COVID-19 has created unprecedented economic disruption, and small businesses are some of the hardest hit. As a champion of small business, the City of Newport News applied for and received funding through a CARES Act Recovery Assistance Grant. This money was used to capitalize and administer a new revolving loan fund called the Peninsula Cares Act Fund (PCAF).
The PCAF provides loans with flexible rates and terms to businesses in the cities of Newport News and Hampton who have been suddenly and severely affected by COVID-19. Consisting mainly of direct loans to businesses in amounts between $7,500 and $375,000, these funds can be used for machinery and equipment, working capital, marketing, facility remediation and cleanup costs. These funds will be permanent resources to support economic resilience and to further the economic adjustment objectives of the region.