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.