June 24, 2021

MP Now News

Mortgage News

With $29 million from federal rescue act, Danville eyes small business help, aid for mortgage, rent, utilities | News

DANVILLE, VA. – The city of Danville is likely to use $ 29.1 million in federal COVID-19 relief funds to help those economically affected by the pandemic, including residents and small businesses.

City council will consider an ordinance to accept the money from the Coronavirus State and Local Fiscal Recovery Funds established by the American Rescue Plan Act, city administrator Ken Larking said.

Danville City Manager Ken Larking

Ken Larken

“The hope is that the funds will be used to help the entire economy and protect our public from the pandemic,” Larking said. “It enables the city of Danville to have long-term economic success.”

The money will also be used to continue providing personal protective equipment for the city’s workers who are key employees and to pay for other means to keep their work environment safe, Larking said.

Aid to residents would come in the form of mortgage, rental and utility payments, while grants and small business loans are also likely, he said.

The money for small businesses would “allow them to better serve the public and keep working,” Larking said.

The city has until 2024 to use the $ 29 million. Danville’s larger stake comes from cities receiving a double financial benefit on Monday due to their status as independent cities under the guidance of the U.S. Treasury Department, the Richmond Times-Dispatch reported.