NORFOLK, VA — Congresswoman Elaine Luria today announced that $641,095,048 in relief has been distributed to businesses in Virginia’s Second Congressional District since the beginning of 2021, according to data provided by the Small Business Administration (SBA). This includes funding from the American Rescue Plan, which was signed into law by President Biden in March 2021, as well as the Paycheck Protection Program (PPP) initially created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020.
“As a former small business owner, I know that small businesses are the backbone of our economy in Hampton Roads, and I’ve made it a priority to secure unprecedented relief,” Congresswoman Luria said. “Because of the American Rescue Plan, more businesses have been able to keep their lights on, employ more workers, and keep the economy moving. Now we have to continue the momentum and pass the Bipartisan Infrastructure Framework, which will provide generational investments rebuilding our roads and bridges, strengthening the Port of Virginia, and protecting against rising sea levels — while creating thousands of good-paying jobs.”
Below is a breakdown of the funding from the Small Business Administration:
Amount Forgiven for PPP Loans Under $150,000: $208,620,782
Amount Forgiven for PPP Loans $150,000 and over: $358,650,193
Restaurant Revitalization Grants: $52,116,732
Shuttered Venue Operator Grants: $21,707,341
In July of 2021, CNBC named Virginia as the best state in the country to do business, in no small part because of the American Rescue Plan. The $1.9 trillion economic relief legislation included $28 billion for a new grant program to help the hardest-hit small restaurants, $15 billion for hardest-hit small businesses, $7.25 billion to bolster PPP, and an additional $1.25 billion live venue operators, movie theaters and other performing arts venues.
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