By Terry Barrett, CPA, Tax Senior Manager | State and Local Tax Team
Virginia Governor expands fund eligibility to more small businesses and nonprofits
On September 21, 2020, Governor Northam announced an expansion of the eligibility criteria for the 70 million dollar Rebuild VA Small Business grant fund, designed to assist small businesses and nonprofits disrupted by the COVID-19 pandemic. The new criteria will include small businesses and nonprofits already receiving federal funds through the Coronavirus Aid, Relief, and Economic Security (CARES) Act as well as supply chain partners affected by coronavirus-related closures. Eligible businesses can receive up to 10,000 dollars in grants.
*The status of the grant may change as time passes, please reference https://www.rebuildva.org/ for the most current information.
Rebuild VA Grants for Hospitality and Film Industry
The types of business sectors that can apply has also been expanded to include small hotels and bed and breakfasts lodging facilities along with film companies supporting production in the Commonwealth.
Rebuild VA Grant Eligibility Requirements
In order to qualify, businesses receiving federal money must certify they will only use the Rebuild VA funding for recurring expenses, and that it will not be used to cover the same expenses as other CARES Act funds.
Businesses and not-for-profit organizations must be in good standing, have annual gross revenues of no more than 1.5 million dollars and have no more than 25 employees. For more information about the grant and requirements, read our article, “Rebuild VA Small Business Grant Fund: What You Need to Know” .
How to Apply for Rebuild VA Grant
Applications and additional information regarding the program, can be found on the Rebuild VA webpage.
Additional COVID-19 Business Planning Resources
About the Author
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.