What’s in it for Virginia?
That’s the amount of federal funds provided to Virginia through the American Recovery and Reinvestment Act (also known as Recovery Act, Stimulus Bill, or ARRA).
- $4.8 billion (approximately) is slated for an array of investments in areas such as infrastructure repair, education, fiscal relief and transportation.
- $4 billion plus is for middle class and small business tax credits and cuts as well as direct assistance for families, the elderly and the disabled.
- These tax cuts constitute the largest middle class tax cuts in American history.
- Nearly 1,200 small businesses received loans totaling $520 million.
- 3 million families received $1.5 billion in tax cuts.
- 370,000 residents received expanded unemployment benefits.
- More than 1.2 million seniors, veterans and others received one-time payments of $250.
The Recovery Act and Virginia’s budget . . .
As part of the $9 billion that Virginia received from the Recovery Act, $2.5 billion was earmarked as “fiscal relief” dollars.
- These fiscal relief dollars helped close over 15% of the shortfall in the current state budget and closed 25% of the shortfall in the previous year’s budget.
- These same funds also helped Virginia avoid further cuts to key areas such as health care, education, and public safety.
The Recovery Act and jobs in Virginia . . .
- The Recovery-funded projects have created 20,232 new jobs and saved as many as 90,000 Virginia jobs, including 7,100 state jobs.
- Virginia ranks No. 9 in the nation for the number of jobs that have been created as a result of the passage of the American Recovery and Reinvestment Act.
Just thought you should know. ®