U.S. Department of Commerce invests $6 million in CARES Act recover assistance to support resiliency efforts in New York

May, 2021

May 6, 2021

WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding $6 million in CARES Act Recovery Assistance grants to provide critical gap financing and technical support to New York businesses impacted by the coronavirus pandemic.

“President Biden is committed to unleashing the full power of the federal government to ensure our nation not only recovers from this pandemic but builds back stronger,” said Secretary of Commerce Gina Raimondo. “These EDA investments will provide New York businesses with the capital and technical assistance needed to bring them back better than ever before.”

“The Economic Development Administration plays and important role in helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “These EDA investments will establish a Revolving Loan Fund to support small businesses in New York City and assist businesses in the Adirondack North Country region with developing long-term recovery and resiliency plans.”

Read the full article from the U.S. EDA.