October 29, 2020

More small businesses are eligible to apply to the Rebuild VA grant fund

RICHMOND, Va. (WRIC) — Gov. Ralph Northam announced Monday that more Virginia small businesses and nonprofits are now eligible to apply for money from the Rebuild VA economic recovery fund.

Northam launched the $70 million fund in August, but this expansion will allow more small businesses to receive receive grants of up to $10,000.

“When we initially launched Rebuild VA, we focused on reaching the small businesses and nonprofit organizations most in need,” Northam said. “I am deeply grateful for the work of our state agencies to swiftly adjust the parameters of this program so we can assist more Virginia businesses as they weather this health crisis and build back stronger.”

Eligible businesses now include ones that received funding from the federal CARES Act and supply chain partners of businesses whose normal operations were impacted by the COVID-19 pandemic.

However, businesses that received federal funds must certify the will only use the Rebuild VA grant for recurring expenses, and not the same expense as the CARES Act funds.

Funding can be used for:

  • Payroll support
  • 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

The application and eligibility requirements can be found here.

LATEST HEADLINES:

Source Article