CHARLOTTESVILLE, Va. (WVIR) - Businesses may be eligible for more funding assistance as the pandemic continues. New funds are available from the Paycheck Protection Program, Rebuild Virginia Grants, and some businesses may qualify for a new Business Equity Fund mini-grant.
“The PPP two is going to be much easier, and there are a number of benefits, there’s no tax penalties on this,” Director of the Central Virginia Small Business Center Rebecca Haydock said. “There is an increase for restaurants and hospitality businesses, they can get 3.5 times monthly payroll.”
Haydock says more information will come soon on the changes to the second round of PPP funding.
“It’s still the 60 [percent] 40 [percent] split except for the 40% that is non-payroll related has been broadened, so there are abilities to add things like PPE expenses for the business renovations inside of the building to make it meet the requirements that were set by the government,” she said. “There are also the ability to cover things like cloud services and other unusual types of utilities.”
An additional $20 million dollars has been allocated for businesses through the Rebuild Virginia Program. The funding will go towards businesses who have already applied for the grant but haven’t received funding yet. Now. the city of Charlottesville has another opportunity for socially-owned businesses.
“It’s $2,500 and we have total funding for $35,000 so that would serve about 14 socially disadvantaged businesses in the city,” City of Charlottesville’s Chief of Workforce Development said.
The city hopes to reach businesses that may have slipped through the cracks on previous funding.
“We really want this time to access businesses that weren’t able to get any funding from us last year,” Lee said.
Recipients of the grant will also receive training from the SBDC.
“This is a good chance for them to get in contact with a business expert to help them look at their business holistically and say ‘well what are our strategies moving forward in 2021?’ and so not only do you get the money but you also get access to this expert business consulting that small businesses might not normally be able to afford or know how to access,” Lee said.