. So far, STO has spent all but about 4 percent of what it received, or more than $9.17 billion — by either spending it or allocating it to 2,889 “sub-recipients” around the state including many local and tribal governments and school districts and private companies. The STO has more than $348 million remaining to spend. In the tech sector, here are 10 recipients that accounted for portions of its spend. In each case, it’s not clear exactly what was purchased — but these amounts more than likely reflect more than one engagement, project or initiative.

Theo Douglas is Assistant Managing Editor of Industry Insider — California.