PPP funds still available for businesses affected by COVID-19

Road to Recovery
Road to Recovery(NBC12)
Published: Jun. 22, 2020 at 3:59 PM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

CHARLOTTESVILLE, Va. (WVIR) - There are still plenty of resources available for small businesses affected by the coronavirus pandemic.

Central Virginia Small Business Development Center Director Rebecca Heydock says the Paycheck Protection Program (PPP) still has $100 billion to give out.

The Economic Injury Disaster Loan (EIDL) is also available, which is a working capitol loan that gives small businesses an advance of up to $10,000.

“New grants, new programs are popping up regularly. But the exciting news is the EIDL is open again. So for someone that didn’t get the EIDL, we are highly recommending they apply. We are also highly recommending people look into traditional bank financing if they have good credit, if they have a good plan going forward to get them through the period,” Heydock said.

Some localities receiving federal CARES Act money are turning the funds into grants.

Fluvanna County has dedicated $350,000 for its FROM: Fluvanna Small Business Grants.

The Town of Culpeper has roughly $1.6 million in a grant program to help businesses there.

Copyright 2020 WVIR. All rights reserved.