The Coronavirus (COVID-19) pandemic that has hit the nation is creating concern for our economy here in Virginia Beach, Virginia, and worldwide. There are national, state, and local resources available to businesses and employees. This page is continually updated as new information becomes available.
CARES Act Business Assistance Application – Open until December 7, 2020 by 5 p.m.
The City of Virginia Beach recognizes that small businesses are being impacted by the COVID-19 pandemic. To encourage businesses to continue their operations and help mitigate the negative impacts of the pandemic, the City has established a system to award monetary grants to assist businesses with costs incurred during the pandemic. These grants are intended to provide immediate financial relief for expenses already incurred by the businesses and are funded through an allocation of the Coronavirus Relief Funds provided through the Federal CARES Act.
Applications will be accepted only via the City of Virginia Beach Online Portal (please use Google Chrome for completing the application) and will be processed in the order received. Applications will be accepted for three (3) weeks (21 days): November 16 – December 7, 2020. At the conclusion of the application period, grants will be awarded through a lottery system until either December 31, 2020, or all available funding is expended. Please note that the submission of an application does not guarantee approval as eligibility criteria must be met and all supporting documentation included.
- Round 1: August 21 – September 11, 2020 – Voted Awards; checks for the verified amounts will be issued by December 31, 2020.
- Round 2: September 21 – October 12, 2020 (5 p.m.) – Voted Awards; checks for the verified amounts will be issued by December 31, 2020.
- Round 3: October 12 (after 5 p.m.) – November 2, 2020 by 5 p.m. – Under review
- Round 4: November 16 – December 7, 2020 by 5 p.m.
NOTE: Please email all your questions to firstname.lastname@example.org. We will address your inquiries as soon as we can. Please note we don’t accept files via email.
Virginia Beach Pandemic Relief Partnership
LISC Hampton Roads is offering small business grants to assist Virginia Beach small, women-owned and minority-owned businesses (SWaM) impacted by COVID-19, as part of the Virginia Beach Pandemic Relief Partnership. The Virginia Beach Pandemic Relief Partnership is a collaboration of United Way of South Hampton Roads, the Foodbank of Southeastern Virginia and the Eastern Shore, the Hampton Roads Workforce Council and LISC Hampton Roads funded by the City of Virginia Beach.
Virginia Beach small businesses impacted by COVID-19 can apply for a $10,000 grant to help pay for:
- Wages and benefits
- Inventory for on-going operations
- Past-due bills
- Payables (rent, supplies, etc.)
- Weatherization of outdoor spaces (heaters, plastic enclosures, etc.)
- Other operating costs
Application open: Monday, November 30, 2020 (12:01 a.m.)
Application deadline: Friday, December 18, 2020 (11:59 p.m.)
If you have questions or need assistance with completing the form, please call (757) 774-6264.
Economic Development Investment Program Part E Grant
Note: We are no longer accepting new applications at this time.
The purpose of the City Virginia Beach Development Authority is to promote small business, and as such, this Part E of the EDIP is intended to allow the Authority to contribute to the economic health of the City and Commonwealth by providing small business assistance grants.
Approved VBDA Part E Awards
- Part E grant docket – June 4, 2020
- Part E grant docket – August 18, 2020
- Part E grant docket , Part E Resolution Correction – October 20, 2020
- Part E Correction – November 17, 2020
Commonwealth of Virginia COVID 19 PPE Retooling Playbook
This document is meant to provide a summarized fact base on potential immediate supply strategies, including manufacturer retooling, for increasing critically needed PPE across the Commonwealth of Virginia to address the COVID-19 crisis.
Virginia Beach COVID-19 Toolkit for Businesses
The coronavirus pandemic is causing financial difficulties for businesses globally. In this toolkit, we share a collection of solid resources that can help local businesses navigate this difficult situation.
Recovery Resources Checklist
As businesses begin to evaluate their reopening strategies, the Virginia SBDC recommends these recovery resources checklist to guide businesses in the transition to the new normal.
The Coronavirus Aid, Relief and Economic Security Act (CARES Act)
The CARES Act, now law, contains many key provisions for providing economic relief to businesses and individuals facing hardship or economic ruin due to the COVID-19 crisis. The following summary is intended for businesses evaluating which loan option best fits their needs and strategic objectives.
Virginia Beach Economic Development Technical Assistance for SBA Loan Programs
The City of Virginia Beach and the Women’s Business Center (WBC) within the Institute for Innovation & Entrepreneurship at Old Dominion University are partnering to offer no- cost technical assistance to Virginia Beach businesses that have been impacted by the COVID-19 pandemic.
COVID-19 Real Estate and Personal Property Tax Relief Program – Application Deadline Extended to Nov. 30
The Department of Human Services will continue to accept applications for the COVID-19 Real Estate and Personal Property Tax Relief Program through November 30, 2020. The program provides direct relief for households where an occupant has lost their employment, had their work hours reduced, or has been furloughed due to COVID-19. Financial relief comes in the form of a check for the approved relief amount to the named recipient.
Rebuild VA Small Business Grant Program – Up to $10,000
The Commonwealth is launching a new grant program for small businesses and nonprofits called Rebuild VA. The program will provide grants of up to 3 times the applicant’s average monthly eligible expenses up to a maximum award of $10,000. The application will become available on August 10, 2020.
FED Main Street Business Lending Program
The Federal Reserve established the Main Street Lending Program to enhance support for small and mid-sized businesses that were in good financial standing before the crisis by offering 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion.
Guide and Checklist for Small Businesses and Nonprofits
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses and nonprofits keep workers employed amid the pandemic and economic downturn. Here are the questions you may be asking and what you need to know. Source: U.S. Chamber of Commerce
Virginia Beach Trustee Taxes
To assist the business community during this time of hardship, the City Treasurer’s Office is offering payment plan arrangements for the deferred payment of trust taxes without penalties.
Paycheck Protection Program – Closed August 8, 2020
The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to President signing the program’s extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020.
The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Find a nearby lender eligible to issue a loan under the Paycheck Protection Program.
- IRS PPP and Federal Tax Guidelines – August 19, 2020
- A Couple of Reminders on PPP – August 19, 2020
- PPP Questions and Answers (Source: BB&T / SunTrust now Truist Bank)
- PPP FAQs for Lenders and Borrowers – May 27, 2020 (Source: SBA)
- What the experts say about the PPP Forgiveness?
- PPP Loan Forgiveness Guide and Guide Summary
- Click here to view the EZ Forgiveness Application.
- Click here to view the Full Forgiveness Application.
Economic Injury Disaster Loans (EIDL) & Advances
Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today.
Economic Injury Disaster Loans Available to U.S. Agricultural Businesses
Agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. For agricultural businesses that submitted an EIDL loan application through the streamlined application portal prior to the legislative change, SBA will move forward and process these applications without the need for re-applying.
SBA Express Disaster Bridge Loans
This pilot program allows SBA Express Lenders authority to deliver expedited SBA-guaranteed financing on an emergency basis for disaster-related purposes to eligible small businesses, while the small businesses apply for and await long-term financing.
SBA Debt Relief
SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis. Download the list of SBA-approved lenders.
- The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
- The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
SBA Exporting Assistance
- Export Express Loan: Export Express lenders can directly underwrite a loan without getting prior approval from the SBA, which allows you to get capital (up to $500,000) quickly within 36 hours.
- Export Working Capital: Export Working Capital loans allow small business owners to apply for loans (up to $5 million) in advance of finalizing an export sale or contract; the turnaround time is usually five to 10 business days.
- International Loan Program: The U.S. Small Business Administration’s newly revised International Trade Loan provides small businesses with enhanced export financing options for their export transactions. The maximum loan is $5 million in total financing.
COVID-19 Grant Programs (as of November 13, 2020)
- Bartender Emergency Assistance Fund
- eBay Up and Running program for retailers
- Facebook Small Business Grants Program to keep your workforce going strong
- Freelancers Relief Fund
- Hampton Roads Community Foundation non-profit grant: Closed
- LISC and Verizon PayIt Forward
- Round 4: LISC Small Business Grants (Priority will be given to minority-, women-, and veteran-owned businesses.) Closed
- NRA Restaurant Employee Relief Fund
- Pioneers Assistance Fund
- Salesforce Small Business Grants
- Small Business Fund in qualified zip codes
Modification of Operations in Response to COVID-19
In order to ensure the compliance with the Governor’s Executive Orders related to the COVID-19 Pandemic we are currently operating by appointment only. Please call (757) 385-6464 to schedule a time to meet with our Team either virtually or in person.