PAID Act

Paying America's Inflationary Debts Act or the PAID Act This bill rescinds specified unobligated funds that were provided by the American Rescue Plan Act of 2021, which was enacted to address the impact of COVID-19 on the economy, public health, state and local governments, individuals, and businesses. Specifically, the bill rescinds specified funds that were provided for state, territorial, local, and tribal governments; emergency rental assistance; the State Small Business Credit Initiative; Federal Transit Administration grants; the Coronavirus Capital Projects Fund; and global health activities and programs. The bill also requires the rescinded funds to be used for deficit reduction.