Posted on 12/29/20 by Cara O'Donnell
As we close out 2020, we know plenty of Arlington’s businesses are still struggling, and many are still waiting to learn whether federal and state economic recovery funds will be granted. Today, Governor Ralph Northam announced that he was allocating an additional $20M of federal CARES Act funding to the Rebuild VA economy recovery fund to meet increased demand for the program and fulfill pending grant awards for more than 300 eligible small businesses and nonprofit organizations.
This new funding will bring the program total to $120 million and will enable more than 300 small business and nonprofit organizations that applied before the last round of funding was exhausted earlier this month. If your application is eligible and is still in the pipeline, you will be notified via email that their applications have been re-opened. New applications are not being accepted in this round of funding.
The Rebuild VA program has already provided grants to more than 2500 small businesses and nonprofits across the Commonwealth that saw disruptions in operations due to the COVID-19 pandemic. So far, Rebuild VA has received nearly 20,000 applications and the average grant award was $35,636. More than 45 percent of the available funding was awarded to nearly 1,000 small businesses and nonprofits located in low-income and economically disadvantaged communities, and about $50 million was awarded to women, minority, and veteran-owned businesses.
Rebuild VA initially launched in August with $70 million in CARES Act funding, and Governor Northam directed an additional $30 million to the program in October. At that time, eligibility was also expanded so that businesses with less than $10 million in gross revenue or fewer than 250 employees could apply. For additional information on Rebuild VA, please visit governor.virginia.gov/RebuildVA.
Topic: BizLaunch, COVID-19 Resources