Bedford County expands Back to Business CARES grant program for small businessesOctober 28, 2020
Phase 2 eligible companies will be able to apply online November 5 – December 1, or until funds are depleted.
Bedford, Virginia— On October 26, the Bedford County Board of Supervisors approved an expansion of the county’s Back to Business CARES Grant Program to begin on November 5. This new phase will assist a wider range of businesses that have experienced losses from pandemic closures or disruptions.
The Phase 1 grant program that began in August assisted those companies with annual gross revenues between $50,000 – $3million, with $5,000 grants, while the Phase 2 round will assist companies with gross revenues between $3million – $20million, with three levels of grants, depending on the number of employees at each business.
“So far, we were able to assist nearly 100 companies in the first round and we hope to assist another 50 or more in this second round,” said Traci Blido, Economic Development Director. “It helps our businesses and this County to more quickly recover from the economic losses and disruptions that have occurred over these past months.”
The Phase 2 grants will be in the amount of $7,000 (25 or fewer employees), $10,000 (26-50 employees), or $15,000 (51-100 employees.) The funding will be provided to eligible businesses on a first-come, first-served basis. The deadline is December 1, 2020, or until funds are depleted.
The program is funded through the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act to support business recovery and investments for economic growth. Funds are intended to assist businesses for the costs of business interruption and/or reductions due to COVID-19.
The Office of Economic Development will accept applications for Phase 2 eligible companies from Nov. 5 – Dec. 1, or until funds are depleted. Phase 1 applications are ongoing.
To be eligible for a Phase 2 Back to Business grant, a business must:
- Be a “for-profit business” located in Bedford County with 1-100 employees as of March 1, 2020 (grant amount will be determined based on gross revenues and number of employees.)
- Been in business for a minimum of one year prior to COVID-19 (March 1, 2020) and be current on county taxes.
- Have gross revenues between $3,000,000 and $20,000,000 in 2019.
- Have a 20% or more loss in revenues as a result of COVID-19 impacts since March 1, 2020 and describe investments and/or losses as they relate to the pandemic.
- Disclose any other CARES Act funds received, such as PPP, EIDL, Town of Bedford grant, etc., and certify this grant will be used for other expenses not already covered by other grants.
Franchises must be headquartered in Bedford County to be eligible. If the business has more than one location, it is only eligible for one Back to Business CARES grant.
The grant can be used for:
- Employee compensation (including wages and benefits)
- Working capital
- Equipment inventory
- Rent or mortgage
- Other business-critical operating expenses such as utilities and insurance and protective equipment.