Recently Governor Northam announced changes in the Rebuild VA Grant Program expanding both the eligibility criteria and the amount of grant money businesses can receive. Originally, the program was capped at a maximum grant amount of $10,000 and many types of businesses were excluded from participating in the program. Now, the maximum grant award is $100,000 and most businesses are eligible as long as they have less than $10 million in revenues and fewer than 250 employees. A comprehensive FAQ addresses many aspects of the program including eligibility and the process for obtaining the loan. For more information and to access the application, click here.
Rebuild VA funding may be utilized 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, and utilities;
- 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;
- Eligible personal protective equipment, cleaning and disinfecting materials, or other working capital needed to address COVID-19 response.
As a reminder be careful not to apply using the same expenses used to support PPP forgiveness or other funding resources. Eligible payroll can be used from any three month period from October 2019 to September 2020.
The Rebuild VA program has been allotted $100 million of CARES money received by the Commonwealth. In light of the recent mandate issued on November 13, 2020 and a rise in COVID-19 cases, time is of the essence. Contact your Mitchell Wiggins team for assistance applying for a Rebuild VA Grant.