Virginia Gov. Northam Proposes $353 Million for Small Business Recovery, Tourism from ARPA Funds

Governor Ralph Northam issued his first proposal for spending American Recovery Plan Act (ARPA) funds Monday. Northam’s $353 million proposal includes $250 million for the Rebuild VA small business fund. It also includes $50 million for state agency the Virginia Tourism Corporation (VTC), and $53 million for the Industrial Revitalization Fund and the 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 in a Monday announcement.

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General Assembly Will Need Another Session to Allocate American Rescue Plan Funds

The General Assembly will probably have another special session in 2021, which is necessary to allow the legislature to allocate federal funds granted to the Commonwealth in the $1.9 trillion American Rescue Plan (ARP) passed by Congress and signed by President Biden Thursday.

Virginia Secretary of Finance Aubrey Layne said, “It will require another session, but it probably will be sometime in the future weeks or possibly months because the Governor has made no decision. But part of that is because we have not received a specific certification on the actual monies yet from the Feds.”

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Gov. Northam Announces Flawed Rebuild VA Grant Fund Eligibility Expanded

The eligibility for the REBUILD! VA Grant Fund for businesses, nonprofits impacted by COVID-19 has been expanded to a wider scope of small businesses, according to a news release. 

The expansion of grant program, administered by the Department of Small Business and Supplier Diversity (SBSD), now includes small hotels, bed and breakfast facilities and Virginia film companies as well as companies that provide goods or services to eligible businesses. 

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