Virginia Gets $70 Million Grant Program To Help Small Business
The COVID-19 pandemic has hit everybody hard, and all over the United States, people are struggling. And while massive corporations might be able to weather the storm, small businesses with limited funds may not. State governments all over the country have had to come up with a way to assist small businesses and nonprofits that have been impacted by lockdowns, a smaller customer base, and the overall impact of this global pandemic. Today a new program called: Rebuild VA opens in the state of Virginia aimed at helping these businesses to recover, and remain even after the carnage caused by COVID-19.
Here’s how it will work. The recovery fund has $70 million in funds for 7000 applicants from small businesses and nonprofits in Virginia, who have had their normal business operation disrupted by the COVID-19 pandemic, with these businesses or nonprofits having the capability of receiving grants of up to $10,000.
This could be life-changing for many small businesses in Virginia who are experiencing the massive impacts of this pandemic, and the ongoing actions that state governments have had to take in order to keep its residents safe from harm. Over 100,000 small businesses have had to close their doors permanently as a result of the pandemic and resulting lockdowns.
Virginia Governor, Ralph Northam spoke on the opening of this grant program, saying:
Small businesses and nonprofits are the backbone of the Virginia economy and the bedrock of our communities, and they have been devastated by this ongoing health crisis, Rebuild VA will help address the vast challenges that small businesses and nonprofits across our Commonwealth are facing as they work to recover from the COVID-19 pandemic.
Here’s some of the things that grant funds can be spent on:
- Payroll support
- Mortgage payments, rent or utilities that relate back to the business or nonprofit
- Personal protective equipment, and cleaning supplies
- Principal and/or interest payments for any business loans from national or state-chartered banking, savings and loan institutions.
Residents, Nonprofits and businesses located in Virginia can find additional grants at GrantWatch.com