RICHMOND, Va. (WAVY) — Virginia Gov. Ralph Northam allocated an additional $20 million in federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding to the Rebuild VA economic recovery fund.
The extra funding will help pending grant awards for over 300 eligible small businesses and nonprofit organizations. It will bring the program total to $120 million.
Eligible applicants that are still in the pipeline have been notified via email that their applications have been re-opened.
Earlier this month, Northam stated that the Rebuild VA had fully committed the $100 million in federal funds previously allocated to the program, which provided grants to 2,500 small businesses and nonprofits whose normal operations were disrupted by the COVID-19 pandemic.
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. To date, Rebuild VA has received nearly 20,000 applications and the average grant award was $35,636.
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