This page will be updated as we receive resources relevant to businesses in South Hampton Roads, including business loan opportunities and links to external partners.
If you would like to suggest a resource for this page, please send us a message.
Hampton Roads Chamber is compiling resources to help businesses maintain operations and access assistance. Click the image below to visit their resource guide.
The purpose of this program is to assist for-profit businesses in Chesapeake, Virginia, that have been adversely impacted by the COVID-19 pandemic. Limited funds are available for this grant assistance program and only qualified applicants will receive funds. Click the button above to learn more.
Isle of Wight County and the Towns of Windsor and Smithfield have expanded the COVID-19 Small Business Grant Program, originally launched in June, to include a “Round 2” funding program aimed at increasing fiscal assistance to businesses impacted by COVID-19 recover and reopen.
The Rebuild VA Grant Fund is a program to help small businesses and non-profits whose normal operations were disrupted by COVID-19, including restaurants, brick and mortar retail, exercise and fitness facilities, personal care and personal grooming services, entertainment and public amusement establishments, and campgrounds.
The non-profit Virginia 30 Day Fund provides forgivable loans for Virginia-based small businesses. The forgivable loan is intended to provide immediate financial assistance to meet payroll, preserve healthcare coverage for employees and save jobs while they await recently approved federal funding.
We will continue to update this section as we receive information about emergency funding and resources for nonprofits. Nonprofit organizations should also view local opportunities and resources in other sections to determine if they qualify for financial or operational support.
Emergency coronavirus funding for nonprofits is included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. U.S. Chamber of Commerce representatives clearly explain how the CARES Act impacts nonprofits, what to expect in the implementation phase, and how it can help nonprofits during the coronavirus crisis.
This briefing covers these major provisions for nonprofits and how they interrelate:
- Delay of Payroll Tax Remittance
- Employee Retention Credit
- Paycheck Protection Program
- SBA Economic Injury Disaster Loans
- Paid Sick and FMLA Leave
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses and nonprofits keep workers employed amid the pandemic and economic shutdown. Known as the Paycheck Protection Program, the initiative provides 100% federally-guaranteed loans to eligible organizations.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The administration will soon release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help organizations understand what to expect and prepare to file for a loan. (Read more here or click the image below to read the guide.)
The Kresge Foundation has released a guide for nonprofits that includes descriptions of streams of funding and the information and materials necessary for nonprofits during the application process. Click the image below to access the guide.
Nonprofit Quarterly has outlined how organizations can utilize provisions and access benefits from the Coronavirus Aid, Relief, and Economy Security Act (CARES Act), including:
- Emergency Small Business Loan (500 employees or fewer): Loans (of up to $10 million) are forgivable for organizations who keep staff on payroll between March 1 and June 30. In essence, forgivable loans become general operating support grants.
- Loan Support for Larger Entities (500 – 10,000 employees): Loans for larger entities do not include loan forgiveness, but have mandated interest rates of no higher than 2 percent, and do not accrue interest or require repayments for the first six months. Nonprofits accepting these loans must retain or rehire at least 90% of their staff at full compensation.
The CARES Act contains several provisions applicable to nonprofit organizations, as described in this article. (Read more here.)