Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $1.17 million CARES Act Recovery Assistance grant to the city of San Jose, California, to provide technical assistance to coronavirus-impacted small businesses and manufacturers in underserved areas of the city.
“The Economic Development Administration is committed to 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. “This investment will allow San Jose to provide businesses in underserved communities most devastated by the pandemic with the technical assistance they need to navigate a dramatically changed business environment.”
“San Jose is not only home to Silicon Valley tech giants, but also many small businesses that are integral parts of the city’s most diverse communities,” said Senator Alex Padilla. “After nearly a year of the COVID-19 pandemic, many of our small businesses have been pushed to the limit. Small business owners deserve our support. This federal grant will help small businesses weather the hardships of the pandemic and prepare them to thrive for many years to come.”
This project will fund the San Jose Small Business and Manufacturing Recovery Initiative to provide technical assistance to businesses and manufacturers in underserved areas of the city, including Downtown, Central, and East San Jose. The goal of the project is to build a stronger small-business climate overall by focusing businesses on long-term resiliency needs in addition to immediate needs.
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.