Loudoun County allocates additional $4.3M to small business grants
Businesses can apply for $5K grants
The Loudoun County Board of Supervisors has approved an additional $4.3 million in federal CARES Act funding to go to its COVID-19 Business Interruption Fund, which supports eligible small businesses impacted by the coronavirus with $5,000 grants.
During the first three rounds of funding, Loudoun County disbursed $7.1 million to more than 1,000 businesses.
“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 in a statement. “By dedicating additional CARES Act funding to business grants, we’re investing in jobs and services that Loudoun residents need.”
The additional $4.3 million was allocated from the second installment of $36.1 million in federal CARES Act funding made available to the county through the state government.
This allocation will be split between two rounds. One $1.3 million round will be used to fully fund approximately 250 certified applicants remaining from the first round of grants. The remaining $3 million (and any leftover funds from previous rounds) will go to a fifth round of funding. Eligible businesses that have not already received county or town grant funding can apply for a $5,000 grant.
Applicants who have between zero and 100 W-2 employees, bring in less than $5 million in gross annual receipts, have been in operation prior to March 1, have at least 25% revenue loss attributable to COVID-19 and are licensed in Loudoun County may apply.
“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,” Supervisor Matt Letourneau (Dulles), chairman of the board’s finance, government operations and economic development committee, said in a statement. “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.”
New to this round, Loudoun Economic Development will work with local town councils and economic development teams to administer the business grant process.
“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 in a statement. “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.”