By Terry Barrett, CPA, Senior Tax Manager | State and Local Tax Team
Chesterfield BiB Grant Program created for small businesses negatively impacted by COVID-19
Chesterfield County, Virginia, Board of Supervisors in partnership with the Chesterfield Chamber of Commerce announced the “Back in Business” grant program. Five million dollars has been dedicated to the program which comes from federal funding Chesterfield County received from the Coronavirus Aid, Relief and Economic Security (CARES) Act. The program will provide 10,000 dollar grants to keep small businesses open through the COVID-19 pandemic and assist with reopening under the guidelines of Forward Virginia.
Back in Business Grant Program Requirements
Applications are expected to be available in the second week of June 2020. Applicants for the grants must meet certain eligibility requirements, including, but not limited to:
- Being a for-profit business located in the County;
- Having been in business for at least two years;
- Having annual gross revenues between $200,000 and $2 million; and
- Demonstrating a revenue loss attributable to COVID-19 of at least 25%.
The BiB program limits the use of the grant funds for reimbursement of business interruption costs including:
- Employee compensation
- Working capital
- Equipment inventory
- Other critical operating expenses
Additional requirements and details on the program, including Frequently Asked Questions, and to sign up for notification when the BiB grant application window opens, may be found on the Chesterfield County business information website.
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.