WINCHESTER — Gov. Ralph Northam has expanded a grant program that can assist small companies and nonprofits impacted by the COVID-19 pandemic.
The Rebuild VA grant program, initially launched in August, will obtain an extra $30 million. Companies with lower than $10 million in gross income or fewer than 250 workers can be eligible beneath the brand new standards, and the utmost grant award will enhance from $10,000 to $100,000.
This system will now be open to all sorts of Virginia small companies that meet dimension and different eligibility necessities, “from eating places and summer time camps, to farmers and retail outlets,” a press launch mentioned. Companies that beforehand obtained a Rebuild VA grant will obtain a second award correlated with the up to date pointers.
This system was initially for grants as much as $10,000 and was to be awarded to roughly 7,000 candidates to cowl eligible bills. The initiative will proceed to be administered by the Virginia Division of Small Enterprise and Provider Variety.
“We began Rebuild VA to assist small companies and nonprofit organizations navigate the impacts of the COVID-19 pandemic,” Northam mentioned in regards to the growth. “These modifications to this system will be certain that we are able to present further monetary help to much more Virginians to allow them to climate this public well being disaster and emerge stronger.”
Eligible companies and nonprofits should display that their regular operations have been restricted by Northam’s Govt Orders 53 or 55, or that they have been straight impacted by the closure of such companies. In September, this system expanded eligibility to produce chain companions of companies whose regular operations have been impacted by the pandemic.
Rebuild VA funding could also be utilized for the next eligible bills:
– Payroll help, together with paid sick, medical, or household depart, and prices associated to the continuation of group well being care advantages throughout these durations of depart;
– Worker salaries;
– Mortgage funds, lease, and utilities;
– Principal and curiosity funds for any enterprise loans from nationwide or state-chartered banking, financial savings and mortgage establishments, or credit score unions, that have been incurred earlier than or throughout the emergency;
– Eligible private protecting tools, cleansing and disinfecting supplies, or different working capital wanted to deal with COVID-19 response.
For extra details about Rebuild VA and easy methods to submit an software, go to governor.virginia.gov/RebuildVA.
The post Northam expands Rebuild VA grant program | Coronavirus appeared first on Correct Success.
source https://correctsuccess.com/business-loans/northam-expands-rebuild-va-grant-program-coronavirus/
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