RICHMOND, VA.-- In July, Governor Northam announced a new COVID-19 grant fund aimed at helping small businesses and nonprofits stay afloat during the COVID-19 pandemic.
The Rebuild VA fund will allow 7,000 applicants the opportunity to receive up to $10,000.
The state department of Small Business and Supplier Diversity will be leading in the process.
"It is our hope that we are going to impact many small businesses around Virginia," said Tracey Wiley, Agency Director for Virginia Department of Small Business and Supplier Diversity. "Because we know they are the backbone of this economy."
In an effort to promote inclusivity and diversity, half of the funds will go towards small businesses and nonprofits in low income and economically disadvantaged communities.
"This will help meet the needs of underserved businesses and nonprofits with broad geographic diversity while ensuring there is an adequate representation of minority-owned and women-owned businesses."
In order to apply, a business has to be in Virginia, have 25 or fewer employees, and gross revenue can be no more than $1.5 million. Additionally, the business must have been operating before March 12, 2020
Rebuild VA Funding can be used for the following expenses :
· Payroll support, including paid sick, medical, or family leave, and costs related to 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 were incurred before or during the emergency;
· Eligible personal protective equipment, cleaning and disinfecting materials, or other working capital needed to address COVID-19 response.
"We've been very intentional and thoughtful in our planning. We've been able to understand what the needs are of these businesses...we've taken intentional effort of ensuring that anyone who wants access can have access." said Wiley
Application opens on August 10, 2020. The process will run for 60 days or until the funds are all gone.
For more information about Rebuild VA, eligibility criteria, covered expenses, and how to submit an application, please visit governor.virginia.gov/RebuildVA [r20.rs6.net].