Coronavirus Financial Resources
Coronavirus Financial Resources
The Coronavirus (COVID-19) pandemic that has hit the nation is creating concern for our economy here in Virginia Beach, Virginia, and worldwide. There are national, state, and local resources available to businesses and employees. For all other latest information, please visit the City of Virginia Beach emergency.vbgov.com website.
LISC Hampton Roads is offering small business grants to assist Virginia Beach small, women-owned and minority-owned businesses (SWaM) impacted by COVID-19, as part of the Virginia Beach Pandemic Relief Partnership. The Virginia Beach Pandemic Relief Partnership is a collaboration of United Way of South Hampton Roads, the Foodbank of Southeastern Virginia and the Eastern Shore, the Hampton Roads Workforce Council and LISC Hampton Roads funded by the City of Virginia Beach.
Virginia Beach small businesses impacted by COVID-19 can apply for a $10,000 grant to help pay for:
The VA State Coronavirus Utility Relief Funding is one-time payment assistance to water/sewer customers with financial hardship directly or indirectly caused by COVID-19. Eligible customers may have received a recent courtesy call regarding the availability of this relief.
Applications for the COVID-19 Real Estate and Personal Property Relief Program are being accepted through January 31, 2021. Visit this website for more information.
The Commonwealth launched a grant program for small businesses and nonprofits called Rebuild VA. The program provided grants of up to 3 times the applicant's average monthly eligible expenses up to a maximum award of $10,000. In December, Governor Ralph Northam allocated an additional $20 million in federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding to the Rebuild VA economic recovery fund to meet the demand for the program and fulfill pending grant applications.
The Federal Reserve established the Main Street Lending Program to enhance support for small and mid-sized businesses that were in good financial standing before the crisis by offering 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion.
These grants were intended to provide immediate financial relief for expenses already incurred by the businesses and are funded through an allocation of the Coronavirus Relief Funds provided through the Federal CARES Act.
The purpose of the City Virginia Beach Development Authority is to promote small business, and as such, this Part E of the EDIP is intended to allow the Authority to contribute to the economic health of the City and Commonwealth by providing small business assistance grants.
Approved VBDA Part E Awards
To assist the business community during this time of hardship, the City Treasurer's Office is offering payment plan arrangements for the deferred payment of trust taxes without penalties.
Paycheck Protection Program - Closed August 8, 2020
The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. Find a nearby lender eligible to issue a loan under the Paycheck Protection Program or download the application. Here are some quick answers to PPP questions you may have:
PPP Lending Operations Update – Monday, April 27, 2020
Due to the unprecedented demand for Paycheck Protection Program loans by the nation's small businesses and to ensure equitable access and system integrity, SBA and Treasury are taking prudent and reasonable steps to protect SBA's loan systems for the next phase of PPP loan processing.
SBA AND TREASURY ARE IMPLEMENTING THE FOLLOWING MEASURES:
Economic Injury Disaster Loans (EIDL) & Advances
The SBA is unable to accept new applications at this time for the EIDL -COVID-19 related assistance program, including EIDL Advances, based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. As Of May 7, the SBA reduced the maximum EIDL loan from $2 million to $150,000, effective immediately. Previous EIDL & Advances Status: If you submitted an application, received correspondence from SBA, and have a loan number that begins with a "3", you are in the queue and your patience is appreciated. If you would like to further inquire about the process and understand what to expect next you should contact the Office of Disaster Assistance 24/7 Customer Service line at 800-659-2955.
Economic Injury Disaster Loans Available to U.S. Agricultural Businesses
Agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. For agricultural businesses that submitted an EIDL loan application through the streamlined application portal prior to the legislative change, SBA will move forward and process these applications without the need for re-applying.
SBA Express Disaster Bridge Loans
This pilot program allows SBA Express Lenders authority to deliver expedited SBA-guaranteed financing on an emergency basis for disaster-related purposes to eligible small businesses, while the small businesses apply for and await long-term financing.
SBA Debt Relief
SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis. Download the list of the SBA-approved lenders.