HAMPTON, Va. — A new recovery fund is providing help to small businesses and nonprofits whose normal operations were disrupted by COVID-19.
Last month, Governor Ralph Northam announced $70 million would go towards helping those groups affected by the coronavirus pandemic through the Rebuild VA grant fund.
Businesses and nonprofits that are approved may receive up to three times their average monthly eligible expenses, up to a maximum of $10,000. Businesses and nonprofits must be in good standing, have annual gross revenues of no more than $1.5 million, and have no more than 25 employees.
Eligible businesses and nonprofits include food and beverage establishments, non-essential retail, exercise and fitness, entertainment and public amusement, personal care and personal grooming services, and private campground and overnight summer camps.
The Department of Small Business and Supplier Diversity will administer the program.
Rebuild VA funding can be used to cover:
- Payroll support
- Employee salaries
- Mortgage payments, rent, and utilities
- Principal and interest payments for any business loans from national or state-chartered banking, savings and loan institutions, or credit unions, that were incurred before or during the emergency
- Eligible personal protective equipment and cleaning and disinfecting materials
The funding is going to approximately 7,000 applicants. The eligibility requirements and application can be found here.
