It’s hard to believe, but we are now almost 5 months in to the Coronavirus quarantine and economic shutdowns. Small business owners across the country are no doubt hurting and are in desperate need of relief. Thankfully, the state government just approved another round of financial support for small businesses in Virginia, starting August 10th. The program is called the “Rebuild VA Grant Fund” and its goal is to help those small businesses and non-profits in Virginia that have been hit the hardest by COVID-19 disruptions.
Who is Eligible to Apply for a Grant from the rebuild VA grant fund?
Not all Virginia businesses are eligible to apply for the grant. The Rebuild VA Grant Fund is only for these types of companies:
- Restaurant and dining establishments, including breweries, wineries, distilleries, tasting rooms, and farmers markets
- Non-essential brick & mortar retailers (see “Is there any other eligibility criteria” for a specific list of exceptions)
- Fitness and exercise facilities
- Personal care and personal grooming services, such as beauty salons, barbers, spas, massage practices, tanning salons, and tattoo shops
- Entertainment and public amusement venues, such as theaters, performing arts centers, museums, concert halls, bowling alleys, arcades, skating rinks, amusement parks, zoos, and more.
- Private campgrounds and overnight summer camps
This round of financial support is basically targeting those industries which have been hit hardest by stay-at-home and social distancing orders.
Is there any other eligibility criteria?
Yes, there is more criteria to be eligible for this round of financial support. See below:
- CANNOT have received a PPP loan
- CANNOT have received an Economic Injury Disaster Loan (EIDL)
- CANNOT be the following type of brick & mortar retailer:
- grocery store / pharmacy / department store / convenience store
- beer / wine / liquor stores
- electronics retailers
- auto parts stores / auto repair services
- home improvement / hardware / lawn & garden stores
- banks & financial institutions
- laundromats & dry cleaners
- printer & office supply stores
- Principal place of business is in VA
- Have 25 or fewer employees
- Gross revenue of less than $1.5 million last year
- In operation before 3/12/20
- Not delinquent on VA state taxes (if you are delinquent, you can apply only if you have a repayment plan in place)
How much money can I get?
Businesses and non-profits which are approved can receive financial support for up to 3x their average monthly expenses, or $10,000 – whichever is smaller. See below for a list of which expenses to count.
Because this is a grant and not a loan, your business would not need to pay back any amount received.
What monthly expenses do I include?
In order to calculate the amount of your grant, add up all the following expenses paid since March 24:
- Employee salaries and payroll, including sick/family/medical leave and group health care benefits during leave
- Mortgage, rent, and utilities
- Principal and interest on business loans
- Cleaning and PPE supplies and other capital expenditures needed to provide a healthy and safe work environment for employees
When Can I Apply?
Applications start August 10, 2020. Mark this date on your calendar since the state is likely to be flooded with applications again.
Note there are some other exceptions as to who can apply for this grant. Please visit the Rebuild VA Grant Fund website to see all the details.
|1||Taylor Hoffman is an SEC registered investment adviser with its principal place of business in the State of Virginia. Any references to the terms “registered investment adviser” or “registered,” do not imply that Taylor Hoffman or any person associated with Taylor Hoffman have achieved a certain level of skill or training. Taylor Hoffman may only transact business in those states in which it is registered /notice filed, or qualifies for an exemption or exclusion from registration /notice filing requirements. For information pertaining to the registration status of Taylor Hoffman or for additional information about Taylor Hoffman, including fees and services, please visit www.adviserinfo.sec.gov. The information contained herein is provided for informational purposes, represents only a summary of the topics discussed, and should not be construed as the provision of personalized investment advice or an offer to sell or the solicitation of any offer to buy any securities. The contents should also not be construed as tax or legal advice. Rather, the contents including, without limitation, any forecasts and projections, simply reflect the opinions and views of the author. All expressions of opinion reflect the judgment of the author as of the date of publication and are subject to change without notice. There is no guarantee that the views and opinions expressed herein will come to pass. This document contains information derived from third party sources. Although we believe these third party sources to be reliable, Taylor Hoffman makes no representations as to the accuracy or completeness of any information derived from such third-party sources and takes no responsibility therefore. Taylor Hoffman is not a Public Accounting firm, and the information contained herein should not be construed as tax advice. Rather the contents included are a reflection of the view and opinions of the author. There is no guarantee that the information provided fits every situation, and individuals should consult their tax advisor for more specifics. Taylor Hoffman is not a law firm, and the information contained herein should not be construed as legal advice. Rather the contents included are a reflection of the view and opinions of the author. There is no guarantee that the information provided fits every situation, and individuals should consult their attorney for more specifics.|