State launches $70M fund for small businesses, nonprofits

by | Aug 1, 2020 | Business

From Virginia Business:

As businesses and nonprofits continue to encounter hard times, Gov. Ralph Northam announced a $70 million COVID-19 relief fund for small businesses and nonprofit organizations.

Called Rebuild VA, the fund will allocate grants of up to $10,000 to about 7,000 applicants, Northam’s office said in a news release. The money comes from federal CARES Act funding, and the program will be administered by Virginia’s Department of Small Business and Supplier Diversity (SBSD).

Eligible businesses and nonprofits must have annual gross revenues of no more than $1.5 million and employ no more than 25 people, and they must not have received Paycheck Protection Program, Economic Injury Disaster Loan or any other federal funding related to pandemic relief. They must also have a State Corporation Commission certificate of good standing.

Half of the fund will be distributed to businesses and organizations in lower-income areas, the governor said in the announcement. Applications will open Aug. 10, and SBSD will hold several webinars to review eligibility and documentation requirements.

Among the qualified industries are: food and beverage establishments, nonessential retail, exercise and fitness, entertainment and amusement parks, personal care and grooming businesses, private campgrounds and summer camps — all businesses that have been shut down at least partially by executive order since March. Eligible expenses include: payroll, health insurance, salaries, mortgage and rent, principal and interest payments for business loans, and all cleaning and personal protective equipment needed for COVID-19 response.

Full information is here.

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