Search Results for keywords:"interest rate"

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Search Results: keywords:"interest rate"

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  • 2021-01681 — Prompt Payment Interest Rate; Contract Disputes Act
    Type:Notice
    Citation:86 FR 7457
    Reading Time:about a minute or two

    The Fiscal Service, part of the Treasury Department, has issued a notice about the interest rate applicable under the Prompt Payment Act and the Contract Disputes Act. For the period from January 1, 2021, to June 30, 2021, the interest rate is set at 7/8 percent per annum. This rate is used to calculate interest penalties on late payments by federal agencies to businesses. The notice emphasizes that these penalties must be paid regardless of whether the business requests them.

    Simple Explanation

    The Fiscal Service from the Treasury Department has announced that from January 1 to June 30, 2021, if the government pays a bill late, they have to give a little extra money, called interest, which is set at about 0.875% per year, to the business they owe, even if the business doesn’t ask for it.

  • 2024-29263 — Change in Discount Rate for Water Resources Planning
    Type:Notice
    Citation:89 FR 100533
    Reading Time:about a minute or two

    The Bureau of Reclamation has announced a new interest rate of 3.00% for fiscal year 2025, to be used by federal agencies in planning and evaluating water and land resources. This rate, which is higher than the previous year's rate of 2.75%, reflects changes based on the average yield of long-term U.S. Treasury securities. All government agencies must apply this rate for calculating future benefits and costs in such planning efforts. This change ensures consistency with federal rules that set limits on rate changes from year to year.

    Simple Explanation

    The government has decided that when they plan how to use water and land, they will use a new number, 3%, to help them figure out the costs and benefits. This number used to be 2.75%, and it helps them decide how much things will cost in the future.