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.
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.