The Chesapeake Economic Development Authority (EDA) is launching a second round of the Chesapeake Startup Grant, following the success of the first. The grant, aimed at small businesses with 50 employees or less, can provide up to $10,000 in relief. Eligibility extends to businesses that have previously received funding from the Paycheck Protection Program and Economic Injury Disaster Loan (EIDL), provided the grant is used for new qualifying expenses. The initiative is designed to assist for-profit businesses in Chesapeake, Virginia, that have suffered due to the COVID-19 pandemic. Preference will be given to businesses striving to remain open and maintain employment, as well as SWaM certified or eligible businesses, veteran-owned businesses, and businesses located in low-to-moderate income census tracts in Chesapeake.
Small Business COVID-19 Recovery Grants
Chesapeake’s first round of Small Business COVID-10 Recovery Grants was such a success, that they’re rolling out a second grant. All businesses with 50 employees or less, are eligible for up to $10,000 in relief — including those that have received funding from the Paycheck Protection Program and Economic Injury Disaster Loan (EIDL). Their sole stipulation is that the grant must be used only on new qualifying business expenses. The purpose of this program is to assist for-profit businesses in Chesapeake, Virginia, that have been adversely impacted by the COVID-19 pandemic. Limited funds are available for this grant assistance program and only qualified applicants will receive funds. All applicants must submit certain financial information and all applications must be deemed complete before the Chesapeake Economic Development Authority (EDA) can fund any grant.
Preference Criteria
Preference will be given to the following type(s) of businesses:
- Businesses making all efforts to remain open and keep as close to full employment as possible
- Small, Woman, and Minority (SWaM) certified or SWAM-eligible businesses
- Veteran-owned businesses
- Businesses located in low-to-moderate Income census tracts in the City of Chesapeake. (see map)
- Businesses that employ low-to- moderate income persons (at least 50% of workforce must qualify)
Additional Information and Certification
The EDA may also request additional information before finalizing its review. All applicants must further certify that the information provided below and submitted with this application is true and accurate.
Please note that EDA funds for this program are available to the extent the EDA has authorized funding to support this program and may end the same at any time pursuant to its sole and absolute discretion.
Grant Award Conditions
Grant awards will be based on most recent payroll for those that have met the following conditions:
- Have made efforts to remain open and retain employees during the COVID-19 outbreak;
- Must have been in business since March 1, 2019; and
- Are current on City of Chesapeake taxes and have registered with the Commissioner of Revenue for 2020.
Grant funds must be used for operational working capital used to sustain the business and maintain employment. The grant funds will be issued on a reimbursement basis whereby the applicant can clearly demonstrate that expenses have been paid.
Head here for more information and to apply.
Question & Answer
1. Who is eligible for the Chesapeake Startup Grant?
Small businesses with 50 employees or less, including those who have received funding from the Paycheck Protection Program and Economic Injury Disaster Loan (EIDL), are eligible for the grant.
2. What is the maximum relief amount that the Chesapeake Startup Grant can provide?
The grant can provide up to $10,000 in relief to eligible businesses.
3. What are the preference criteria for businesses applying for the grant?
Preference will be given to businesses striving to remain open and maintain employment, SWaM certified or eligible businesses, veteran-owned businesses, and businesses located in low-to-moderate income census tracts in Chesapeake.
