Loudoun County to fund 400 additional small businesses
Random drawing to be held Tuesday June 23
On Tuesday, June 23, the Loudoun County Board of Supervisors will hold a random drawing for the third round of grants from its COVID-19 Business Interruption Fund, which supports small businesses affected by the pandemic. The funding was allocated from the $36.1 million in federal funding to Loudoun County from the Coronavirus Aid, Relief and Economic Security (CARES) Act.
The drawing will provide $5,000 grants to 400 randomly selected businesses.
During the first round of the Business Interruption Fund, $1.4 million was distributed among more than 200 businesses in the county. This second round of funding devoted $3.7 million to fund businesses that were not randomly selected during the first round. Each of the 475 eligible businesses received $7,500 grants. The remaining $2 million went to the third round of funding.
Eligible businesses for the third round of funding are those that have between zero and two W-2 employees, have less than $2.5 million in gross annual receipts, saw at least a 25% loss in revenue attributable to COVID-19 and are licensed and operated in Loudoun County. There is no limit on 1099 contractors that a business may have to be eligible. Applications were open from June 3 through June 6.
The random drawing will be broadcast at 1 p.m. Tuesday from the Loudoun County Government Center. On June 25, the payment process will begin for those who were randomly selected. Companies that have already been funded are listed on the Loudoun County Department of Economic Development website.