The Commonwealth of Virginia created the Rebuild VA Small Business Grant Program to assist small businesses and non-profits that experienced disrupted operations by COVID-19. Governor Ralph Northam recently announced the expansion of the program to additional entities. Eligible entities can receive up to three times their average monthly eligible expenses up to a maximum of $10,000.
What entities are eligible for the grant?
Type of Entity Eligibility Requirements
The guidance lists the following entities as eligible for the grant: “corporation (C-Corp), pass through entity (S-Corp, Partnership, LLC) or other legal entity that is organized separately from the owner; 501c3, 501c7 organization or 501c19 veterans organization, Virginia Tribes, sole proprietors, and independent contractors.”
General Eligibility Requirements
Eligible entities must have annual revenues of less than $1.5 million, employ less than 25 employees and the primary place of business must be Virginia.
Specific Industry Requirements
Entities must operate or be in the supply chain for specific industries to be eligible for the grant program. On September 21st, Governor Northam expanded the program to “small supply chain partners that provide goods or services of businesses forced to close under Executive Order 53 or 55”. Therefore businesses not in the original list of industries, but that are in the supply chain to those businesses are newly eligible for this grant.
Can a business receive PPP or EIDL loans and a RebuildVA Grant?
With the September 21st expansion of the program, business that received other CARES Act funding are also eligible for the grant. Entities must certify that the use of the RebuildVA grant funds will not be used for the same expenses as the CARES Act funds. Applicants can ensure this by requesting support for expenses prior to the date of receipt of their PPP or EIDL loan.
What documentation is required for the application?
There are specific requirements for supporting documentation including copies of utility bills, loan statements, payroll records, tax returns and interim financial data that must be provided with the grant application. A complete list of the documents required is provided by the Governor’s office.
How does a business apply for the grant?
An online application can be generated through the Virginia Small Business Financing Authority. All supporting documentation can be uploaded through this portal and application status can be monitored after the application is submitted. A paper application is also available but online applications are strongly encouraged.
How can Mitchell Wiggins help?
Contact your Mitchell Wiggins team for assistance on entity and specific cost eligibility related to the RebuildVA grant program.