The Economic Adjustment Assistance (EAA) program, administered by the U.S. Economic Development Administration (EDA), is a highly flexible program designed to support regions undergoing significant economic challenges. Such challenges may include plant closures, trade disruptions, natural disasters, military base closures, or regulatory and environmental changes. EAA provides financial assistance for both planning and implementation projects that help localities stabilize their economies and build resilience. The program offers two primary types of grants: Strategy Grants, which focus on developing or updating a Comprehensive Economic Development Strategy (CEDS), and Implementation Grants, which fund infrastructure and economic development projects identified within a CEDS. Eligible activities under EAA Implementation Grants range from site acquisition and construction to facility rehabilitation, and they may be awarded as single projects or as parts of larger development initiatives.

In FY2023, EDA introduced a new addendum to the EAA Notice of Funding Opportunity (NOFO), allocating an additional $5 million specifically to support Indigenous communities. The EDA has also applied updates from two Code of Federal Regulations (CFR) sections to new awards starting in FY2025. Beyond these adjustments, the EAA program continues to support a broad range of economic activities, including market and environmental studies, revolving loan funds (RLFs) for small business support, and planning and construction grants. RLFs, in particular, provide critical capital to small businesses within economically distressed areas, supporting entrepreneurship and local job growth.

The EAA also operates specialized programs under its umbrella to address specific economic recovery needs. These include Disaster Relief and Recovery, which assists areas impacted by major disasters, particularly those affected by federally declared disasters in 2021 and 2022. The SPRINT Challenge aims to enhance technology-driven economic growth by supporting programs that mitigate economic impacts from the coronavirus pandemic. Further, funding from the CARES Act and the American Rescue Plan Act allows the EAA to deliver expansive, flexible financial aid to communities impacted by the COVID-19 pandemic, emphasizing equity and transformational projects.

Funding through the EAA can support a wide array of costs, including technical assistance, planning, infrastructure improvement, and economic diversification efforts. Eligible applicants include state and local governments, tribes, nonprofits, higher education institutions, and other entities focused on regional economic development. Projects must align with local economic needs and demonstrate the potential to create or retain jobs, attract private investment, and bolster regional economic resilience.

To apply for EAA funding, applicants are typically required to submit a detailed proposal outlining the project’s alignment with CEDS goals, its potential economic impact, and a comprehensive budget. Applications are evaluated based on criteria such as relevance to regional economic goals, capacity to address economic challenges, potential for job creation, and overall feasibility. Indigenous communities applying for funds under the new FY2023 addendum may be required to demonstrate specific community needs or planned outcomes that align with EAA’s objectives for economic resilience and growth.

The EAA application process is ongoing, with deadlines and project-specific timelines outlined in each NOFO. Updates for FY2023 applicants include newly specified CFR compliance requirements for awards beginning in FY2025. Interested applicants should consult Grants.gov or the EDA website for the latest NOFO details and submission deadlines. These resources provide comprehensive information on eligibility, funding scope, submission protocols, and evaluation standards to guide applicants through the process.