CHESAPEAKE, VA — February 11, 2021 — The Chesapeake Economic Development department is pleased to announce its latest round of COVID-19 grants available to small businesses in the area.
After major success with its first two rounds of COVID relief grants earlier this year, this new Small Business COVID-19 Recovery Grant program is focused on for-profit small businesses that have been adversely affected by the COVID-19 pandemic. So far, Chesapeake Economic Development has delivered $2.5 million in recovery grants to 260 small businesses in Chesapeake.
This program is open to businesses that have received funding from the Paycheck Protection Program and/or Economic Injury Disaster Loan. However, expenditures funded with the PPP and/or EIDL funding are not eligible as reimbursable expenditures for the Chesapeake Small Business COVID-19 Recovery Grant program.
Applicants are eligible for Chesapeake's program if they meet the following requirements:
- Made efforts to remain open and retain employees during the COVID-19 outbreak
- Been a registered business since March 1, 2019
- Up to date on City of Chesapeake taxes
- Registered with the Commissioner of Revenue for 2020
- Have under 50 employees
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Submit a notarized affidavit certifying that all expenses for which grant proceeds are sought are related to COVID-19 related expenses and have not also been submitted as part of a successful grant application under the Payroll Protection Program or the CARES Act.
"We're committed to helping our business community find success during these trying times," said Steven Wright, Director of Economic Development for the City of Chesapeake. "We understand the impact our community has felt and we're working to get more funds to those who need it as quickly as we can."
Awards through the Chesapeake Small Business COVID-19 Recovery Grant program will be based on reimbursable expenditures, such as rent, payroll, and operating expenses incurred by the business during this pandemic.
Once an application and notarized affidavit are submitted for a Small Business COVID-19 Recovery Grant, the Economic Development Authority (EDA) will review the applications and grant funds quickly after acceptance.
Although applications are open to all businesses that have felt the effects of the pandemic, the EDA will give preference to certain types of businesses, including Small, Woman, and Minority (SWaM) certified or eligible businesses, businesses located in a low-to-moderate income census tract in the city, and businesses that employ at least 50% of its workforce who qualify as low-to-moderate-income persons. Preference will also be given to veteran-owned businesses and businesses who have made all efforts to remain open and keep as close to full employment as possible during COVID-19.
"Chesapeake is here to work together with our small business owners and we encourage all those eligible to apply," Wright said.