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

Paycheck Protection Program Policy (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. See announcement here.

Some of the anticipated changes can be found here (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)

To learn more about the latest stimulus details and changes to PPP loans, please read more here

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. Please read the notice 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: 

For more information about PPP, please visit these sites: 

Please find additional information in this PPP myth vs. fact document: 
 

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.

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.

Please watch the webinar – How to Navigate PPP Loan Forgiveness by Atlantic Union Bank (AUB) on 08/17/20. Panelists include Mason SBDC director, Timm Johnson and experts from the SBA and AUB.

Employee Retention Tax Credit

The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021

CARES Act: Loans, Grants, and Tax Programs for Early Education Providers

To access additional grants information, click here.

SBA Economic Injury Disaster Loan (EIDL) Emergency Advance

Note: SBA resumed accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on June 15 to qualified small businesses and U.S. agricultural businesses.

The Small Business Administration announced on December 30, 2020 that the application deadline for EIDL loans has been extended to the end of Dec. 31, 2021. See Press Release here

This extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on Dec. 27, 2020 part of the New – EIDL Loan Page

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid.

  • Please find more information and eligibility here.

Other Financial Assistance

Other SBA Loan Programs

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.

Virignia Grant(s) Information

Rebuild VA Grant Information

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.
  • Find the 9 most commonly asked questions here

Please find more information here.

City of Manassas Grants

City of Manassas and Manassas Park ELEVATE Program

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.

Fairfax City Grants

Fairfax City ReConnected Outdoors Winter Preparedness Initiative Micro Grant

The Economic Development Office, through the EDA, is committing a total of $300,000 for the Fairfax City ReConnected Outdoors – Winter Preparedness Initiative program with the anticipation of supporting approximately 100 restaurants. Grant funding will be provided upfront with restaurants receiving a maximum amount of $3,000. Restaurants will have to submit receipts for items purchased that were identified in the application.

Please find more information about the program here.

Fairfax City ReConnected Grant Series 2

The Fairfax City Economic Development Authority (EDA) will be offering the Fairfax City ReConnected Grant (FCRG) Series 2, in collaboration with the Fairfax City Economic Development Office (EDO), in order to provide essential financial support to small businesses impacted by COVID-19. Grant funds will reimburse businesses for their costs incurred by responding to and adapting their services during the Commonwealth’s declaration of a State of Emergency.

The Fairfax City ReConnected Grant Series 2 will distribute seven hundred thousand dollars of federal CARES Act funding as $5,000 grants to Fairfax City small businesses. Upon award, grant
recipients will enter into a grant agreement with the Fairfax City EDA and will submit reimbursement requests to the FCRG Program Manager.

Please find more information here.

Prince William County Grants

Prince William County ELEVATE Program

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. It is a valuable network of workforce development and education partners to strengthen our communities today and prepare them for the future. ELEVATE helps you by providing training programs, support services, and career assistance so you can get and keep today’s in-demand jobs. 

Please find more information here.

Construction and Renovation Permit Rebate

Rebates of up to $2,000 for permitting fees for renovations and new construction projects.

Application accepted on a rolling basis through June 30, 2021 (as long as funds remain).

Eligibility:

  • 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

Please find more information about the program here.

Other Grants

COVID-19 $10k Emergency Grants

VA 30 Day Fund

This fund is a forgivable loan.

Grants and Resouces for Artist and non-profit

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