Governor Northam Announces $70 Million in Funding to Assist Small Businesses and Nonprofits Affected by COVID-19

The Rebuild VA Grant Fund, a new economic recovery fund announced by Governor Ralph Northam earlier this week, will provide $70 million in assistance to small businesses and nonprofit organizations impacted by the COVID-19 pandemic. 

Grants of up to $10,000 will be awarded to approximately 7,000 applicants for eligible expenses. Applicants must be in good standing with the Virginia State Corporation Commission, have a maximum of 25 employees and annual gross revenues of up to $1.5 million. Eligible businesses and nonprofit categories include food and beverage establishments, non-essential retail, exercise and fitness, entertainment and public amusement, personal care and personal grooming services, and private campground and overnight summer camps. 

The Virginia Department of Small Business and Supplier Diversity will administer the program, and is offering a series of webinars to offer information and guidance to potential applicants. Applications will be accepted beginning August 10.

The City of Newport News and Newport News Economic Development Authority continue to assist local small businesses with the Back to Business Grant and the Grow Your eBusiness Grant.