Northam allocates $20 million to Rebuild VA economic recovery fund
RICHMOND, Va. (WHSV/Office of Gov. Northam Press Release) — Governor Ralph Northam announced Tuesday an additional $20 million in federal CARES Act funding would be allocated to the Rebuild VA economic recovery fund.
The allocated money will help the recovery fund meet the demand for the program and fulfill pending grant applications.
According to a press release from the governor’s office, the new funding will bring the program total to $120 million and will enable more than 300 small businesses and nonprofit organizations that applied before the last round of funding was exhausted in early December to receive grants.
“Small businesses and nonprofits are among those hit hardest by the pandemic, and many are bracing for an uncertain few months ahead as the virus surges and we await the widespread availability of the vaccines,” says Governor Northam in the release. “Virginia’s small business community remains diligent in protecting the health and safety of their employees and customers, and we must continue to support them in every way we can. With Congress finally acting on a long-overdue relief package, I am also grateful that Virginia businesses will now have another opportunity to apply for the Paycheck Protection Program in the near future.”
According to the release, Gov. Northam announced earlier this month Rebuild VA had fully committed the $100 million in federal funds previously allocated to the program, which provided grants to 2,500 small businesses and nonprofits whose normal operations were disrupted by the pandemic.
The release says to date, Rebuild VA has received nearly 20,000 applications and the average grant award was $35,636.
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