The proposed funding package deal is constructed round Rebuild VA, a grant program that Northam launched final 12 months with $120 million in federal support below the CARES Act and the meeting bolstered this 12 months with a further $25 million in revenues from a tax on digital talent video games earlier than a state regulation banning them took impact on July 1.
Even so, this system has run out of cash with about 9,000 functions pending from Virginia-based companies that make use of 250 or fewer folks and have gross revenues of $10 million or much less.
“Rebuild VA has been a lifeline of help for numerous Virginia companies,” Howell stated in a press release launched by Northam’s workplace. “With so many companies nonetheless within the queue for funding, there is no such thing as a query that the Normal Meeting must approve the complete quantity to offer help to those companies, and to permit new functions to be filed.”
Terry, with the hospitality and journey affiliation, stated he hopes the state will “tweak” its pointers for collaborating within the grant program, which excludes some giant companies, akin to resorts, that he stated need assistance.
“You may’t put too many restrictions on companies,” he stated in an interview on Monday.
Secretary of Commerce and Commerce Brian Ball stated the primary precedence for the brand new cash might be to assist companies whose requests are already pending, however he added, “We’re cognizant of the problem, that is for positive.”