On July 27, 2020, Governor Ralph Northam announced a $70 million economic recovery fund for small businesses and nonprofit organizations whose normal operations were disrupted by the COVID-19 pandemic. The funding will be made available through Rebuild VA, and grants of up to $10,000 will be awarded to approximately 7,000 applicants to cover eligible expenses.
Half of the program funds will be distributed to eligible small businesses and nonprofits operating in low-income and economically disadvantaged communities.
Eligible Businesses must be:
- In good standing
- Have annual gross revenues of no more than $1.5 million
- have no more than 25 employees.
- Eligible businesses include food and beverage establishments, non-essential retail, exercise and fitness, entertainment and public amusement, personal care and personal grooming services, and private campground and overnight summer camps.
- Businesses must also certify that they have not received federal PaycheckProtection Program (PPP) or Economic Injury Disaster Loan (EIDL) funds orother funding from the federal CARES Act
Rebuild VA funding may be utilized for the following eligible expenses:
- Payroll support, including paid sick, medical, or family leave, and costs relatedto the continuation of group health care benefits during those periods of leave
- Employee salaries
- Mortgage payments, rent, and utilities
- Principal and interest payments for any business loans from national or state-chartered banking, savings and loan institutions, or credit unions, that wereincurred before or during the emergency
- Eligible personal protective equipment, cleaning and disinfecting materials, orother working capital needed to address COVID-19 response.
For a quick 1 page summary on Rebuild VA, click here.
For more information about Rebuild VA, eligibility criteria, covered expenses, and webinars on how to submit an application, please visit: governor.virginia.gov/RebuildVA.
The application will be available starting August 10, 2020