Tuesday, November 5, 2024
HomeBusinessDistrict to Grant $100 Million in COVID-19 Recovery to Local Businesses

District to Grant $100 Million in COVID-19 Recovery to Local Businesses

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The Office of DC Mayor Muriel Bowser announced on Wednesday “Bridge Fund,” a new program that will designate up to $100 million in grant funding for local businesses struggling during the coronavirus crisis.

The Bridge Fund will consist of $20 million from the city’s federal CARES Act funding and $80 million from a local reserve. The money coming from the CARES Act will be given by the end of this year.

The fund will be distributed through four programs as follows:

  • Restaurant Bridge Fund: $35 million
  • Hotel Bridge Fund: $30 million
  • Entertainment Bridge Fund: $20 million
  • Retail Bridge Fund: $15 million

“Through the Bridge Fund, the District will strategically invest to sustain the hospitality, entertainment, and retail industries to help mitigate the ongoing impact of COVID-19 on workers and businesses,” the Office of DC Mayor said in a statement.

Applications will be accepted starting from December 22, 2020.

DC’s hotel revenue has seen a $1.4 billion drop compared to last year.

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