Economic Injury Disaster Loans (EIDL)

The most recent package has also added $20B for certain grants pursuant to the SBA's Economic Disaster Injury Loan (EIDL) program. Eligible businesses are able to apply for up to $10,000 in grant funds if all of the following apply:

• They are located in a low-income community.
• They suffered an economic loss of greater than 30% during an 8-week period between March 2, 2020 and December 17, 2020 relative to a comparable period preceding Marching 2, 2020 or during 2019.
• There are fewer than 300 employees.
• The business was in operation on or before January 31, 2020.
• They are a qualifying business (small business, private non-profit, sole proprietorship, or independent contractor).

Grants for Shuttered Venue Operators

The law creates a new $15B grant program for eligible live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theatre operators, or talent representatives that have experienced at least a 25% drop in revenue. Grants are equal to the lesser of $10M or 45% of gross earned revenue in 2019. Grants must be used for the specified expenses such as payroll cost, rent, utilities, and personal protective equipment. If you receive a grant, you may not apply for a new PPP loan. Learn more about the Shuttered Venue Operator Grant. 

See the SBA and the US Chamber of Commerce for further details and updated information.

We are currently awaiting information from the SBA on the updated details and guidelines for this program. 

• Central Virginia SBDC Information and Resources
• Lord Fairfax SBDC Information and Resources
• REBUILD! VA Grant