Grants, Loans, Resources for Businesses Affected by Covid-19
Virginia 30 Day Fund for Small Businesses: This fund is being launched by technology entrepreneur Pete Snyder and his wife Burson. The goal is “to help businesses meet payroll, preserve health-care coverage for workers and avoid layoffs while awaiting the federal aid expected to arrive in about a month”. It will give up to $3,000 to each approved small business in a way that’s quick, easy and free of red tape. Small business owners are asked to fill out a one-page form and submit a brief video highlighting the business and its employees. To qualify, the business must employ three to 30 people, be based in Virginia and operating for at least one year, and owned and operated by a Virginia resident. For more information on the Virginia 30 Day Fund and how to apply, click here.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
SBA Disaster Loans (EIDL)
We know you are facing challenging times in this current health crisis. The U.S. Small Business Administration is committed to help bring relief to small businesses and nonprofit organizations suffering because of the Coronavirus (COVID-19) pandemic.
On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.
If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.
Also, we encourage you to subscribe to our email updates via www.SBA.gov/Updates and follow us on Twitter at @SBAgov for the latest news on available SBA resources and services. If you need additional assistance, you can find your local SBA office and resource partners at www.SBA.gov/LocalAssistance. If you have questions, you may also call 1-800-659-2955.Disaster Loan step by step instructions
If you would like to have a one-on-one consultation with a business consultant to help answer your questions please click here to register. La SBA ofrece asistencia en caso de desastre a las pequeñas empresas de Virginia afectadas económicamente por el Coronavirus (COVID-19
For assistance with the application contact Christine Kriz at the LFSBDC.
The Shenandoah County Industrial Development Authority is issuing the Shenandoah County Disaster Impact Loan Program ($5,000 loans). The program aims to help small businesses who may be struggling due to the impacts of COVID-19 pandemic on their day to day operations.
The Shenandoah County Disaster Impact Loan Program will provide interest-free loans on a 3-year term with no payments for 90 days after the funds are distributed to the business. Any business that plans to apply must have been established within Shenandoah County or one of its incorporated towns for at least the past 6 months. The loans can be used for payroll, rent, utilities and inventory. Funds are limited and therefore not all applications may be approved. Click here for more details and to apply
The Shenandoah Valley Workforce Development Board has received Virginia Rapid Response funding to prevent or minimize the duration of unemployment resulting from COVID-19. The board will award 18 grants of up to $5,000 to regional small business employers eligible to remain open during the COVID-19 emergency.
Grants awards are first come, first served, and will be dispersed to selected businesses on a reimbursement basis once documentation to verify expenses has been submitted. Reimbursement process, timeline, and required documentation will be discussed and finalized during the application process. The grant cannot cover wages of employees experiencing work reductions or layoff. For additional information visit here or, contact Joan Hollen, SVWDB Representative, firstname.lastname@example.org, 540-442-7134.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed.
Other Funding Resources
Restaurant Relief Fund- Applications open April 2nd. Created to help restaurant industry employees experiencing hardship in the wake of the coronavirus disease (COVID-19) outbreak. Through this Fund, grants will be made to restaurant industry employees who have demonstrated being financially impacted by COVID-19, whether through a decrease in wages or loss of employment. These grants will be made on a first-come first-served basis, subject to availability of funds. 100% of the Fund's proceeds will go to providing grants to restaurant workers. This Fund is operated by the National Restaurant Association Educational Foundation, whose mission is to attract, empower and advance today's and tomorrow's restaurant and foodservice workers
If you are a worker who has been totally/partially separated
from your job due to Covid-19, click here to file a claim for unemployment insurance. You can also call 1-866-832-2363, Monday - Friday 8:30 AM - 5:00 PM.
All Valley VEC offices are closed at this time but they are able to assist online.
|Paid Sick Leave Update|
On March 24, the U.S. Department of Labor (DOL) published guidance explaining the Paid Sick Leave and Expanded Family and Medical Leave under The Families First Coronavirus Response Act (Act). This Act will take effect on April 1, 2020 and applies to employers with fewer than 500 employees. To ensure that you are up to date on all guidelines, please see the links below to access the relevant information:
The DOL is expected to be providing additional guidance in the near future.
The Virginia Chamber of Commerce released the COVID-19 Resource Center to provide the latest information on COVID-19. We encourage all members of the chamber community to utilize this resource to ensure your business and employees have the necessary information to help prevent the spread of COVID-19.
CDC Guidance & Prevention Protocols for Businesses
The Centers for Disease Control & Prevention (CDC) has issued COVID-19 guidance for businesses and is updating them as new developments occur: Resources for Business & Employers
Virginia’s long-standing Right-to-Work law has fostered a pro-business environment in Virginia that has consistently made us one of the best states for business in the country. Right-to-Work, however, is at risk of being overturned this year. While Governor Ralph Northam has stated he will not sign legislation repealing Right-to-Work, there is an effort to change Virginia’s law. This is an important issue to Virginia’s business community and employees statewide.
The “Virginians for Employee Free Choice” coalition is a statewide advocacy campaign focused on educating voters on the importance of Virginia’s Right-to-Work law while also activating targeted local support to contact key legislators in the Virginia General Assembly. The coalition is broad, encompassing a number of industries and businesses large and small. We encourage our members to engage in this issue and consider joining the coalition also.
Right-to-Work is critical to Virginia’s economy and workforce. Repealing or weakening our law means:
Chamber Joins VAWEST
Your Board of Directors is aware of the increased flow of proposed legislation in both the State Senate and House that will impact businesses in Shenandoah County and the Commonwealth in 2020. As such, the Board has approved membership in VA WEST to monitor proposed legislation in order to keep you, our members, informed. In addition, we will monitor legislative releases from the Virginia Chamber of Commerce, and we plan to send routine legislative and action alerts during the legislative session, beginning in January, to ensure our members have an opportunity to be engaged and give perspective. Read the Legislative Agenda here.