Governor Ralph Northam announced Tuesday that an additional $20 million will to go to eligible small businesses and nonprofit organizations in Virginia.
The money comes from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding to the Rebuild VA economic recovery fund.
This fund was created to meet demand for the program and fulfill pending grant applications.
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 in early December to receive grants, Northam's office said.
Eligible applicants that are still in the pipeline have been notified via email that their applications have been re-opened.
“Small businesses and nonprofits are among those hit hardest by the pandemic, and many are bracing for an uncertain few months ahead as the virus surges and we await the widespread availability of the vaccines,” said Governor Northam. “Virginia’s small business community remains diligent in protecting the health and safety of their employees and customers, and we must continue to support them in every way we can. With Congress finally acting on a long-overdue relief package, I am also grateful that Virginia businesses will now have another opportunity to apply for the Paycheck Protection Program in the near future.”
Earlier this month, Northam announced that 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.