Grants and loans
Covid-19 has been a trying time for everyone. The SBA and other government entities are here to help provide you with grants and loans that you need in order to keep your business afloat.
Paycheck Protection Program (PPP) Update
The Coronavirus Response and Relief Supplemental Appropriations Act that was passed and signed in late December will renew the Paycheck Protection Program to support small businesses and their employees. Official guidance on terms and eligibility from the Treasury and SBA are expected soon (Please be advised that the final rollout of the program may have some changes from what is provided in this document which was released prior to December 27)
- U.S. Department of the Treasury
- What You Need to Know on Applying for A Second (or initial) PPP
- U.S. Chamber of Commerce Guide to Small Business Emergency Loans
- SBA Cross Program Eligibility for Coronavirus Relief
Paycheck Protection Program Loan Forgiveness
Update: The U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars. Please find more information using the links below:
- If you applied for PPP, the loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. Please find information regarding the new EZ and revised full forgiveness applications for the Paycheck Protection Program below.
SBA Economic Injury Disaster Loan (EIDL) Emergency Advance
In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19.
Other Financial Assistance
Small Business Debt Relief Program
As part of our coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020.
For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.
Rebuild VA Grant
Update: additional $20 Million committed to economic recovery fund. Funding will fulfill pending grant awards for over 300 applicants. Applicants will be notified via email regarding award. See announcement here.
Governor Ralph Northam announced that Rebuild VA, a grant program to help small businesses and nonprofit organizations affected by the COVID-19 pandemic, will expand eligibility criteria and increase the amount of grant money businesses receive.
- Rebuild VA will now be open to all types of Virginia small businesses that meet size and other eligibility requirements. (No longer limited to certain business categories)
- Any small business or nonprofit with $10,000,000 or less in gross revenue OR 250 or fewer employees may now apply.
- Businesses and non-profits that are approved for a Rebuild VA grant may receive up to 3 times their average monthly eligible expenses up to a maximum of $100,000 whichever is less.
- Businesses that previously received a Rebuild VA grant will receive a second award correlated with the updated guidelines.
City of Manassas Grants
Fairfax City Grants
Prince William County Grants
- Projects must be less than 100,000 square feet in size
- Tenant Layout, Alteration and Repair, and New Construction Permits
- Commercial Real Estate Projects Only
- $25,000 (Pre-revenue/ startup phase)
- $50,000 Pre-revenue with institutional or investor funding or Post-revenue
- Applicants must have been in operation as of 2/29/2020
- Applicants cannot have applied for a PPP loan on or after 12/27/2020
- Venues in operation on 1/1/19 are eligible for grants equal to 45% of their 2019 gross revenues, up to $10 million
- Venues that opened after 1/1/19 the grants will be fore the average monthly gross revenue for each full month in operation in 2019 X 6, up to $10 million
- There will be a priority ranking system in place:
- First Priority: 1st 14 days of grant awards, for entities that suffered a 90% or greater revenue loss between April 2020 through December 2020 due to the COVID pandemic
- Second Priority: 2 nd 14 days of grant awards, for entities that suffered a 70% or greater loss of revenues during this same period
- Third Priority: beginning 28 days after 1st and 2 nd priority awards are made
- Supplemental Funding: after 1st and 2 nd priority groups are funded, for any 1st or 2 nd round funding recipients that suffered at least a 70% revenue loss for the most recent calendar quarter (as of 4/1/21 or later)