Grants and Loans
Update: May 28, 2020
As small business owners, you may be facing challenges due to the impacts of COVID-19 on your business. The Federal, State and Local governments are working on financial assistance options for your businesses. Please find the current aids below:
Paycheck Protection Program
Note: PPP resumed Apr 27,2020
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
You may apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating
Please find Paycheck Protection Program Loam Forgiveness Application below.
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
SBA Economic Injury Disaster Loan (EIDL) Emergency Advance
Note: As of May 4, 2020, SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
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.
SBA Express Bridge Loan
Express Bridge Loan Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
Prince William Small Business Relief Micro-Grant Program.
The Small Business Relief Micro-Grant Program provides financial grants of up to $10,000 for qualified Prince William County small businesses impacted by the COVID 19 pandemic. Grant funds will assist eligible businesses in maintaining operations and can be used for ongoing expenses such as payroll, rent, and insurance. Program recipients can also use funds to purchase e-commerce equipment or expand websites and online sales capabilities.
WHO IS ELIGIBLE TO APPLY: Prince William County for-profit businesses with less than 50 employees and have experienced sudden financial losses of 25% or more as a result of the COVID-19 pandemic.
CARES ACT Grant Fund for Manassas Businesses
- Apply Here: https://choosemanassas.org/wp-content/uploads/EDCM-CaresActGrant-Application-FILLABLE.pdf
FAIRFAX RISE Covid-19 Small Business and Nonprofit Relief Grant Fund
The application process is expected to begin in early June 2020.
People Inc. COVID-19 Forgivable Small Business Loans
Qualifying individuals must reside in Manassas City, Manassas Park City or Prince William County.
RVA Small Business Releif Fund
By Chamber RVA – Serving the Richmond Region
ARTSFAIRFAX Emergency Relief and Recovery Grant Program
Salon and Spa Relief Fund
COVID-19 $10k Emergency Grants
VA 30 Day Fund
This fund is a forgivable loan.
US Chamber of Commerce Initiative- Save Small Business Fund
Boost by Facebook Small Business Grants Program
Verizon Small Business Recovery Fund
Grants and Resouces for Artist and non-profit
CARES Act: Loans, Grants, and Tax Programs for Early Education Providers
Fairfax County Small Business COVID-19 Recovery Fund
The submission is already closed for this fund.
Social Safety Net Nonprofit Sustainability Grants Program
The submission is already closed for this program on May 22.
Arlington Small Business Emergency Grant Program
The submission is already closed for this program on May 17.
There are numerous grants and private lenders available for business in Virginia. You may access this information here.
Join our mailing list!
Copyright © 2019 Mason SBDC