VIRGINIA BEACH, Va. (WDVM) — On Monday, Virginia Gov., Ralph Northam, proposed plans to invest $353 million into small businesses across the Commonwealth to help them get back on their feet. The funds are coming out of the $4.3 billion given to the Commonwealth as part of the American Rescue Plan.
According to the Governor’s office, $250 million will go to the Rebuild VA economic recovery fund, $50 million will go to the Virginia Tourism Corporation initiatives and $53 million will head to other small businesses including the Industrial Revitalization Fund and Virginia Main Street program.
“A total of $353 million, that’s a lot of money to help these small businesses, which by the way, are the backbone of our economy…Businesses have been closed for so long and now when they’ve reopened, all of a sudden, there’s a lot of certain factors, but we certainly want to support our businesses,” said Northam.
Since launching in August 2020, the Rebuild VA economic recovery fund has awarded $120 million in federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding to more than 3,000 small businesses and nonprofits. The $250 million investment in Rebuild VA is set to meet ongoing demand for the program and provide grants to additional small businesses.
The $50 million investment in tourism will help recover the Commonwealth’s travel and hospitality loss of an estimated $14.5 billion during the pandemic.
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