Small Business Grants Available for COVID-19 Impacted Businesses
CARES Act: $2 trillion in aid to employers and employees
What financial aid is available to help you sustain my business?
The programs and initiatives in the just-passed $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, are intended to assist business owners with whatever needs you have right now. When implemented, there will be many new resources available for small businesses, as well as certain nonprofits and other employers.
One of the CARES Act’s primary benefits to small business owners is the Payroll Protection Program (PPP) SBA loan. The PPP SBA loan program funded by CARES would provide your business cash-flow assistance through 100% federally guaranteed loans to retain your employees and maintain your payroll during this emergency.
Importantly, if you maintain your payroll, the loans will be forgiven – you would NOT need to repay the payroll expense portion of your loan. This will help your workers remain employed, as well as help your businesses and our economy snap-back quicker after the crisis.
PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities will be able to apply if you were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program is retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.
Does my business qualify?
The following requirements apply to qualify for the PPP SBA loan under CARES:
- Businesses and entities must have been in operation on February 15, 2020
- The business or entity must have been harmed by COVID-19 between February 15, 2020 and June 30, 2020
- Small business concerns, as well as any business concern, a 501(c)(3) nonprofit organization, a 501(c)(19) veterans organization, or
- Tribal business concern described in section 31(b)(2)(C) that has fewer than 500 employees or fewer employees than established by the relevant industry code
- Any business concern that employs 500 employees or less per physical location of the business concern
- Individuals who operate a sole proprietorship, or as an independent contractor and eligible self-employed individuals
New SBA Website!
The SBA launched a new website to help with Economic Injury Disaster Loans (EIDL). Please visit this site if you previously submitted, or would like to submit a new application. At the end of the application there is a box you can check to receive a $10,000 grant to arrive within 3 business days. If you are awarded this grant, you do not have to pay it back. For a video tutorial for how to apply, click here.
City of Charlottesville Offers Assitance to Local Businesses Impacted by COVID-19
Charlottesville city businesses impacted by COVID-19 have new opportunities to seek relief. For more information, view the Press Release.
Federal Refundable Payroll Tax Credits
The Deparments of Labor and Treasury, and the IRS announced refundable payroll tax credits designed to reimburse small and mid-size businesses for the cost of providing Coronavirus-related family and medical leave and sick leave to their employees. Click here to see the Press Release and details.
Truist – NCIFund COVID-19 Grants
Grants available from $5,000 to $25,000 to businesses with 10 full time employees or fewer that were operational after August 1, 2019. For more information visit NICFund COVID-19 Grants.
Unemployment Insurance (UI) Information
- Virginia Employment Commission – How to apply for Unemployment Insurance
- Para Iniciar Su Reclamo De Desempleo
Important Information for Unemployment Insurance
If you have filed an unemployment insurance application (UI), you must then file a weekly claim for each week or you will NOT be paid! VEC recommends you do this on Sunday, Monday, or Tuesday of each week if you remain unemployed and want to be paid for the prior week.
Families First Coronavirus Response Act (FFCRA): Paid Leave temporary rule
The FFCRA, signed into law on March 18, 2020, responds to the coronavirus outbreak by providing paid sick leave and free coronavirus testing, expanding food assistance and unemployment benefits, and requiring employers to provide additional protections for health care workers. Effective April 1, 2020, the Department of Labor’s Wage and Hour Division (WHD) posted a temporary rule issuing paid leave regulations. For more information, visit the DOL’s pandemic webpage.
Coronavirus (COVID-19) in Virginia
Visit the Commonwealth of Virginia’s COVID-19 Response page for updates.