Virginia announces $70 million in new aid for small businesses

Small businesses and nonprofit agencies in Virginia that have suffered economic damages because of the coronavirus will have access to parts of $70 million in new financial aid the state is making available.

Gov. Ralph Northam said $10,000 each will be awarded to about 7,000 applicants. In order to qualify, businesses and nonprofits must have an annual revenue below $1.5 million and no more than 25 employees.

Enterprises that have not received federal coronavirus financial aid are eligible.

The Northam administration has also set a goal of diversity, equity and inclusion in the fresh round of funding, so half the funds can go only to small businesses and nonprofits that are operating in low-income or economically-disadvantaged communities.

Among the businesses that are eligible for the new funding are restaurants and bars, nonessential retail stores, exercise and fitness centers, barbershops, hair salons and places of entertainment and public amusement.

Private campgrounds and overnight camps are also eligible for the funding.

The state said the funds could be applied to payrolls, including sick leave and family leave, mortgage payments, rent and utilities. Eligible expenses also include payments on business loans.

Businesses and nonprofits could also apply the grant money to buy cleaning supplies and personal protective equipment.

The Department of Small Business and Supplier Diversity is managing the application process and funding in a program branded by the state as “Rebuild VA.”

The applications for the funding will open Aug. 10.

More Coronavirus news

Looking for more information? D.C., Maryland and Virginia are each releasing more data every day. Visit their official sites here: Virginia | Maryland | D.C.

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