VIRGINIA BEACH, Va. – Governor Ralph Northam traveled to Virginia Beach Monday to announce his $353 million recovery effort for small businesses and the tourism industry, both hard-hit by the COVID-19 pandemic.

In May, the Governor and General Assembly leaders released a joint statement outlining priorities for the $4.3 billion in federal funds available to the state from the American Rescue Plan.

Northam was joined by  state leaders on the Virginia Beach oceanfront to discuss his proposed $250 million investment in the REBUILD VA economic recovery fund, $50 million for Virginia Tourism Corporation initiatives, and $53 million for other small business including the Industrial Revitalization Fund and Virginia Main Street program.

Between March 2020 and April 2021, Virginia lost an estimated $14.5 billion in total tourism spending. Governor Northam is proposing a $50 million investment to help the tourism industry recover and restore additional economic activity across the Commonwealth. The Virginia Tourism Corporation (VTC) will create the Virginia Tourism Recovery Program to deliver funding to all 114 destination marketing organizations throughout the Commonwealth.

Northam is also proposing $53 million for the Industrial Revitalization Fund and the Virginia Main Street program. The Industrial Revitalization Fund helps jump start industrial projects through a collaborative approach with local governments and assistance with site identification, location preparation, and the transformation of derelict structures to increase the number of shovel-ready projects.

The funding will also support Virginia Main Street’s Technical Assistance Grant program.