We continue to monitor the new legislation and will provide updates as they become available.
Here’s what we know about the latest stimulus package to be passed:
A new round of PPP Funding: Applications are now live. Click here to apply.
- Includes additional $284 billion; businesses can apply for a 2nd round of PPP up to $2 million for businesses with 300 or less employees and a 25% decline in revenue in any quarter in 2020
- Expanded PPP eligibility for non-profits with 300 or less employees
- $12 million designated for minority-owned and very small businesses and $15 billion in grants for live venues
- Provides businesses with a forgivable loan based on 2.5x* its monthly payroll costs. *Restaurants and hotels can seek forgivable loans based on 3.5x monthly payroll costs.
- Simplified PPP loan forgiveness application for loans under $150,000
- Expanded list of eligible expenses (now includes software, cloud computing, HR accounting, property damage not covered by insurance, supplier costs, and PPE)
- Repeals CARES Act provision requiring borrowers to deduct EIDL advance from PPP loan amount
- An eligible business may have been temporarily “closed” or not in business for a
portion of time due to COVID-19 and can still qualify for a second draw PPP.
Click Here for a guide on understanding 2nd Draw of PPP by the US Restaurant Association
Local Participating Banks (if your bank is not listed please reach out to them directly to ask if they are participating):
- City National Bank: Existing business customers.
- First Bank: Existing clients and new applicants for both first and second draws
- Bank of Clarke County: Accepting both first and second PPP loan request
- United Bank: Accepting existing customers and acceptance of non-customers may occur but not initially
- Blue Ridge Bank: Accepting new and existing customers
Online Vendors Accepting Applications:
- Veem https://www.veem.com/sba-ppp/
- Biz2credit https://www.biz2credit.com/
- Lendio https://www.lendio.com/
- Fundera – https://www.fundera.com/ppp (Not a direct lender, matchmaker)
- Divvy (partnered with Lendio) https://getdivvy.com/covid-19/sba-ppp-loans/
- BlueVine – https://www.bluevine.com/paycheck-protection-program/
- Funding Circle – https://www.fundingcircle.com/us/p4_eligibility
- Ready Capital – https://ppp.readycapital.com/
- Wombly – https://www.womply.com/brex/
- Fundbox (partnered with Cross River Bank) – https://app.fundbox.com/ppp-smb-loans
- NAV – https://www.nav.com/?utm_campaign=1372597191&utm_source=google&utm_medium=cpc&utm_content=294753236837&utm_term=nav&gclid=EAIaIQobChMIw5T5wdyo7gIVi8DACh1xtwjZEAAYASAAEgILJvD_BwE
The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.
Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
For additional details, see our Shuttered Venue Operators Grants Frequently Asked Questions (revised 02-12-21).
- Provides $20 billion to restart and expand EIDL grant program for small businesses
- Creates a process for existing EIDL Advance grantees that received less than $10,000 to reapply for the difference
- Provides $3.5 billion to resume the principal and interest payments of new and existing loans guarenteed under the 7(a), 504 and microloan programs
- Supplies $2 billion to enhance the 7(a), 504 and microloan programs, waives borrower and lender fees within the 7(a) and 504 programs and increases the 7(a) loan guarantee to 90%.
- Extends the $1 million loan limit for SBA Express Loans
- Establishes a 504 Express Loan program
Debt & Tax Relief:
- Extension of the Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation programs for 11 additional weeks; this includes an additional $300/week in unemployment insurance through March 14, 2021
- One year extension to the time states and localities have to spend previously-received coronavirus relief funds
- Extension of the moratorium on evictions through the end of January 2021
- Stimulus checks up to $600 per child and adult for individuals making up to $75,000/year (same cap as earlier CARES Act)
Shenandoah County CARES Scholarship– This scholarship is available to all Shenandoah County residents and will cover 75% of tuition up to $2,000 per resident for Workforce Solutions Career Preparation and/or Enhancement classes taken before June 30th, 2021. Register today!
LISC Rural relief Small Business Grants– Available to small businesses nationally in communities with populations of 50,000 or less.
Virginia VOSH Temporary Emergency Standards– Virginia became the first state to issue mandatory COVID-19 workplace safety rules that went into affect on July 27, 2020. No matter the size of the business or the level of exposure risk hazards – very high, high, medium, or lower exposure risk – the ETS imposes several mandatory requirements for all Virginia employers that fall under §§ 16VAC25-60-20 and 16VAC25-60-30. Click here to learn more.
Please visit the CDC Guidelines for Reopening for guidance on measures you can take when reopening your business to the public.
Below is a list of recommendations by industry that may be helpful as you begin your plans.
- National Association of Manufacturers Renewal Action Plan
- Small Business Development Center Recovery Resources
- US Travel Association Industry Guidance
- US Restaurant Association Restaurant Reopening Recommendations
- US Hotel Association Stay Safe Guidelines and Cleaning Standards
- Virginia Brewery Association Checklist for Reopening
- Entertainment Venues
- Salons and Barber Shops
- Fitness Centers
- National Retail Federation Operation Open Doors
- Banking and Financial Sector
- Auto Manufacturers
- American Medical Association Physician Practice Guide to Reopening
- American Dental Association Return to Work Guidance
- American Association of Orthodontists Guidance
- American Library Association Planning & Reopening Resources
- International Spa Association Spa Reopening Toolkit
- Wholesome Foods– currently in stock: sanitizer
- Jon Henry General Store– currently in stock: sanitizer
- Miller’s Supplies at Work– currently in stock: Disposable face shields at Face Shields, Hanging barriers at Hanging Barriers, Mounted Safety barriers at Mounted Barriers, Personal Spacing disk Spacing Disk, Sneeze Guard at Sneeze Guard, Millers Wellness Guard Millers Wellness Guard, Millers Stop the Spread Millers Stop the Spread
- Sysco – currently in stock: masks, gloves in a variety of sizes, hand sanitizer, sanitizing wipes, surface sanitizers, and bleach – contact your sales rep for the latest product availability and pricing
- PFG – contact your sales rep for the latest product availability
- Ecolab – Has a variety of cleaning and sanitizing products available (list for hospitality and list for foodservice); Contact Carey Friedman at firstname.lastname@example.org or 804.840.3943
- Safeguard Promotional Products – facemasks and shields, hand sanitizer, gloves, gowns, acrylic shields (for checkout stands) – visit https://www.safeguardjack.com/ or contact Anne Meagher Watson at 804.355.2679 or Anne@SafeguardJack.com
- OlleyMay (part of ProForma) has masks, goggles, faceshields, gloves, hand sanitizer, gloves, and safety kits. Click here for more information and for a current listing. Contact Bill Dietz at email@example.com or 805.575.8824