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National Efforts and Resources

Paycheck Protection Program   More FAQs: Here’s How To Get A Small Business Loan Under The $349 Billion Aid Bill  

Federal Stimulus Package

HUD Community Development Fund (CDBG) - $5 billion in supplemental funding

  • $2 billion distributed according to the 2020 allocation formulas within 30 days.
  • $1 billion distributed to states to combat the spread of COVID-19 within 45 days, in amounts determined by HUD based on best available data and need.
  • $2 billion distributed to states based on a formula determined by the HUD using best available data on COVID-19 and associated economic and housing disruptions.

Federal Emergency Management Agency (FEMA) - $45.4 billion for response and recovery, including $400 million for grants for Fire & Rescue, emergency management, along with food and shelter providers.

National Endowment for the Arts & Humanities (NEA) $150 million used to assist state arts and humanities agencies and partners.

  • $75 million for the National Endowment for the Arts.
  • $75 million for the National Endowment for the Humanities.

Minority Business Development Agency - $10 million in grant funding to support technical assistance to development centers and chambers of commerce for counseling available COVID-19 related resources.

Small Business Administration (SBA) - $716 billion for funding and significant program adjustments to help small businesses weather and survive the crisis.

  • $349 billion for loan guarantees.
  • $240 million for small business development centers and women’s business centers for technical assistance for businesses.
  • $10 billion for emergency Economic Injury Disaster Loan (EIDL) grants.
  • $17 billion for loan subsidies.
  • $100 billion for secondary market guarantee sales. Creation of the Paycheck Protection Program (PPP)
  • Helps small businesses, 501(c)(3), 501(c)(19), and 31(b)(2)(c)
  • Limited to under 500 employees
  • Includes independent contractors, sole proprietors and the self-employed
  • Maximum loan amount of $10 million through 12/31/20
  • Eligible expenses include payroll, insurance, rent, mortgage and utilities
  • The funds will be used to retain workers
  • Waives borrower and lender fees, credit elsewhere requirements, collateral and personal guarantees, sets maximum interest rate of 4%
  • No prepayment fees and defers payments on PPP loan for 6-12 months
  • Authorizes bank and non-bank lenders to participate in PPP program
  • Allows inclusion of additional money paid to tipped workers
  • Anything not forgiven or repaid by 12/31/20 will convert to a max 10-year loan at a max 4% interest rate; loan will remain 100% guaranteed.

 

State Efforts and Resources

Economic Injury Loan Disaster (EILD) Webinars - The Richmond district office of the Small Business Administration is hosting Economic Injury Loan Disaster (EILD) Webinars for Small Businesses beginning April 1, 2020. Please click here to register for a webinar. 

Economic Injury Disaster Loan (EIDL) -  loan program for small businesses and non-profit organizations. Apply for a loan of up to $2 million from the Small Business Administration (SBA) to pay fixed debts, payroll, accounts payable, and other expenses.

Regional workforce teams - activated to support employers that slow or cease operations. Those employers are not penalized for an increase in workers requesting unemployment benefits.

Workforce Innovation and Opportunity Act - for employers eligible to remain open during the COVID-19 emergency.  This funding source can be used to clean facilities and support emergency needs.

Virginia ABC - waiving regulations to allow restaurants to deliver beer and wine via take-out and delivery. 

Virginia Chamber - supporting Virginia’s workforce with resources and enforcing strategies to protect workers while continuing operations.

Restore Your Economy - providing information and resources related to COVID-19 and its economic impacts. A resource for economic development organizations and partner organizations.

Virginia Economic Development Association - providing news, resources, and COVID-19 forums for economic development offices and businesses across the state of Virginia.

 

Local Efforts and Resources 

Staunton Creative Community Fund (SCCF)
          Offering loans to small businesses through a disaster relief fund.

  • Receive up to $5,000 at 2% – 3% interest
  • Repayment terms vary based on the borrower
  • First 3 to 6 months of payments are interest only

Entrepreneurs Unite Remotely - learn, network, and brainstorm with local entrepreneurs virtually on Thursday, April 2, 6 - 8 pm. 


Community Foundation - established a COVID-19 Local Response Fund with an initial charitable contribution of $100,000. The new fund will provide resources directly to charitable organizations supporting the residents impacted by the economic consequences of COVID-19.

Shenandoah Valley Workforce Development Board - assisting employers eligible to remain open during COVID-19 with funding for small businesses. Learn more about this grant program.

Shenandoah Valley Small Business Development Center - available to help small businesses, sole proprietors and eligible non-profits apply for the SBA’s Economic Injury Disaster Loan (EIDL). Funds come directly from the U.S. Treasury and not through a bank.

Augusta Regional Chamber of Commerce - list of resources for navigating your business during COVID-19. The Chamber is also conducting webinars. Visit their Calendar of Events for a list of upcoming programs.

Valley Strong - an online business directory for local businesses. Businesses can add their information to the website, ValleyStrong.com which is being promoted by the Harrisonburg Radio Group.

CSPDC- Resiliency Digest - providing resources for families and businesses to help plan and prepare for COVID-19.

Staunton Downtown Development Association -  offering a comprehensive list, updated daily, of Staunton area business hours, services, and other information.

Augusta Health - daily update from Augusta Health experts, calls received, donations needed, and other information related to COVID-19.