Supporting Small Businesses
Counseling and education for Loudoun County’s entrepreneurial community
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News & Resources
Find resources and tools to meet the need of your small business.
Promoting Small Business Growth
The Loudoun Small Business Development Center (SBDC) was created to promote entrepreneurship and small business growth. It fulfills that mission by providing one-on-one coaching, educational offerings such as 1 Million Cups and workshops like How to Start a Business and the Business Plan Boot Camp, as well as information on all aspects of small business management. From start-up through growth stage, we provide current and innovative resources and support to small businesses to help them achieve their greatest success.
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Information and Resources During the COVID-19 Outbreak
Second Draw PPP Loans Introduced
The SBA has rolled out a new round of federal loans for businesses impacted by COVID-19, one of which is the Paycheck Protection Program (PPP). The new PPP has $284.5 billion available, including $35 billion for first-time loans, and has several important differences from the original PPP, including funding for businesses that have previously received a PPP loan.
Borrowers are eligible for a second-draw PPP loan of up to $2 million, provided they have:
- 300 or fewer employees.
- Used or will use the full amount of their first PPP loan on eligible expenses on or before the expected date for the second PPP loan to be disbursed to the borrower.
- Experienced a revenue reduction of 25% or more in all or part of 2020 compared with all or part of 2019.
EIDL Advance Program Reopening
Congress has allocated another $40 billion in EIDL grants (advances) in the new stimulus bill. While the Economic Impact Disaster Loan (EIDL) has continued to be available, the EIDL Advance program has now reopened, offering 10K advance (or grant) for qualified applicants.
The EIDL loan parameters remain the same- 30 year, 3.75%, $2M, with payment deferral of 12 months with a goal of providing 6 months of working capital.
EIDL grants award money based on the number of employees you have. You’ll qualify for $1,000 per employee, up to a maximum of $10,000. To qualify for the full targeted $10,000 EIDL grant, a business must:
- Be located in a low-income community, and
- Have suffered an economic loss greater than 30%, and
- Employ not more than 300 employees
In addition, the business must qualify as an eligible entity as defined in the CARES Act. Read more: https://loudounsbdc.com/economic-impact-disaster-loan-eidl-advance/
First Draw PPP Loans Now Available
The SBA has rolled out a new round of federal loans for businesses impacted by COVID-19, one of which is the Paycheck Protection Program (PPP). The new PPP has $284.5 billion available, including $35 billion for first-time loans, and has several important differences from the original PPP.
First-time PPP loans available to borrowers that were in operation on Feb. 15, 2020, and come from one of the following groups:
- Businesses with 500 or fewer employees that are eligible for other SBA 7(a) loans.
- Sole proprietors, independent contractors, and eligible self-employed individuals.
- Not-for-profits, including churches.
- Hospitality operations with fewer than 500 employees per physical location.
- Business leagues, such as chambers of commerce, visitors’ bureaus, etc. that have 300 or fewer employees and do not receive more than 15% of receipts from lobbying.
- Select news organizations with no more than 500 employees per location.
Can I Get Help with the Loan Preparation Process?
Yes! The Loudoun SBDC has coaches that can help you with loan package preparation. If you have questions about the process or need assistance in gathering information or filling out application forms, contact us and we will get you connected with a coach as soon as possible. NOTE: All coaching through the SBDC Loudoun is free of charge.
To help you understand the EIDL Application process we’ve prepared this video overview and guide for the new streamlined application:
Virginia's Permanent COVID-19 Workplace Safety and Health Rules Take Effect
Virginia’s permanent COVID-19 workplace safety and health rules have taken effect. The standards mandate appropriate personal protective equipment, sanitation, social distancing, infectious disease preparedness and response plans, record keeping, training, and hazard communications in workplaces across the Commonwealth. The permanent standards align with the temporary standards that had been in place since July.
Read the full statement and get more details:https://www.governor.virginia.gov/newsroom/all-releases/2021/january/headline-891684-en.html
UPDATED! Get Ready for 2020 Taxes
We sat down with a CPA to discuss PPP forgiveness, EIDL advances, filing deadlines, how to make sure you end 2020 well and what you need to do to be ready for tax season.
Updated with new Economic Assistance Act changes!
View the interview here.
What to Know About the Employee Retention Credit
In the Economic Assistance Act of December 2020 beneficial changes were made to the ERC. This expands your ability to use it in 2020 and 2021, even if you got a PPP loan (which is one of the changes). We talked with a local CPA about the changes and what you need to know.
View the interview here.