Yesterday, on October 28, Governor Northam announced an expansion of eligibility criteria for the Rebuild VA Grant, a grant program in place for small businesses and non-profits affected by COVID-19. $30 million in funding has been earmarked for this expansion.
Now all small businesses that meet the eligibility requirements may apply, including those that received funding under the CARES Act. Businesses that have less than $10 million in gross revenue and fewer than 250 employees are eligible. Additionally, the maximum grant size has increased from $10,000 to $100,000.
Applicants are able to request:
- An amount of three times eligible monthly recurring expenses, including payroll, mortgage and rent, utilities, and principal and interest on bank loans
- COVID-19 related expenses incurred (reimbursements) – including equipment, OSHA and VDH compliance costs, PPE, etc.
Businesses who received CARES Act funding are not eligible for the second category, reimbursement for COVID-19 related expenses.
We encourage all of our eligible clients to consider applying. For the application, FAQs, and other information see the Rebuild VA website. Please reach out to your PBMares advisor if you have any questions!