Skip to content

NEWS From the Central Virginia Small Business Development Center

From the Central Virginia Small Business Development Center

August 3, 2021

Your SBDC is Your Gateway to Support

August 11 webinar will address employee recruitment and retention

Dear entrepreneurs and small business supporters,

While we still struggle with safety, logistics, and hiring, we have a network of people to help connect you to resources at SBDC and elsewhere. You may reach out to connect, brainstorm, work on an important project, or to hear about solutions others have found. At our office alone, we worked one-on-one with more than 500 entrepreneurs in the last year, trained more than 1,300, and we and our community partners like CIC, SCORE, your Chamber of Commerce, CBIC, Cville Biohub, CIT and many more are here for you.

To that end, our entire Virginia SBDC network got together to discuss best practices and resources for hiring and retaining employees; from hourly to executive talent. We will share that with you on August 11th at lunchtime.

This newsletter also covers important news re: PPP forgiveness, new 504 loan flexibility and more. Please take a few minutes to scan and as always, reach out if you would like to chat specifically about your business. --Your hometown SBDC team

Funding Program Updates


Currently there are 7 million SBA loans that have not applied for forgiveness. Of those loans, 93% are $150,000 or less in size. Some of those loans have come due and payments will be expected soon. If your loan is that size and you have not applied for forgiveness with your lender, there is no reason to wait.

For smaller loans, the forgiveness application form 3508S is very simple to use. No other paperwork is required to be submitted. While your chances of being audited are slim, you should maintain records proving the use of loan proceeds for up to 7 years.

For all loans over $150,000, you must provide more detailed information and use form 3508EZ or 3508.

You must have spent a minimum of 60% on payroll costs, to receive full forgiveness.

Finally, should you feel uncomfortable accessing your lender’s portal and completing the forgiveness application, please feel free to call the CVSBDC for assistance at (434) 295-8198.

SBA 504 Loan - new flexibility for working capital & fixed, low rates

SBA 504 loans are designed for equipment and building purchases, however, the program is becoming increasingly flexible in response to small business needs. A few years back SBA allowed borrowers to refinance existing mortgage debt that had not been 504 loans with building and equipment as collateral. Now they have further loosened the use of funds to permit some working capital out of the refinancing. Interest rates are near the lowest point ever and fixed for the life of the loan! They may also be assumed if a current owner wants to sell in the next 10 years and pass along a lower rate. If you would like to explore this program or other financial options for your business, feel free to request a meeting with our Access to Capital Business Advisor, Greg McFetridge, or your current SBDC business consultant.

PPP Appeals Change

Under the original guidelines from the SBA, any unforgiven amounts were required to convert to repayment terms within 10 months of the end of their eligible period, even if the unforgiven amount was being appealed. However, a new interim rule clarifies that small businesses that are currently waiting for an appeal decision can defer payment on their loans. Furthermore, the interim rule is retroactive for all PPP loans being appealed.

This “reprieve” should prove beneficial for clients that are appealing forgiveness decisions and is the latest in a series of recently-announced changes to the forgiveness process. The goal of these changes is to speed forgiveness, for there are still millions of PPP borrowers that have not applied for forgiveness. If there are any network clients that have not sought forgiveness, they should be strongly encouraged to do so ASAP. If they do not do so, they will be responsible for repaying the amount they received. There is no automatic forgiveness.

Federal Government Reviews PPP and EIDL Accounts

As a result of the presence of “bad actors” in both the PPP and EIDL programs, the federal government is stepping up its review of recipients for both initiatives. The SBA is now working with the IRS, FBI, the FDIC, and SSA to investigate potential fraud to both programs. In addition, the Justice Department is hiring additional staff that will be dedicated to prosecuting False Claims Act fraudsters.

Even though there may not have been fraud involved, borrowers must be able to prove that all the funds received were properly documented, and that their financial records are now fair game for the government to investigate everything. This means that the accounting was performed correctly and that every penny is accounted for.

The SBA Announces Opening of Paycheck Protection Program Direct Forgiveness Portal

On July 28, 2021, the SBA launched a streamlined application portal to allow borrowers with Paycheck Protection Program loans of $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.

For more information, please visit the announcement from the SBA.

Shuttered Venue Operators Grant

SBA announced that the Shuttered Venue Operators Grant program has awarded over $7.5 billion in total funding to more than 10,000 live venues and related businesses across America and U.S. territories.

The SVOG portal remains open and funding is still available for all eligible applicants. However, do not wait. Submit your application as soon as possible.

International Business Development Program

Interested in exploring international markets? Are you experiencing import or export challenges? We've got you covered!

The Virginia SBDC International Business Development Program works with Virginia based firms to enhance their global success. Our Certified Global Business Professionals (CGBP) provide confidential counseling, training, and customized research to help companies mitigate risks, prioritize markets, identify financing, and grow export sales.

Central Virginia SBDC's Rebecca Haydock became CGBP certified in June. She is equipped to counsel and connect you to local, state and federal resources that lead to exporting success.

Rebecca oversees the Central Virginia SBDC with over 25 years of experience advising, starting, growing and financing businesses, Mrs. Haydock has a passion for advancing communities through small business startups and turn-arounds. She is strategic advisor, mentor, business owner and Director of Central Virginia Small Business Development Center.

Her objectives for CV SBDC are organizational and educational excellence, sustainable business practices, and building small business infrastructure to affect the highest and best use of SBDC assets in Central Virginia. She was also recently nominated for the Virginia SBDC State Star award. To meet with Rebecca contact our office.

Need a simple, low-maintenance WEBSITE?

As part of our Website Jumpstart Program, we are creating express websites or "online business cards". These are simple one-to-two page websites point customers to you.

We recently completed one for RASTAfarms, who promotes holistic land stewardship from beautiful Orange County. The mission of RASTAfarms is to provide Renewable And Sustainable Technology in Agriculture. RASTAfarms is here to empower its clients, customers, and community through healthy foods, clean energy, and innovative solutions to the nutritional needs of our species and the wildlife we need to live. Check out the new RASTAfarms site HERE.

The CV SBDC team of technical experts are facilitating the build websites to provide digital resiliency to companies suffering due to the pandemic. We have a series of success stories coming to you over the next few weeks from our Website Jump START Program, sponsored by GO Virginia, Albemarle County, and the City of Charlottesville.

Food Distribution Logistics

The Common Grain Alliance (CGA), in partnership with Local Food Network and GO Virginia, is working to identify opportunities for food producers to collaborate around sharing and leveraging logistics infrastructure. This infrastructure could be dry or reefer truck space or dry or cold storage.

To achieve this, CGA is working to survey Virginia producers to understand 1) the logistics landscape for small agricultural businesses and 2) survey participants’ exact needs and logistics pricing models.

Please fill out this survey to help connect Virginia food producers who can share or use extra storage and truck space to test a cooperative approach to logistics management.

To participate, please click here:

LOCAL-I Cooperative Infrastructure Survey:

Please email any questions to

Featured Upcoming CV SBDC Events 

Securing Talent for Your Business

August 4 | 12:00 PM EST

Do you need to hire contractors, staff or fractional talent? Want some templates and best practices to build a powerful, committed team?

REGISTER and join us for a lively, tool packed discussion with three of our knowledgeable experts. Bring your lunch and let us help you fill your hiring tool box!

Presented by a team of business advisors from your Central Virginia SBDC.

Securing Your WordPress Website

August 4 | 12:00 PM EST

Our Start Smart Workshops discuss the path to good decisions and a successful start. You’ll learn to take a thorough 360° approach to your business and all its components – from product development to target markets to financial projections. We’ll also cover the regulations and registrations you need to know.

Follow-up appointments are then available with SBDC business advisors to focus on your individual business growth needs.

Starting Your Business

August 10 | 10:00 AM EST

Join us to review the steps for a successful start, the registrations and regulations, and the components of sound business planning. Registrants will receive a zoom link to connect a day or so before the event. Need help accessing zoom? Call us at 434-295-8198.

Follow-up appointments are available with SBDC, SCORE, and/or CIC business advisors to focus on your concept development, business profile, and/or business plans, including financial projections.

Brought to you by: the **Central Virginia SBDC, the Community Investment Collaborative, and Central Virginia SCORE**.

Access the CVSBDC Events Calendar and statewide training offerings

SBA Programs

Join the SBA and Public Private Strategies Institute for a webinar on August 5, 2021 at 2:00 p.m. EDT to help you get your business back on track. During the webinar, you will:

Hear about what steps you can take now to learn and take advantage of new and existing programs that are available at the SBA

Get an update regarding programs and recent policy announcements made by the Biden-Harris Administration

Have your questions answered by SBA Leadership and small business experts

Learn how you can become a vaccine leader in your community

Discover tools and resources you can use to take your business digital

Interested in government contracting? Register for SBA's webinar on August 10 at 2:00 pm EDT to learn about the following programs:

8(a) Business Development program

Woman Owned Small Business program

Service Disabled Veteran Owned Small Business program

Historically Underutilized Business Zone program

Mentor-Protégé program

Reminder about Tax Credits

Small Business Tax Credit Programs

Did you know that the American Rescue Plan extends a number of critical tax benefits, particularly the Employee Retention Credit and Paid Leave Credit, to small businesses? Find out more

This newsletter is sponsored by

F&M Bank.

Thank you for your support of our entrepreneurs.

Central Virginia Small Business Development Center | Visit our website

Charlottesville main office phone: 434-295-8198 Culpeper direct phone: 540-727-0638

Culpeper office: 803 South Main Street, Culpeper, VA 22701

Powered By GrowthZone
Scroll To Top