Rebuild VA economic recovery fund benefitting 2,500 small businesses and nonprofits during coronavirus pandemic

Richmond

Virginia Gov. Ralph Northam gestures during a news conference at the Capitol Wednesday April 8, 2020, in Richmond, Va. Northam gave an update on his COVID-19 plans. (AP Photo/Steve Helber)

RICHMOND, Va. (WAVY) — Gov. Ralph Northam announced on Wednesday the $100 million Rebuild VA economic recovery fund had awarded grants to 2,500 Virginia businesses and nonprofits.

According to the governor, the fund is meant to help those groups whose normal operations were disrupted by the COVID-19 pandemic. All available funding for Rebuild VA has been fully committed.

Rebuild VA launched in August with an initial $70 million from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.

In October, Northam directed an additional $30 million in CARES Act dollars to expand the program.

Now, Northam is again asking Congress to pass a new relief package delivering further aid to businesses and families by the end of the year.

About $50 million of the initial funding was awarded to women, minority, and veteran-owned businesses. More than 45% of the funding was awarded to 997 small businesses and nonprofits located in low-income and economically disadvantaged communities.

To date, officials say Rebuild VA say they’ve received 15,700 applications and the average grant award was $35,636.

Stay with WAVY.com for more coronavirus updates.


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