Virginia Gov. Ralph Northam has floated a plan to provide $353 million in federal funding to small businesses and industries hammered by the coronavirus pandemic.
Northam on Monday went to Virginia Beach to announce his initial spending plan for the $4.3 billion in federal funds the state received as part of President Biden’s American Rescue Plan.
The first round of spending includes $250 million to the Rebuild Virginia grant program, $50 million for the Virginia Tourism Corporation, and $53 million for the Industrial Revitalization Fund and Virginia Main Street program.
“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. “With the American Rescue Plan, we have a once-in-a-generation opportunity to rebuild from the impacts of the pandemic, revitalize our communities, and invest in our shared prosperity.”
