RICHMOND, Va. - Governor Ralph Northam announced Monday that Rebuild Virginia is expanding its eligibility criteria to allow more small businesses to apply.
Rebuild Virginia, the $70 million economic recovery fund, launched in August.
Businesses that received funding from the CARES Act and supply chain partners of businesses who were impacted by the COVID-19 pandemic are now eligible to receive grants of up to $10,000.
Businesses that have received federal funds must certify that they will only use the Rebuild Virginia grant for recurring expenses and that the grant will not be used to cover the same expenses as the other CARES Act funds.
“When we initially launched Rebuild VA, we focused on reaching the small businesses and nonprofit organizations most in need,” said Governor Northam. “I am deeply grateful for the work of our state agencies to swiftly adjust the parameters of this program so we can assist more Virginia businesses as they weather this health crisis and build back stronger.”
Expanded business sectors now eligible to apply for Rebuild Virginia grants include small hotels and bed and breakfasts lodging facilities along with film companies supporting production in the Commonwealth. Businesses that provide goods or services for those businesses are now eligible.
Businesses must also certify that they have not received grant or loan dollars from federal, state, or local CARES Act funded programs, or if they have received CARES Act funding, that they will use the Rebuild VA grant only for recurring expenses.
Rebuild Virginia still requires that businesses and nonprofit organizations must be in good standing, have annual gross revenues of no more than $1.5 million, and have no more than 25 employees.
Funding may be utilized for the following eligible expenses:
- Payroll support (paid sick, medical, or family leave, and costs related to the continuation of group health care benefits during those periods of leave)
- Employee salaries
- Mortgage payments, rent, and utilities
- Principal and interest payments for any business loans from national or state-chartered banking, savings and loan institutions, or credit unions, that were incurred before or during the emergency
- Eligible PPE, cleaning and disinfecting materials, or other working capital needed to address COVID-19 response
For additional information about Rebuild Virginia and how to submit an application, click here.