Starting Wednesday, September 23, small businesses in Loudoun County will have another opportunity to apply for the COVID-19 Business Interruption Fund. The online application will be open for a full week, providing business owners with time to save progress and complete their submission before the deadline on September 30, 2020 at noon.
Here are four steps you can take to prepare for the application process:
1. Watch the Recorded Webinar
In this recorded webinar, Danelle Hayer from Loudoun Economic Development and Eric Byrd from Loudoun Small Business Development Center discuss application criteria, review the financial documents needed for submission and share how the Loudoun SBDC can help you prepare for your application.
2. Review the Eligibility Requirements
Round 5 applicants are required to 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.
3. Complete your Form W-9
As part of your application, you will need to upload a completed Form W-9. If you download the form, be sure that the information you type into the document is saved before you upload it. You may also print the form, fill it out by hand, and then take a photo or scan it.
The W-9 is from your business to the County. This form is required in order to identify your business’ employer identification number, and without a signed copy the County cannot award you funds if you are chosen for a grant.
4. Gather Your Business’s Financial Information
The application includes a section of financial questions. You will need to provide your actual fiscal year gross revenue for 2018 and 2019, as well as pre-pandemic projected revenue for 2020. For January through August of this year, you will enter actual revenue and expenses for each month, and projected revenue and expenses for the month of September.