HAMPTON, Va. — It's a new way for small businesses and nonprofits to get help during the pandemic.
On Monday, Governor Ralph Northam said $70 million will go toward helping those businesses affected by COVID-19. The Governor made the announcement in the Phoebus section of Hampton.
It's called the Rebuild Virginia Economic Recovery fund. Small business owners and nonprofits that have taken a significant hit during the pandemic can get grants of up to $10,000.
Leaders will distribute money to eligible small businesses and nonprofits operating in low-income and economically disadvantaged communities.
Colleen Walker has owned Palace Jewelers since 1995. She's already applied for financial help to keep business running. She believes the new program will help many who are struggling in Phoebus.
“In the beginning there wouldn’t be anybody out here, so there was a big impact here in the community,” Walker said. “Applying for funds is a long process, but being a small business, we’re cutting back our hours and spending, you just have to be mindful.”
Rebuild VA will be administered by the Department of Small Business and Supplier Diversity (SBSD). 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. Businesses must also certify that they have not received federal Paycheck Protection Program (PPP) or Economic Injury Disaster Loan (EIDL) funds or other funding from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.
SBSD will hold several webinars to review eligibility requirements and documentation needed to apply when the application opens on August 10, 2020.
Governor Ralph Northam also addressed the rising number of COVID-19 cases in Virginia, and if Hampton Roads specifically will go back to Phase 2. The Governor said he may announce new guideline for Hampton Roads on Tuesday.