The City of Poquoson Economic Development Office wants to keep you informed of resources that might become available due to the COVID-19 Situation. Many of these resources are part of the President's proposed Economic Aid Package and if approved by Congress and the Commonwealth of Virginia, the SBA may be offering loans and assistance.
Small businesses should take some time to make sure they are prepared to apply for Federal assistance
if and when
any becomes available.
The Hampton Roads Chamber of Commerce sent the following information out as a guide to help businesses understand the processes and requirements regarding the possibility of assistance:
Monthly sales history for the past two years - The
specific disaster declaration will determine what the
requirements will be regarding how much loss the
business will have to demonstrate. It could be over a
period of time or a % of current sales.
Accurate year-end business financial statements (both
Income and Balance Sheet)
As time transpires, interim month-end statements may
also be required
You will need to show a downturn in sales from prior
There are also a number of resources to aid you in considering options of how to proceed in light of the current COVID-19 situation. Take a few minutes and research the following data to see if any of this may be relevant for your business.