On Tuesday night, the Loudoun County Board of Supervisors unanimously approved $4.3 million in additional CARES Act funding for the COVID-19 Business Interruption Fund, to support small businesses adversely impacted by the coronavirus. This funding was allocated from the second installment of $36.1 million in federal funding that was made available to the county through the Commonwealth of Virginia.
“The Board of Supervisors has proactively responded to the COVID-19 outbreak in Loudoun County, working to flatten the curve and mitigate its economic impact. Even as Loudoun reopens, we recognized that a large gap in revenue still exists for many businesses,” Loudoun County Board of Supervisors Chair at Large Phyllis Randall said. “By dedicating additional CARES Act funding to business grants, we’re investing in jobs and services that Loudoun residents need.”
This funding follows three previous rounds of applications, which dispersed $7.1 million to more than 1,000 Loudoun businesses that met the requirements for that round. Recipient businesses represent a cross-section of Loudoun’s diverse economy and hail from all corners of the county.
This allocation will be split into two rounds, with $1.3 million being used to fully fund the approximately 250 certified applicants remaining from the third round. Those businesses will be contacted via email this week by Loudoun Economic Development for coordinating the payout of $5,000 grants.
The remaining $3 million, plus any funds left over from previous rounds, will be rolled into a fifth round of the Business Interruption Fund. Eligible businesses that have not previously received county or town grant funding are encouraged to apply for a $5,000 grant, with details to be announced on LoudounBusinessFund.org in the coming weeks.
“Unfortunately, the COVID-19 pandemic will have long-lasting impacts on many Loudoun businesses, and the Board of Supervisors and our Economic Development team are doing all we can to continue to help,” said Supervisor Matt Letourneau (Dulles), Chairman of the Board of Supervisors Finance, Government Operations and Economic Development Committee. “Loudoun businesses have done their best to be resilient, with new products and services that have helped preserve jobs, and many have taken the “Loudoun is Ready” pledge to protect customer health and safety.
“This additional grant funding will help sustain their operations and assist in the County’s economic recovery.”
For this round of funding, which will provide at least 600 randomly selected applicant businesses with a $5,000 grant, applicants must demonstrate the following criteria:
- Have between zero and 100 W-2 employees (no limit on 1099 contractors);
- Have less than $5 million in gross annual receipts;
- Have been in operation prior to March 1, 2020;
- Have at least a 25% loss in revenue that can be attributed to COVID-19;
- Be a licensed and operational for-profit business in Loudoun County, Va.
- Applicants that received funding in any previous round of the county’s Business Interruption Fund (in the first, second, third or fourth rounds) or through a similar grant process offered by any of Loudoun’s incorporated towns will not be considered eligible for this round of funding.
As in previous rounds, the Loudoun Economic Development Authority will administer the grant process and disperse the funds to randomly selected businesses. The Department of Economic Development, Treasurer’s Office, Commissioner of the Revenue, Finance Division and other county staff will assist in administering and certifying the applicants, as well as continuing to provide a wide array of business resources.
New to this round, Loudoun Economic Development will work collaboratively with Loudoun’s town councils and economic development teams to help administer their business grant processes. Depending on what each town decides, additional money may be added to the fund that is earmarked specifically for businesses located in that town.
“The Business Interruption Fund has been a great way to deliver gap funding to the businesses that need it the most. More than 80% of recipients surveyed said they felt more confident about the survival of their businesses after receiving the grants,” Loudoun Economic Development Executive Buddy Rizer said. “For this round, we’re engaging with new community partners to help spread the word as far as possible for our most inclusive applicant pool yet.
“Please help us spread the word, as we offer this financial lifeline to as many #LoudounPossible businesses as we can.”
Visit the website now and sign up for a reminder email for when the details are finalized and the fund re-opens. The application, terms and conditions, frequently asked questions and additional information will be populated at LoudounBusinessFund.org.