Fairfax adds $20M to small business relief fund
Eligible applicants can receive up to $20K in funds
The Fairfax County Board of Supervisors announced Wednesday it has directed an additional $20 million in funding to its Fairfax Relief Initiative to Support Employers (RISE) relief program — bringing its total funding to $46 million aimed at helping small businesses and nonprofits during the pandemic.
The funding comes from the federal Coronavirus Aid, Relief and Economic Security (CARES) Act. Forgivable loans of up to $20,000 are intended to help small businesses and nonprofits impacted by COVID-19.
More than 2,000 of the 6,100 applicants have already been offered grants. With the new funding, county officials say they expect to be able to offer grants to approximately 2,000 additional applicants. At least 30% of the program’s funding is allocated for minority-, veteran- and women-owned businesses. More than two-thirds of applicants fall within these categories.
Although additional funding has been allocated, no new applications will be accepted. Grants will be offered to small businesses and nonprofits that applied, but did not yet receive funding.
“There is significant need across the community for support and we saw a huge response to the Fairfax RISE program,” Fairfax County Board Chairman Jeffrey McKay said in a statement. “I’m proud we could expand this program and support even more of our small businesses.”
Eligible businesses must have at least one commercial location in Fairfax County (including its principal place of business), have fewer than 50 employees across all locations, have been in business for at least two years and have a valid Business, Professional and Occupational License.