Northam directs $20 million in federal money to fulfill small business grants
(The Center Square) – Gov. Ralph Northam said Tuesday that he is directing $20 million in federal CARES Act funding to fulfill pending grants to small businesses and nonprofits seeking relief from losses due to the COVID-19 pandemic and subsequent economic restrictions.
Funding will be allocated to the Rebuild VA economic recovery fund, bringing the total funding up to $120 million. The new money will fulfill the more than 300 pending grant applications that were left after the fund’s initial money ran out in early December.
“Getting these dollars to more small businesses and nonprofits that have been impacted by COVID-19 is a top priority for our administration,” Secretary of Commerce and Trade Brian Ball said in a statement. “The large number of applicants still in the pipeline for Rebuild VA funding demonstrates the tremendous need for this and additional financial support.”
Small businesses have been notified by mail that their applications are re-opened now that the fund has the necessary money.
“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,” Northam said in a statement. “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.”
The second federal COVID-19 relief package, which passed Congress and was signed by President Donald Trump, will include $325 billion for small businesses nationally. This includes additional Paycheck Protection Program funding and Economic Injury Disaster Loan funding, among other things.
