Comprehensive List of Financial Assistance Available for COVID-19

 
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
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** Updated 5/12/2020: see RVA Small Business Grant 
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** 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).

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 Recovery Rebates - coming soon to everyone 

• Automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees. Non-filers can enter their payment preference info in the link at the bottom. 
• The rebate will be sent in mid-April
• You must file a tax return for 2018 or 2019 to receive the rebate, unless you’re a Social Security or Railroad Retirement recipient
• The IRS will direct-deposit the money into your bank account or mail a check to the address of your most recent tax return. 
• You will not receive a rebate if you:
  • Don’t have a valid social security number
  • Are a non resident alien
  • Can be claimed as a dependent on some else’s taxes 
  • filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.
  • Are considered a high income filer:
    • $99,000 for single or married filing separately
    • $136,500 for head of household
    • $198,000 for married filing jointly
• You will receive the full rebate if you earn:
  • $75,000 or less for individuals
  • $112,000 or less for heads of household
  • $150,000 or less for couples
• You will receive a reduced rebate if you earned more than the income threshold, but less than the high income filers.
  • Rebates are reduced by $5 for each $100 above the threshold
• The full rebate amounts are:
  • $1,200 for individuals
  • $2,400 for married couples
  • $500 for each eligible child 
• IRS will send confirmation letters to your last known address 15 days after making the payment

For complete info on the rebate, visit here.


 W-2 Employees who are no longer working

•  You can file for Virginia unemployment payments and receive between $60 and $378 for up to 26 weeks.
• You must be out of work for at least one day before you file.
• When you’re approved, you will learn what to do each week to get payment, how much you will receive, and a PIN to claim the benefits.
• You may receive an updated benefit letter with an additional $600 per week for up to 39 weeks.

 W-2 Employees who are working less

•  You can file for Virginia unemployment payments and receive between $60 and $378 for up to 26 weeks.
• You will only receive payments if your gross earnings are less than $378 per week with your reduced hours. 
  • Example 1: You earn $15 per hour and your hours were reduced to 20 hours per week. Your gross earnings are $300 per week ($15 per hour x 20 hours per week). You will receive $78 per week.
  • Example 2: You earn $15 per hour and your hours were reduced to 26 hours per week. Your gross earnings are $390 per week ($15 per hour x 20 hours per week). You are ineligible for unemployment payments.
• When you’re approved, you will learn what to do each week to get payment, how much you will receive, and a PIN to claim the benefits.
• ​You may receive an updated benefit letter with an additional $600 per week for up to 39 weeks.

Gig workers, Independent contractors, Self-employed individuals 

Previously Uncovered Workers in Virginia 

• You must first apply for traditional unemployment benefits. If found ineligible, you will be contacted by phone on how to submit additional information to complete the claim under the new guidelines.
• You may receive between $660 and $978 for up to 39 weeks.

  
Business Owners and Independent Contractors/Freelancers/Gig Workers

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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)

• Click here to locate an approved lender in your geographic area.
• Complete the application and gather documents to match the numbers on your application. At a minimum, you may be asked to provide payroll Form 941 and a profit and loss statement for the application period.
• Research your lender’s submission process.
• Prepare to submit a complete application package as soon as you can. 
• You are eligible to receive up to 2.5 times the average monthly payroll if you:
  • Are self-employed, an independent contractor, or sole-proprietor, or
  • Employ fewer than 500 people, or
  • Receive a 1099-MISC for your work, or
  • are applying on behalf of a 501(c)(3) non-profit organization 
• Spend at least 75% of the loan on payroll for eight weeks and up to 25% of the loan on utilities, rent, or mortgage interest and you will not have to pay it back. 
• Do not use the funds for:
  • salaries greater than $100,000,
  • payroll taxes and income taxes,
  • compensate employees who are not US residents 
• The loan payback period is two years.
• The loan interest rate is 1%.
•  Forgiveness Application is now available to download here. 
  

 
Economic Injury Disaster Loan (EIDL)

• Check back here daily to submit your documents when additional funding becomes available.
• You are eligible to receive up to $2 Million with up to  $10,000 advance.
• The loan interest rate is 3.75% for small businesses and 2.75% for non-profit organizations.
• The maximum loan repayment period is 30 years.

 
Deferral of Payroll Taxes

•  Defer paying the 6.2% Social Security payroll tax on wages accrued between March 27, 2020 and December 31, 2020
• The deferred amounts will be due in two payments, December 31, 2021 and December 31, 2022 
• Employers who have their PPP loans forgiven will not be eligible for this tax deferral 

 
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.

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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:
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1. Based in Ashland, Charles City, Chesterfield, Goochland, Hanover, Henrico, New Kent, Powhatan and Richmond
2. Been in operation at least one year
3. Have  2 to 25 FTE (full time equivalent) employees
4. Demonstrate negative financial impact from COVID-19
5. Demonstrate need for working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business
6. Demonstrate a focus on reopening as COVID-19 guidance and restrictions change

All applicants will be informed of a decision by Wednesday, May 27, 2020.
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.

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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.