This week, Virginia announced $70 million for Rebuild VA, a new economic recovery fund that will offer grants of up to $10,000 for small businesses and nonprofit organizations whose normal operations were disrupted by the COVID-19 pandemic.
Eligible businesses and organizations can begin applying for the grants on August 10, 2020. For more information about Rebuild VA, eligibility criteria, covered expenses, and how to submit an application, please visit governor.virginia.gov/RebuildVA.
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. Independent contractors and sole proprietors are also eligible for the grants. Businesses must certify that they have not received federal funding from the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) funds, or other funding from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Rebuild VA funding may be utilized for the following eligible 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.
Rebuild VA will be administered by the Department of Small Business and Supplier Diversity (SBSD). SBSD will hold several webinars to review eligibility requirements and documentation needed to apply when the application opens on August 10, 2020. A one-pager on Rebuild VA is available here.