The Stafford County Economic Development Authority says it has additional financial resources to offer in Round 2 of Stafford Business Coronavirus Disaster Assistance Grant Funds.
Since mid-March, the EDA provided $250,000 in grants to more than 40 businesses in Round 1 of assistance.
The authority noted that in Round 2, with a total of $200,000 to distribute, it will open up applications to those businesses with one to five employees. It asks that those interested review the guidelines below and email applications to EDACovid19grant@staffordcountyva.gov.
Use of funds: They are operational working capital to assist in sustaining payroll costs. Grant funds are provided on a reimbursement basis whereby the applicant must demonstrate that the expense has been paid.
Grant amounts: Grant amounts are determined by the business’s total number of employees (as of February). For 1 to 5 employees: $2,000; 5 to 20 employees: $5,000; 21 to 50 employees: $7,500
Eligibility: The program is open to all for-profit, independently-owned (non-national chain and/or nationally franchised locations) small businesses in Stafford that have been in operation since at least February 2019.
Businesses that received financial assistance through the EDA between Jan. 1, 2019 and February 2020, including Round 1 CV19 Grants, are not eligible.
Businesses must document how their business has been adversely impacted and was required to adjust normal operations in response to the COVID-19 disruption, as well as their immediate future operations; and identify how employment is being retained and the type of positions being retained.
Grants will be awarded on a first-come first-served basis, pending review and approval by the EDA Loan Committee. If approved, grant funds will be distributed to the business, as a reimbursement for direct-qualified payroll costs.
Business and all business owners must be current on all Stafford tax obligations and should have registered with the Commissioner of Revenue for 2020 taxes.
For more information, go online to StaffordEDA.com or call Josh Summits at 540/658-8664.