Coronavirus

Business Resources: Financing and Loans

Financial/Tax News and Resources

Every business needs access to capital, including in times of customer social distancing and interruptions in supply chains. Here are funding opportunities being offered to Loudoun businesses at this time.

Loans
Grants
Other Financial Information

 

Loans

Payment Protection Program (CARES Act)

Update 4/25/2020: The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30 A.M. EDT from approved lenders on behalf of any eligible borrower. Click here to read the official statement.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.

Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

To determine if your business is eligible for this type of funding, check out this handy guide from the U.S. Chamber of Commerce.

SBA Disaster Assistance Loan

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).

Economic Injury Disaster Loan (EIDL)

UPDATE 3/31: On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan. This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

If you wish to apply for the advance on your EIDL, please visit the site as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

SBA 7(a) Loan Payment Relief

SBA will pay the principal, interest, and any associated fees owed on 7(a) loans as follows:

  • Existing borrower not on deferment: six months beginning with the next payment due on the loan;
  • Existing borrower on deferment: six months of payments beginning with the next payment due on the loan after the deferment period; and
  • New borrower: six months of payments beginning with the first payment due on the loan, but only for new loans made within the first six months starting from the date of enactment. (3/27/2020).

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Grants

Virginia 30-Day Fund

The nonprofit Virginia 30 Day Fund was launched by Virginia technology entrepreneur Pete Snyder and his wife, Burson. Working with other business leaders throughout the Commonwealth, the Fund’s goal is to help save as many Virginia jobs as possible while small businesses await recently approved federal funding.

Virginia businesses that qualify for assistance from the Fund are:

  • Small businesses that employ three to 30 people;
  • Based in Virginia and have been operating for at least one year;
  • Owned and operated by a Virginia resident.

Facebook Small Business Grants Program

Facebook recently announced the launch of a $100 million Small Business Grants Program designed to help communities where Facebook already has a business presence. Given the company’s enormous investment in Loudoun’s Data Center Alley, Facebook listed Ashburn (and surrounding areas) as an eligible territory for businesses to apply.

FedEx #SupportSmall Grants

FedEx is providing $1 million in grants for small businesses in the U.S. Whether you’re making the move to selling and shipping online or you’re ramping up your safety and cleanliness measures to keep customers and employees safe, FedEx wants to help you keep moving forward.

Each grant recipient will receive $5,000, plus a $500 credit from FedEx Office that can be used for printing banners, posters, floor graphics, custom branded boxes, and more. The application process will be open from May 25, 2020, through June 12, 2020. More information is available on the available here.

Google’s COVID-19 Response

Google announces a new $800+ million commitment to support small- and medium-sized businesses, health organizations and governments, and health workers on the front line of this global pandemic. Read more.

Salesforce Grant

Salesforce Care Small Business Grants of $10,000 to provide capital to help keep businesses afloat. These grants will support small businesses as they work to replenish materials, pay salaries, or adapt their business model to overcome these challenging times. Apply here.

Save Small Business Fund (Goes Live on April 20 at 3 p.m. EST)

To combat the economic destruction threatening the survival of small businesses in every town across America, the U.S. Chamber of Commerce launched this initiative – a nationwide program to address small businesses’ immediate needs, mitigate closures and job losses, and mobilize support for long-term recovery.

This fund is a grant making initiative offering short term relief for small employers in the United States and its territories. Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many employers as they can.

To qualify for the fund an employer must meet the following criteria:

  • Employ between 3 and 20 people
  • Be located in an economically vulnerable community
  • Have been financially impacted by the COVID-19 pandemic

Many Loudoun County zip codes qualify; an employer can determine if their location qualifies by entering their zip code associated with their business (as listed on their W-9) on the Save Small Business website.

A short application will go live on the Save Small Business website on April 20, 2020 at 3 p.m. EST. The website also allows for employers to sign up for a reminder of when the application portal is open. To learn more about the program visit  the website.

Verizon and LISC Come Together to Support Small Businesses

Verizon will donate $2.5 million to Local Initiatives Support Corporation. LISC will use the funds to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19. Read more.

National Association for the Self-Employed Growth Grants

Worth up to $4,000 each, NASE Members can apply for small business grants. Small business grants are useful for financing a particular small business need. Past recipients used their growth grants for computers, farm equipment, to hire part-time help, marketing materials, website creation and more.

Growth Grant applicants must be a NASE member in good standing for three months prior to submitting an application (annual members may apply immediately. Monthly members may apply 90 days after joining the NASE.) Read more.

The Red Backpack Fund

The Spanx by Sara Blakely Foundation donated $5 million to support female entrepreneurs in the wake of COVID-19 and teamed up with GlobalGiving to establish The Red Backpack Fund. GlobalGiving will be overseeing the fund, making at least 1,000 grants of $5,000 each to female entrepreneurs in the U.S. to help alleviate the immediate needs and support the long-term recovery of those impacted by this crisis.

The current round of applications will be open now through May 11 at 12 p.m. ET. Final grant recipients from the May application round will be notified by June 12. Each month, The Red Backpack Fund will accept additional applications on its website.

USDA Rural Business Development Grants

This program is designed to provide technical assistance and training for small rural businesses. Small means that the business has fewer than 50 new workers and less than $1 million in gross revenue. Check your business address for eligibility and learn more about the application process on the website.

USDA Coronavirus Food Assistance Program

USDA will soon begin taking applications for CFAP. Visit the USDA Coronavirus Food Assistance Program page and click on “Direct Support to Farmers and Ranchers” and the 6 links you can get ahead of the curve are listed, along with details on the program, and a “Find Your Local Service Center” tool.

 

Business for All Grants from Hello Alice in Partnership with Verizon

Apply for grants up to $50,000 to support business growth, including $10,000 emergency COVID-19 Business for All Grants to help small businesses in crisis.Incredible leaders and business experts from across industries will be supporting each Business for All Grant winner through video mentorship sessions. Plus, any business owner in the Business for All Community on helloalice.com can collaborate with their peers, any day of the week. Business for All Grants are awarded on a rolling basis. Read more.

GoFundMe.org Small Business Relief Fund

The Small Business Relief Fund will provide one-time matching grants to qualifying small businesses to help alleviate the financial burdens during these pressing times. Donations to the relief fund will be paid out as grants to businesses that qualify, and which businesses have created a fundraiser through the Small Business Relief Initiative or had an existing GoFundMe. For small business fundraisers started prior to March 24 , or outside of the Small Business Relief Initiative partnerships, the organizer can update their fundraiser description with the hashtag #SmallBusinessRelief to be considered for a grant from this fund.

To qualify for a matching grant from the Small Business Relief Fund, the GoFundMe fundraiser must raise at least $500 and verify that your small business has been negatively impacted by a government mandate due to the COVID-19 pandemic. Your small business must be independently owned and operated, and must not be nationally dominant in your field of operation. Each recipient of the matching grant must intend on using the funds to help care for your employees or pay ongoing business expenses. Learn more

Virginia’s Small Business Jobs Fund

On April 22, the General Assembly approved the governor’s plan to amend provisions of the Small Business Jobs Fund to allow the approximately $750,000 in remaining monies in that fund to be used for a grant program.

The eligibility provisions were laid out in the governor’s amendments and are as follows:

  • A small business must demonstrate financial stress from the emergency;
  • be established before March 12, 2020;
  • be in good standing;
  • have annual gross revenues of no more than $1.5 million in its most recent fiscal year;
  •  have no more than 25 employees, all of whom are employed within the Commonwealth; and
  •  otherwise meet the requirements of a “small business” as that term is defined in subsection A of § 2.2-1616 of the Code of Virginia – the criteria of which are:
    • (i) a corporation, pass-through entity, or other entity that (i) has annual gross revenues of no more than $5 million in its most recent fiscal year;
    • (ii) has its principal office or facility in the Commonwealth;
    • (iii) is engaged in business primarily in or does substantially all of its production in the Commonwealth;
    • (iv) has not obtained during its existence more than $5 million in aggregate gross cash proceeds from the issuance of its equity or debt investments, not including commercial loans from national or state-chartered banking or savings and loan institutions; and
    • (v) has no more than 50 employees who are employed within the Commonwealth;

Recipients may then receive a grant of up to $5000 for the following eligible expenses: payroll support, including paid sick, medical, or family leave, and costs related to the continuation of group health care benefits during those periods of leave; employee salaries; mortgage payments; rent (including rent under a lease agreement); utilities; and principal and interest payments for any business loans from national or state-chartered banking, savings and loan institutions, or credit unions, that were incurred before or during the emergency.

More information will be posted on this developing opportunity soon.

Virginia’s Workforce Innovation and Opportunity Act (WIOA)

Updated 4/3: Rapid Response Grant is No Longer Available

Due to the significant volume of applications received, the SkillSource Group, Inc. is no longer accepting applications at this time. If further funding becomes available, we will post an update to this page. We will continue to post resources for employers impacted by COVID-19 on our website.

Visit Loudoun Foundation’s Tourism & Hospitality Relief Fund

The Visit Loudoun Foundation launched the Loudoun Tourism & Hospitality Relief Fund with $10,000 and asks businesses and individuals contribute in support of Loudoun’s tourism industry professionals impacted by shutdowns and furloughs as a result of COVID-19.

Working in tandem with the Community Foundation’s Emergency Relief Fund, the Loudoun Tourism & Hospitality Relief Fund will provide grants to charitable organizations that provide direct financial support for individuals who are working in—or have immediately formerly worked in—Loudoun tourism and hospitality businesses facing hardship.

The Loudoun Chamber Foundation is launching a pledge matching fundraising campaign to support the effort. More information.
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Other Financial Information

Corporate Tax Filings

For the Commonwealth of Virginia: the deadline for corporate tax filings has been delayed, according to Gov. Northam.

Businesses impacted by COVID-19 can also request to defer the payment of state sales tax due on March 20, 2020, for 30 days. When granted, businesses will be able to file no later than April 20, 2020 with a waiver of any penalties.

The Governor has requested that the Department of Taxation to extend the due date of payment of Virginia individual and corporate income taxes. While filing deadlines remain the same, the due date for individual and corporate income tax will now be June 1, 2020. Please note that interest will still accrue, so taxpayers who are able to pay by the original deadlines should do so.

For federal taxes: The deadline for corporate tax filings has been delayed, according to Sec. of the Treasury Steve Mnuchin.

U.S. Treasury Department and Internal Revenue Service issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.  The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest.

Banks and Other Small Business Financing Services

According to the SBA the most active SBA 7(A) lenders are listed here.

Many major banks have dedicated pages in regards to small business financial services. will be updated as more information becomes available:

The Federal Reserve Board Commercial Paper Funding Facility

The Federal Reserve Board announced that it will establish a Commercial Paper Funding Facility, to support the flow of credit to households and businesses. Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs of a range of companies. By ensuring the smooth functioning of this market, particularly in times of strain, the Federal Reserve is providing credit that will support families, businesses, and jobs across the economy. The CPFF will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle (SPV) that will purchase unsecured and asset-backed commercial paper. Read more.
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