CHESTERFIELD COUNTY, Va. -- Chesterfield County has announced an opportunity for small businesses to apply for $10,000 grants that will provide immediate to businesses impacted by the COVID-19 pandemic.
The $5 million "Back in Business" grant program will use the County’s Coronavirus Aid, Relief and Economic Security (CARES) act funding to help small businesses survive the pandemic.
Criteria for eligibility has been finalized and applications are anticipated to be open in mid-June. To be eligible for the grants a business:
- Must be a for-profit business entity with a place of business located in Chesterfield County
- Must have been in business for a minimum of 2 years
- Must have at least $200,000 but no more than $2 million in annual gross revenues
- Must be able to demonstrate at least a 25% loss in revenue that can be attributed to COVID-19;
Franchises must be headquartered in Chesterfield County and are eligible for only one $10,000 grant regardless of the number of locations in the County.
Funds are meant to reimburse businesses for the costs of business interruption caused by required closures due to COVID-19. The grant can be used for:
- Employee compensation (including wages and benefits)
- Working capital
- Equipment Inventory
- Other business critical operating expenses
Applicants will be required to demonstrate that they are eligible, that they were operational pre-COVID-19, and that they are suffering negative impacts from COVID-19 closures. Applicants will be asked to provide:
1. Copies of 2 years of their most recent filed tax returns or form 990s
2. IRS W-9
3. A Financial Statement of Impact (enter link to file)