University of Kentucky Receives CARES Act Funding for Coronavirus Efforts, Economic Recovery
Statement
U.S. Senate Majority Leader Mitch McConnell (R-KY) announced today the University of Kentucky was awarded $300,000 from the U.S. Economic Development Administration (EDA) to support entrepreneurs during the economic crisis caused by the coronavirus. The Coronavirus Aid, Relief and Economic Security (CARES) Act made the federal funding available. Senator McConnell introduced the CARES Act, the largest economic rescue package in American history, and led it to enactment in about a week.
To date, UK has received over $68 Million from the CARES Act, including funding for UK Healthcare, the College of Nursing, and UK's Center for Excellence in Rural Health.
"The CARES Act is providing needed resources to help combat the coronavirus pandemic in Kentucky. This federal funding will help UK provide technical assistance to the local workforce as it leads Kentucky's economic recovery," said Senator McConnell. "As the only congressional leader not from New York or California, I'm constantly looking to provide for Middle America, especially Kentucky. I'm proud of the work UK is doing to help those impacted by the coronavirus crisis."
"The Von Allmen Center for Entrepreneurship is very pleased to be selected for this award and grateful for Senator McConnell's support," said Warren Nash, Director Von Allmen Center for Entrepreneurship (VACE) in the Gatton College of Business and Economics. "We anticipate these funds will give VACE additional resources to assist entrepreneurs and small startups impacted by the COVID-19 pandemic."
In addition to these federal funds, the CARES Act has had a $12 billion impact in Kentucky so far. Senator McConnell's legislation has delivered $3.7 billion in relief to address urgent housing, transportation, healthcare, education and economic development priorities. Kentucky small businesses, farmers, and nonprofits have also received more than $5.3 billion in assistance, including through over 48,000 PPP loans. Kentucky families have also received more than $3.2 billion in Economic Impact Payments from the U.S. Treasury.
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