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Resources for the Business Community

Post Date:04/16/2020 3:05 PM

The Bedford County Office of Economic Development's priority remains providing our businesses with relevant resources and information accordingly to assist you during these unprecedented times.  Updates for the business community are updated regularly and can be accessed HERE.  

State Resources

Virginia Career Works
The Virginia Career Works now has funding available to support small businesses
(250 employees or less) through the COVID-19 pandemic.

APPLICATION WINDOW
MARCH 30, 2020 – APRIL 3, 2020
The deadline for applications is 5:00 PM on April 3, 2020

CLICK HERE TO DOWNLOAD APPLICATION

Federal Resources

 Coronavirus Aid, Relief, and Economic Security (CARES) Act
The Senate recently passed the Coronavirus Aid, Relief and Economic Security (CARES) Act which will speed relief across the American economy. This Act will provide relief through checks sent directly to individual tax-payers, small businesses, large corporations, and hospitals among others. The CARES act paves the way for the Paycheck Protection Plan and Economic Injury Disaster Loans. Read more details here.

  • Requirement waved for a personal guarantee on advances and loans less than $200,000
  • Requirement waived that an applicant be unable to obtain credit elsewhere
  • Authorizes approval based on a simple check of borrower’s credit score or alternative method.

For More Information, please visit the SBA’s website: https://disasterloan.sba.gov/ela/

Paycheck Protection Plan (P3)
The Paycheck Protection Program (P3) is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses.

If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable. Read more about eligibility requirements here.

COVID-19 Economic Injury Disaster Loan (EIDL)
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan (EIDL) advance of up to $10,000. The SBA’s EIDL program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue to serve as a grant if the money is used to maintain payroll,mortgage or lease payments, increased costs due to supply chain disruption, or the repayment of obligations that cannot be met due to revenue losses from the COVID-19 pandemic.

Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

We recommend you go ahead and apply for the EIDL program. You are under no obligation to take the loan once approved. However, you must apply for the loan in order to get the $10,000 loan advance (grant). This grant does not have to be repaid, even if you don’t take the full loan.
Expires September 30, 2020. Apply Here for the EIDL program

Unemployment Resources

If you have been affected by the economic crisis as a result of the COVID-19 crisis, visit http://www.vec.virginia.gov/ or call 1-866-832-2363. You will need to have the following things ready to complete a claim: Social Security #, accurate employer information for ALL employers worked for during the last 18 months (name, address, phone number, dates of employment); bank account number and routing number (to receive payment by direct deposit.)

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