Biden Administration Releases COVID Funds To Boost Local Economies

  • The Biden administration on Thursday released $3 billion in COVID-19 rescue funds aimed at helping localities bolster their economies in the wake of the pandemic, calling on communities to seek funding for a range of revitalization projects. 
  • The funding, authorized by the $1.9 trillion American Rescue Plan Act, is part of President Joe Biden's "Build Back Better" agenda to rebuild the nation after the novel coronavirus triggered widespread shutdowns and led to more than 600,000 U.S. deaths so far. 
  • New funding will be available to communities nationwide through six programs ran through the Department of Commerce targeting jobs, for instance, in tourism, the agency said in a statement. 
  • Commerce Secretary Gina Raimondo highlighted that the initiative could create as many as 300,000 jobs in the near term. Of the total funding, $1 billion will be allocated for up to 30 localities that apply for money for up to eight community projects such as building infrastructure or training workers.

(Source: Reuters)