Beginning August 10, 2020, small businesses and non-profits who did not receive PPP loans will be able to apply for grants from the Rebuild VA Grant Fund. This program is aimed at helping eligible businesses whose normal operations were disrupted by COVID-19.
What Types of Businesses are Eligible?
- Organized as C Corp, S Corp, Partnership/LLC, 501(c)(3) or 501(c)(19) organization, sole proprietorship, or independent contractor
- Operating in: Restaurant and Beverage Services, Non-essential Brick and Mortar Retail, Fitness and Exercise Facilities, Personal Care and Personal Grooming Services, Entertainment and Public Amusement, Private Campgrounds and Overnight Summer Camps
What Other Criteria must the Business or Non-profit meet?
- Principal Place of Business in Virginia
- 25 or fewer employees
- Grosse revenue of less than $1.5 million in the last fiscal year
- In operation prior to March 12, 2020
- Currently in good standing with the Virginia SCC
- Operates legal activity
Who May Not Apply?
- Applicants that are not individually owned and operated
- Applications who have already received CARES Act funding from any federal, state, regional or local agency or authority (including PPP)
- Applicants delinquent on VA state income taxes without a plan in place
- Applicants who are lobbyists
- Application with a 20% or greater ownership interest who is more than 60 days delinquent on child support obligations
Businesses and non-profits that apply and are approved may receive a grant for the lesser of: (1) up to three times their average monthly eligible expenses or (2) $10,000.
What Are Eligible Expenses?
- Payroll support (including sick/family/medical leave and continuation of group health care benefits during leave)
- Employee salaries
- Mortgage payments, rent, and utilities
- Principal and interest payments for business loans
- Eligible PPE, cleaning and disinfecting materials, and working capital needed to address COVID-19 response
Applications will go live on August 10 via an online portal. If you believe you may be eligible and would like more information on the program, please contact your PBMares advisor.