Virginia small businesses hit hard by the economic impact of the coronavirus pandemic would get $353 million in federal aid under a plan proposed Monday by Gov. Ralph Northam.
Northam traveled to Virginia Beach to announce his first-round spending priorities from the $4.3 billion in federal funds approved for Virginia under the American Rescue Plan passed by Congress and signed into law by President Joe Biden in March.
Northam wants $250 million funneled to the Rebuild Virginia grant program, which provides aid to small businesses and nonprofit organization. He’s recommending $53 million for the Industrial Revitalization Fund and Virginia Main Street program. The IRF contributes to the redevelopment of vacant and deteriorated industrial and commercial properties. The Main Street program coordinates funding to communities revitalizing their historic commercial districts.
The first-round funding plan also includes $50 million for the Virginia Tourism Corporation, which works to expand travel into Virginia and motion picture production in the state.
“Virginia is roaring back stronger than we could have imagined one year ago, but small businesses are the backbone of our economy, and they need additional support to get back on their feet,” Northam said in a news release.
In May, Northam and Democratic leaders in the General Assembly came to terms on priorities for spending Virginia’s share of the funding from the American Rescue Plan.
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