Northam allocates $20 million to Rebuild VA economic recovery fund


RICHMOND, Va. (WHSV/Workplace of Gov. Northam Press Launch) — Governor Ralph Northam introduced Tuesday a further $20 million in federal CARES Act funding can be allotted to the Rebuild VA financial restoration fund.

The allotted cash will assist the restoration fund meet the demand for this system and fulfill pending grant purposes.

Based on a press launch from the governor’s workplace, the brand new funding will convey this system whole to $120 million and can allow greater than 300 small companies and nonprofit organizations that utilized earlier than the final spherical of funding was exhausted in early December to obtain grants.

“Small companies and nonprofits are amongst these hit hardest by the pandemic, and plenty of are bracing for an unsure few months forward because the virus surges and we await the widespread availability of the vaccines,” says Governor Northam within the launch. “Virginia’s small enterprise group stays diligent in defending the well being and security of their staff and prospects, and we should proceed to help them in each means we will. With Congress lastly appearing on a long-overdue aid bundle, I’m additionally grateful that Virginia companies will now have one other alternative to use for the Paycheck Safety Program within the close to future.”

Based on the discharge, Gov. Northam introduced earlier this month Rebuild VA had totally dedicated the $100 million in federal funds beforehand allotted to this system, which supplied grants to 2,500 small companies and nonprofits whose regular operations have been disrupted by the pandemic.

The discharge says thus far, Rebuild VA has acquired practically 20,000 purposes and the typical grant award was $35,636.

You’ll be able to learn the total press launch from the governor’s workplace here. For extra data on Rebuild VA, click on here.

Copyright 2020 WHSV. All rights reserved.



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