Grants and Loans
Update: Jun 27, 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
Application deadline: 8 August, 2020
Please find the new EZ and revised full forgiveness applications for the Paycheck Protection Program information 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: 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.
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.
Rebuild VA Grant Fund
The Rebuild VA Grant Fund is a program to help small businesses and non-profits whose normal operations were disrupted by COVID-19, including restaurants, brick and mortar retail, exercise and fitness facilities, personal care and personal grooming services, entertainment and public amusement establishments, and campgrounds.
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 $10,000.
The application will be available starting on August 10, 2020
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.
City of Manassas Park CARES Act Small Business Recovery Grant Program
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
COVID-19 $10k Emergency Grants
VA 30 Day Fund
This fund is a forgivable loan.
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
There are numerous grants and private lenders available for business in Virginia. You may access this information here.
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