Governor Ralph Northam this week announced $70 million for small businesses and nonprofit organizations whose normal operations were disrupted by the COVID-19 pandemic. The funding will be made available through Rebuild VA, a new economic recovery fund, and grants of up to $10,000 will be awarded to approximately 7,000 applicants to cover eligible expenses.
Rebuild VA will be administered by the Department of Small Business and Supplier Diversity (SBSD). Businesses and nonprofits must be in good standing, have annual gross revenues of no more than $1.5 million, and have no more than 25 employees. Eligible businesses and nonprofits include food and beverage establishments, non-essential retail, exercise and fitness, entertainment and public amusement, personal care and personal grooming services, and private campground and overnight summer camps. Businesses must also certify that they have not received federal Paycheck Protection Program (PPP) or Economic Injury Disaster Loan (EIDL) funds or other funding from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.
“Small businesses and nonprofits are the backbone of the Virginia economy and the bedrock of our communities, and they have been devastated by this ongoing health crisis,” said Governor Northam. “Rebuild VA will help address the vast challenges that small businesses and nonprofits across our Commonwealth are facing as they work to recover from the COVID-19 pandemic. Because many of the affected small businesses and nonprofits located in distressed and economically disadvantaged areas of Virginia, we are designating a portion of this funding to ensure they get the support they need.”
Webinars on how to apply will be offered on July 31 and August 4. The application will be available on August 10.
For more information here is the governor’s press release.