Coronavirus Business Assistance

Links to assistance for businesses during the coronavirus situation

Links to assistance for businesses during the Coronavirus situation are below. We will be updating this page regularly so be sure to check back. We know this a large amount of information to sort through, and it’s also ever-evolving. If you have questions about how your business can gain access to these assistance programs, e-mail Angela Freeman, Diversity, Equity and Economic Advancement Officer. Ms. Freeman will attempt to answer the question or direct you to the right place.  

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Local, State and Federal News and Updates

 Financial Resources

  • The US Small Business Administration (SBA) provides help to small businesses with free business counseling, SBA guaranteed business loans, home & business disaster loans and federal contracting. The agency has developed a Coronavirus (COVID-19) Small Business Guidance and & Loan Resources webpage with information on all of its related programs. Visit the SBA disaster assistance page for details on disaster assistance programs. Visit the SBA Disaster Loan Applications page to find out how to apply for SBA Disaster Loans. Visit the streamlined SBA application page if you are interested in applying for the Economic Injury Disaster Loan.
  • SBA Coronavirus Relief Options
  • The United States Congress has passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and it has been signed by the President. The legislation is aimed at providing relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak.
  • Paycheck Protection Program (PPP) The paycheck protection program (PPP) is for small businesses, small employers, self-employed individuals, and “gig economy” workers to help prevent workers from losing their jobs and small businesses from going under due to economic losses caused by the COVID-19 pandemic, and can be used to cover short-term operating expenses during the economic crisis. If the business maintains payroll, a portion of the loans will be forgiven.  It is retroactive to February 15, 2020, to help bring workers who may have already been laid off back onto payroll. The legislation includes a clause that allows businesses to qualify for loan forgiveness if they have re-hired back to pre-crisis levels by June 30, 2020.  It is administered by the SBA.  Additional information may be found here.  Businesses are encouraged to work with existing lenders.  Find a lender here.
  • CARES Act - Employee Retention Credit The CARES Act also provides an employee retention credit for employers.  It provides a refundable payroll tax credit equal to 50 percent of up to $10,000 in wages per employee (including health benefits) paid by certain employers during the coronavirus crisis. The credit is available to employers whose operations were fully or partially shut down by government order limiting commerce, travel, or group meetings due to coronavirus or whose quarterly receipts are less than 50% for the same quarter in the prior year.  Wages paid to employees during the time they are furloughed or otherwise not working (due to reduced hours) as a result of business closure or economic hardship are eligible for the credit.  For businesses with 100 or fewer employees, all employee wages qualify for the credit.  Businesses that receive Small Business interruption loans and wages that qualify for the required paid leave credit are not eligible for the credit.  The credit is for wages paid by eligible employers from March 13, 2020 through December 31, 2020.
  • U.S. Senate Committee on Small Business & Entrepreneurship Small Business CARES Act website and business owner’s guide.
  • The Federal Reserve has announced the creation of a Main Street Business Lending Program Facility The program will support small and mid-sized businesses that were in good financial standing before the public health crisis. It will ensure credit flows to small and mid-sized businesses that may not have been supported through the Paycheck Protection Program of the Fed’s other lending facilities. An eligible borrower is a business with up to 10,000 employees or up to $2.5 billion in 2019 annual revenues. Eligible lenders may originate new loans or increase size of existing loans to businesses through the Main Street Business Lending Program. Loan amounts will range from $1 million to $150 million and will mature in 4 years.
  • The Virginia 30 Day Fund offers assistance to small businesses in Virginia. The goal is to help save as many Virginia jobs as possible while small businesses await recently approved federal funding. The funds do not need to be repaid. Businesses that qualify are small businesses that employ three to 30 people; based in Virginia and have been operating for at least one year and owned and operated by a Virginia resident.
  • National Restaurant Association Educational Foundation’s and Restaurant Employee Relief Fund offers grants to restaurant industry employees who have been impacted by COVID-19.  
  • Facebook Small Business Grants Program
  • The City of Fredericksburg Economic Development Authority (EDA) offers a small business loan program called InvestFXBG that is available to qualified Fredericksburg businesses.
  • Fredericksburg Virginia Main Street offers resources for downtown Fredericksburg businesses located within the designated main street boundaries.
  • Virginia Commission for the Arts with support from the National Endowment for the Arts offers a Virginia CARES Emergency Relief Grant to help save jobs in the arts sector.
  • Rebuild Virginia Small Business Grant Program  is designed to help small businesses and nonprofits whose normal operations were disrupted by COVID-19. This program will be available on August 10, 2020.  See the application and guidelines for full eligibility and details. Grants are available to cover up to 3 times the average monthly eligible expenses with a maximum of $10,000. Review the one-page program summary here. Half of the fund pool is earmarked for Small, Women-owned, and Minority-owned Businesses (SWaM).  Access more information about SWaM certification here.

Additional Resources

Business Recovery and Reopening

Business Assistance and Counseling

Virtual Learning and Webinars—Live and Recorded

Real Estate Insights

Economic/Business Climate

  • Chmura provides free data through its COVID-19 Vulnerability Index describes impacts to help inform decision making and on its webpage.  

Other

For more information or assistance please e-mail Angela Freeman, Diversity, Equity and Economic Advancement Officer.