Loudoun County announces $1M small-business relief fund
Applications open April 29 for $7,500 and $10,000 grants.
UPDATED FRIDAY, APRIL 24: The Loudoun County Board of Supervisors allocated an additional $250,000 to its existing $1 million COVID-19 Business Interruption Fund on Thursday, aimed at helping small businesses in the county that have been harmed by the COVID-19 crisis. The board allocated an extra $105,000 for businesses with 3-50 employees, $110,000 for businesses with 51-100 employees, and $35,000 for agriculture-based businesses.
TUESDAY, APRIL 22: The Loudoun County Board of Supervisors on Tuesday unanimously approved the creation of $1 million to create the COVID-19 Business Interruption Fund, a relief fund for Loudoun County businesses that have been negatively impacted by the pandemic.
“Small businesses are the heartbeat of Loudoun’s economy, and this funding is critically important to protect the jobs and livelihood of residents in Loudoun County,” Loudoun County Board of Supervisors Chair at Large Phyllis Randall said in a statement. “At a time when unemployment is spiking, both locally and around the world, every job that gets saved brings us one step closer to recovery.”
The application process opens on April 29, and the county will take applications for only 72 hours. Eligible businesses must have between three and 100 employees, bring in less than $2.5 million in gross annual receipts, have lost at least 25% in revenue due to the COVID-19 crisis and be licensed and operational in Loudoun County.
Eligible businesses that meet the deadline will be randomly selected until the funding has expired. The fund will be divided so that 60 applicants who have three to 50 employees will receive a $7,500 grant and 55 applicants who have 51 to 100 employees will receive a $10,000 grant.
The funding is being diverted from the county’s $2.1 million Commercial Business Incentive Fund, which is used for business attraction and retention. The board will be able to disperse funds beginning in early May. Applicants are encouraged to test the application before filling it out, since the applications will be time-stamped and are web-based only.
Loudoun also has a separate $150,000 relief fund for agriculture-based businesses based in the county with up to two employees. Applicants must be participants in the county’s Loudoun Made, Loudoun Grown marketing program, which provides free promotional materials for agriculture companies in the county. These applicants can receive up to $5,000.