U.S. Department of Commerce Invests $400,000 in CARES Act Funding to Boost Economic Development Programs in Fayette, Lauderdale, Shelby and Tipton Counties in Tennessee, DeSoto County in Mississippi, and Crittenden County in Arkansas
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $400,000 CARES Act Recovery Assistance grant to the Memphis Area Association of Governments, Cordova, Tennessee, to update economic development plans and fortify programs to assist communities in responding to the coronavirus pandemic.
“The Trump Administration is eager to allocate these essential CARES Act funds and deliver on our promise to help American communities recover from the impact of COVID-19,” said Secretary of Commerce Wilbur Ross. “I am proud of the perseverance and strength shown by our communities coast to coast throughout this pandemic, and these funds will help provide the Memphis area with the necessary resources to make a swift and lasting economic comeback.”
“This investment comes at a crucial time to help Tennessee’s, Arkansas’ and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “We are pleased to make this investment in the Memphis Area Association of Governments as they respond to the coronavirus pandemic by identifying businesses susceptible to financial adversity or collapse; provide research on current trends in business operations, market base, supply chain, and financing; and develop a formal recovery and resilience plan that will build on the recommendations and implementation strategies of the region’s Comprehensive Economic Development Strategy.”
Memphis Area Association of Governments, an EDA-designated Economic Development District (EDD), is one of the more than 850 existing, high-performing EDA EDD, University Center, Tribal, and Revolving Loan Fund (RLF) grant recipients invited to apply for supplemental funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.
On May 7, Secretary Ross announced that EDA is accepting applications for CARES Act Recovery Assistance funding opportunities.
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. For complete information, please visit our recently updated EDA CARES Act Recovery Assistance page.
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.