Last week, Governor Ralph Northam announced that Rebuild VA, a grant program to help small businesses and nonprofit organizations affected by the COVID-19 pandemic, will expand eligibility criteria and increase the amount of grant money businesses receive.
Rebuild VA launched in August with $70 million from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act. Governor Northam is directing an additional $30 million to support the expansion of the program. Businesses with less than $10 million in gross revenue or fewer than 250 employees will be eligible under the new criteria, and the maximum grant award will increase from $10,000 to $100,000.
Rebuild VA will now be open to all types of Virginia small businesses that meet size and other eligibility requirements, from restaurants and summer camps, to farmers and retail shops. Businesses that previously received a Rebuild VA grant will receive a second award correlated with the updated guidelines.
Eligible businesses and nonprofits must demonstrate that their normal operations were limited by Governor Northam’s Executive Orders Fifty-Three or Fifty-Five, or that they were directly impacted by the closure of such businesses.
In September, the program expanded eligibility to those who have already received federal or local loans or grants such as the Paycheck Protection Program loan (PPP) and the Economic Disaster Injury (EDIL) loan.
Rebuild VA funding may be utilized for the following eligible expenses:
–Payroll support, including paid sick, medical, or family leave, and costs related to the continuation of group health care benefits during those periods of leave;
–Mortgage payments, rent, and utilities;
–Principal and interest payments f33e bor 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, cleaning and disinfecting materials, or other working capital needed to address COVID-19 response.
CLICK HERE for additional information about Rebuild VA and how to apply.