WASHINGTON –
Today, the U.S. Department of Commerce’s Economic Development Administration
(EDA) is awarding a $662,922 CARES Act Recovery Assistance grant to the city of
Salem, Massachusetts, to implement a recovery strategy to plan for long-term
recovery and ensure the region’s tourist economy remains competitive in the
future. This EDA grant, to be matched with $165,730 in local investment, is
expected to create nearly 400 jobs.
“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 EDA investment will implement a
recovery strategy designed to advance sustained long-term recovery from the
pandemic and ensure downtown Salem remains a nationally and globally
competitive tourism destination.”
“As a premier tourist destination in Massachusetts whose historic sites,
museums, restaurants, lodging, and other small businesses were forced to close,
Salem’s economy has been drastically impacted by the coronavirus pandemic,” said
Senator Ed Markey. “The City of Salem has taken an innovative approach to
support its economy throughout this crisis, and this federal funding will play
a critical role in helping Salem rebuild its tourism and hospitality
industries.”
“Tourist destinations in Salem and across the Commonwealth help fuel our
national and regional economy,” said Senator Elizabeth Warren. “This
much-needed economic relief is essential to helping the City of Salem respond
to and recover from the impacts of COVID-19, and I’ll keep pushing the federal
government to support communities that have been hit hard by this public health
emergency.”
The
project will allow Salem to implement a tourism industry recovery strategy,
including a visitor marketing campaign; alternative events programing;
industry-based technical assistance for small businesses; and the creation of a
comprehensive economic diversification strategy to identify promising
industries for diversification based on regional economic trends, as part of a
three-stage COVID-19 Business Recovery Plan formulated in conjunction with the
city’s Economic Development Recovery and Revitalization Task Force.
This
project is funded under the Coronavirus Aid, Relief, and Economic Security
(CARES) Act (
Public
Law 116-136),
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)
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 U.S. Economic Development Administration (EDA) mission 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.
