Supporting Small Businesses

Counseling and education for Loudoun County’s entrepreneurial community

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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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Latest News

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.

Eligibility

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.

Read more.

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.

Learn more.

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:

See More 

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

Featured Events

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.

Headlines

Loudoun SBDC Update 2/23/21

​ ​ ​ ​ ​ ​ This week, we are excited to introduce you to our new logo! While our colors and fonts may be different, our commitment to you has not changed. As always, our team of advisors are available to support your individual business needs;...

Small Business Administration (SBA) Announces Exclusive PPP Application Window for Small Businesses

The SBA has established a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees, beginning on Wednesday, February 24, 2021 at 9 a.m. and ending on March 9, 2021 at 5 p.m.. The goal is to provide these smaller...

What is the difference between the PPP and EIDL loan programs, and can I apply for both?

The CARES Act includes a number of relief programs for small businesses. The main difference between a PPP loan and an EIDL is that you have to spend at least 60% of the PPP loan on payroll expenses. Also, unlike EIDL loans, PPP loans are not issued directly from the...

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...

Do I Qualify for a Second PPP Loan?

To qualify for a second PPP loan, you must generally meet the following qualifications: To qualify for a Paycheck Protection Program loan for the first time, you must be a small business as defined by the SBA. This includes: Small businesses or non-profit 501(c)(3)...

Contact

Phone

703-466-0466

Email

mec20175@gmu.edu

Address

202 Church St SE, Leesburg, VA 20175

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