There is so much information circulating for coronavirus related financial assistance for different types of business, but we felt that there wasn't a comprehensive list of resources that benefits all individuals, including non business owners. Please use this listing to find out if you’re eligible for financial assistance during the pandemic. All the links take you directly to application pages. We hope you find this list helpful! ** Updated 5/22/2020: PPP Forgiveness Application ** Updated 5/12/2020: see RVA Small Business Grant ** Updated 4/22/2020: The number of US Small Business Association (SBA) approved lenders tripled in two weeks. Collectively, those lenders processed more loans in 14 days than had been processed in the last 14 years! It’s no surprise that on April 16, the program ran out of money. We expect that the second round of funding will be announced soon. Here’s what you we suggest you do to prepare for round two (see PPP, EIDL and Additional Resources). Recovery Rebates - coming soon to everyone
W-2 Employees who are no longer working
W-2 Employees who are working less
Gig workers, Independent contractors, Self-employed individuals Previously Uncovered Workers in Virginia
Business Owners and Independent Contractors/Freelancers/Gig Workers US Small Business Association (SBA) Loans Updated 4/22/20: The number of US Small Business Association (SBA) approved lenders tripled in two weeks. Collectively, those lenders processed more loans in 14 days than had been processed in the last 14 years! It’s no surprise that on April 16, the program ran out of money. We expect that the second round of funding will be announced soon. Here’s what you we suggest you do to prepare for round two. Paycheck Protection Program (PPP)
Economic Injury Disaster Loan (EIDL)
Deferral of Payroll Taxes
The US Chamber of Commerce has an easy to follow handout to explain all these details. If you’re really interested, read the Interim Final Rule issued on March 13, 2020. Additional Resources The Save Small Business grant offers $5,000 to businesses that employ between 3 – 20 employees in an economically vulnerable area. Pop in your zip code to see if you can apply. The RVA Small Business Relief Fund will award 100 unrestricted grants of $2,500. For-profit businesses may apply between 5/13 – 5/19 if they meet these criteria:
See www.chamberrva.com/relief/ for more info. Small business owners without W-2 Employees See details for self-employed individuals Individuals with federal student loans Principal and interest payments are suspended on federal student loans until September 30, 2020. No interest will accrue during the suspension period. Contact your loan servicer to learn more or the federal student aid website. Virginians with utility bills The State Corporation Commission directed electric, natural gas, and water utilities that it regulates to suspend service disconnections for any customer for 60 days. Visit the Virginia, Richmond, or Henrico COVID-19 websites for local updates.
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