Small Business Grant - preliminary details
Louisa County is preparing to roll out a Small Business Relief Grant program. Details are below (subject to some changes). This is a sneak peak to help you get prepared.
The Chamber of Commerce is preparing a list of member businesses that are eligible and interested in applying. Or, perhaps you want and need to apply but there is something in the criteria that would prevent you from assistance. PLEASE REPLY by FRIDAY JULY 17 - this will give us time to speak on your behalf for any adjustments we should request.
**************Below is partial information that was presented about the program at BOS meeting.
•Purpose:
•A $750,000 fund to create a Small Business Relief Grant program will provide financial resources to the Louisa County small businesses most impacted by COVID-19.
•Grant Size:
•75 @ $10,000 for qualifying businesses
•Targeted Businesses:
•Hospitality & Entertainment, Retail Trade & Employment, Travel/Tourism, and Admin Support Services would be given preference.
•All small businesses, regardless of sector, would be eligible for grants if they meet the criteria.
•Use of Funds:
•Payroll, rent, insurance, or other operating expenses, and/or adaptive costs such as e-commerce equipment/website creation or online sales site.
CRITERIA:
•Businesses:
•Mandated Storefront Closures due to Executive Orders 53 & 55, or a Minimum 3 F/T employees on site in Louisa County.
•Gross receipts less than $1,000,000
•Additional Criteria:
•Physical location in Louisa
•Local taxes current prior to March 1, 2020
•Business revenue loss of 25% attributable to COVID-19
•Minimum 2 years in business
•Must be a for-profit business
INELIGIBLE •Banks and financial institutions •Franchises – except those HQ’d, owned and operated in Louisa.
GET PREPARED NOW:
•Application:
•Summary about business
•Services/Products offered (NAICS code)
•Summarize impacts of COVID-19
•Info on other SBA/CARES funding received
•Documentation:
•Proof of payment of County taxes
•IRS form W-9 & IRS form 941
•Proof of gross receipts (In-House P & L)
•Summary of revenue loss due to COVID-19 (YOY Comparison)