Gov. Ralph Northam announced last week that Rebuild VA, the $70 million economic recovery fund launched in August, is expanding its eligibility criteria to allow more small businesses to apply.
Businesses that received funding from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act and supply chain partners of businesses whose normal operations were impacted by the COVID-19 pandemic are now eligible to receive grants of up to $10,000.
Businesses that have received federal funds must certify that they will only use the Rebuild VA grant for recurring expenses and that the grant will not be used to cover the same expenses as the other CARES Act funds.
Rebuild VA, which is administered by the Department of Small Business and Supplier Diversity, successfully launched on Aug. 10. SBSD and its program partners, the Department of Housing and Community Development, the Virginia Tourism Corporation, and the Virginia Economic Development Partnership, made the decision to expand eligibility criteria after analysis of eligible and ineligible applications received within the first 30 days of the launch.
“When we initially launched Rebuild VA, we focused on reaching the small businesses and nonprofit organizations most in need,” Northam said. “I am deeply grateful for the work of our state agencies to swiftly adjust the parameters of this program so we can assist more Virginia businesses as they weather this health crisis and build back stronger.”
Eligible businesses and nonprofits must demonstrate that their normal operations were limited by Governor Northam’s Executive Orders 53 or 55, or that they were directly impacted by the closure of such businesses.