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Grants and Loans

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. 

CARES Act

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Paycheck Protection Program (PPP) Update

The PPP first draw has ended on May 31, 2021.

PPP now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP loan with the same general loan terms as their First Draw PPP loan.

*The funding for the bi-partisan Paycheck Protection Program has been exhausted. The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through Community Financial Institutions, financial lenders who serve underserved communities.*

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)

The SBA has released additional PPP guidance. It provides information concerning the required procedures for changes of ownership of an entity that has received PPP funds. To learn more about PPP first draw and second draw information, please visit the links below for more information:

The IRS also announced Information Reporting Requirements for Paycheck Protection Program Loans Forgiven under the CARES Act. You can find more information here:
In 2021 alone, a total of 891,044 loans have been approved from 4,942 lenders, totaling $72,740,500,280. Please find more information here.
For more information about PPP, please visit these sites:
Please find additional information in this PPP myth vs. fact document:
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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: 

  • Click here to view the simpler loan forgiveness application.
  • Click here to view the instructions for completing the simpler loan forgiveness application.
  • Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
As of November 22, 2020, a total of 367,321 payments have been made, totaling an amount of $38,432,262,125. Please find more information here.

SBA Economic Injury Disaster Loan (EIDL) Emergency Advance

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EIDL

*There have been recent changes to the EIDL Loan Program*

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.

The policy changes below are effective as of September 8, 2021:

  • Capital has increased from $500K to $2M, resulting in higher loan amounts available
  • Allow for use of funds to be applied to payment and prepayment of commercial debt and regularly-scheduled payments of federal debt
  • Allow for 24 months of deferment from loan origination for all loans (existing loans with less than 24-month deferment will be adjusted)
  • Affiliation requirements simplified: An affiliate is a business that you control or in which you have 50% or more ownership
  • Added $10 million limit on maximum aggregate COVID EIDL loans to a single corporate group.
To view more changes and learn about their effects, please visit the SBA’s EIDL website here.
Please find more information and eligibility here. To learn about SBA Cross Program Eligibility for Coronavirus Relief, please click here.
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Targeted EIDL Advance

The Targeted EIDL Advance aids businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency. Eligible applicants include those who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding. SBA will reach out to those who qualify.

Please find some facts and questions about Targeted EDIL Advance here.

Other Financial Assistance

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Shuttered Venue Operators Grant

Note: The SBA will be reopening the SVOG application portal on Monday, April 26, 2021. Please register on the portal. Applicants will also need a smartphone and a multi-factor authenticator app to register and apply.

The SBA recently announced an upcoming Shuttered Venue Operators (SVO) Grant as part of their emergency assistance programs to small businesses. Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees. SBA is in the process of setting up the grant program and will start accepting applications on April 8.

Based on the updated information the following guidelines have been disclosed:

  • 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
Applicants must be registered on SAM.gov before applying for the grant.
  • SBA video instructions here

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)

Please use the checklist to make sure you have everything you need to complete your application.

Please find more information on the official SBA website here.

View the FAQ here.

Find a recorded presentation here.

View the slides here.

SVOG application informational webinar (03/30)-Register here.

View the applicant user guide here.

For application portal technical assistance such as a password reset, browser suggestions, or how to use the multi-factor authentication with an app and the QR code, applicants can call 1-800-659-2955.

Deaf and hard-of-hearing call 1-800-877-8339 and follow the prompts to SVOG assistance.

The call center is open today from 8 a.m. to 8 p.m. EDT and, starting Saturday, April 24, the center will be open 24 hours a day through Monday evening at 8 p.m. EDT.

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Virginia Return to Earn Grant Program

To support Virginians in their transition back to employment, Governor Ralph Northam will invest $3 million in federal WIOA set aside funds to pilot the VA Return to Earn Grant Program.

The pilot initiative will match up to $500 that a qualifying small business pays directly to a new employee hired on or after May 31st, 2021 to support their transition back to employment. Funds will only be reimbursed for new hires in positions that pay at least $15 per hour and qualify as W-2 employment, either full- or part-time.

View the FAQ here. Find an article by Virginia Business here. View the Virginia Governor website for more information.
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City of Manassas Grants

ELEVATE helps residents by providing training programs, support services, and career assistance so they can get and keep today’s in-demand jobs. It helps businesses train incumbent workers and identify the best new hires. ELEVATE is a valuable network of workforce development and education partners to strengthen our communities today and prepare them for the future. Please find more information here.
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Fairfax City Grants

There are currently no new Fairfax City Grants. Please check in at a later time.

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Prince William County Grants

There are currently no new Prince William County Grants. Please check in at a later time.

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Fairfax County Grants

Fairfax County is offering $25 million in small grants for COVID-19 impacted businesses to support their recovery. These grants are designed to strategically support the hardest hit sectors and help them to PIVOT from survival to future success.

Grants will be open from June 23 through July 9. A link to register will be provided when the grant portal opens.

Two webinars will be offered on the PIVOT Program:

Please find more information here.

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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.

Please find additional information regarding the Small Business Debt Relief Program here.

Community Business Partnership Loans

The Community Business Partnership (CBP) is lending money to promising small businesses that are unable to secure financing through traditional means. They provide financing and share knowledge though the Community Business Partnership family of business assistance providers. Please view a one-pager containing the different loan funds here.

This funding was created by the Fairfax County Supervisors for businesses seeking financing that they cannot establish through traditional means. To learn more about eligibility, fund uses, rates, terms, and costs, please visit the Community Business Partnership website. 

The NOVA Technology Loan Fund is designed to help minority/people of color entrepreneurs in the technology industry located in Northern Virginia who are suffering substantial economic injury because of Coronavirus (COVID-19) outbreak.

It is a revolving loan fund initially funded through donations made by Freedom Bank and Northern Virginia Technology Council (NVTC).
 
Please learn more about the eligibility requirements, terms and conditions here.
The Helping Hands Loan Fund is targeted to help low-to-moderate income individuals attain self-sufficiency through entrepreneurship. This fund has the potential to help individuals, especially women, develop self-sufficiency through micro-enterprise development, which then helps to boost the local economy. The main uses for this loan are purchases of equipment, purchases of inventory, and hiring of support. Spending the money on other startup expenses is also encouraged. Please learn more about the eligibility requirements, terms and conditions here.
The KP Bailey’s Crossroads Microloan Fund is designed to help entrepreneurs in the Bailey’s Crossroads area in Northern Virginia. This is a loan fund that is funded by Kaiser Permanente.
 
This fund is available ONLY to small businesses and entrepreneurial individuals in these Fairfax County neighborhoods.
 
Additionally, technical training and counseling assistance will be provided to loan recipients and entrepreneurial residents in that neighborhood to become financially viable.
 
This fund will be administered by the Community Business Partnership, Inc (CBP).
 
Please learn more about the eligibility requirements, terms and conditions here.
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Other Grants/Loans

Please find information regarding emergency grants here.
This fund is a forgivable loan. Find more information here.
Please find more information regarding grants and resources for artists and non-profits here.
Free legal assistance to small businesses in Northern Virginia during the COVID-19 pandemic, including help with federal assistance, grant and loan programs, leases and employment issues. Learn More
The U.S. Department of Labor has begun to issue guidance of various programs under the unemployment insurance umbrella. Please be aware that there are some details still being worked out by USDOL with respect to implementation. More Information here.
Please find some additional grants at the COVID-19 Business Resource Center here.
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