Supporting Loudoun’s Small Businesses
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Promoting Small Business Growth and Success
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
Applications for Restaurant revitalization fund closing on May 24
UPDATE: The SBA has announced that applications for the RRF will be accepted until 8 p.m. ET on May 24, 2021.
The $28.6 billion Restaurant Revitalization Fund, part of the Biden Administration’s $1.9 trillion American Rescue Plan Act, will offer direct grants to restaurants and other qualifying food businesses. The program has not yet opened for applications, and the SBA has yet to release a timeline for when it will begin accepting and processing requests for funds.
During the first 21 days of grants, the SBA will prioritize applications from women-, veteran- and minority-owned establishments. As part of the program, $5 billion in funding will also be reserved for the smallest independent restaurants, which before COVID-19 earned $500,000 or less in a year.
The funds cover a wide array of costs incurred during the pandemic, including outdoor dining construction expenses and spending on personal protection equipment and cleaning and sanitization from February 15, 2020 to December 31, 2021.
A VA SBDC webinar covers how applicants can prepare for the Restaurant Revitalization Fund application. View recording: https://youtu.be/3Y8-Lebuy41
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/
Shuttered Venue Operators Grant
The SBA has two new targeted grant programs scheduled to open in early April. The Shuttered Venue Operators Grant and Restaurant Revitalization Fund will be open only to eligible shuttered venues and restaurants.
The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.
Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
SBA is building the grant program and expects to open applications in early April.
For more information on eligibility for the Shuttered Venue Operators Grant please visit the SBA Shuttered Venue Operators (SVO) program page: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/shuttered-venue-operators-grant#section-header-4 .
A VA SBDC webinar covers how applicants can prepare for the Shuttered Venue Operators Grant application. While all the details for the program have not been finalized, there are some advance steps that businesses may need to do now to better prepare them for the application process.
View recording: https://www.youtube.com/watch?v=TkHMP5WvKsE
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
Replays from the Loudoun Small Business Week Mini-Conference are now available. Catch up on one or all of our sessions, featuring local small business owners and focused on recovery, here.