Governor Ralph Northam has announced the expansion of Rebuild VA, a Startup Grant Fund program designed to support small businesses and nonprofit organizations affected by the COVID-19 pandemic. Northam is directing an additional $30 million from the CARES Act to support this expansion. Revised eligibility criteria now include businesses with less than $10 million in gross revenue or fewer than 250 employees. Additionally, the maximum grant award has been increased from $10,000 to $100,000. Rebuild VA funds can be utilized for a variety of expenses, including payroll support, employee salaries, mortgage payments, and utilities.
Introduction
Announcement Details
For Immediate Release: October 28, 2020
Contacts: Office of the Governor: Alena Yarmosky, Alena.Yarmosky@governor.virginia.gov
Expansion of Rebuild VA Program
RICHMOND—Governor Ralph Northam today announced that Rebuild VA, a grant program to help small businesses and nonprofit organizations affected by the COVID-19 pandemic, will expand eligibility criteria and increase the amount of grant money businesses receive.
Program Changes
Rebuild VA launched in August with $70 million from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act. Governor Northam is directing an additional $30 million to support the expansion of the program.
Eligibility Criteria
Businesses with less than $10 million in gross revenue or fewer than 250 employees will be eligible under the new criteria, and the maximum grant award will increase from $10,000 to $100,000.
Quote from Governor Northam
“We started Rebuild VA to help small businesses and nonprofit organizations navigate the impacts of the COVID-19 pandemic,” said Governor Northam. “These changes to the program will ensure that we can provide additional financial assistance to even more Virginians so they can weather this public health crisis and emerge stronger.”
Program Administration
Rebuild VA is administered by the Department of Small Business and Supplier Diversity (SBSD) in partnership with the Department of Housing and Community Development and the Virginia Tourism Corporation, and the Virginia Economic Development Partnership.
Utilization of Funding
Rebuild VA funding may be utilized for various eligible expenses such as payroll support, employee salaries, mortgage payments, rent, utilities, and more.
Application Information
For additional information about Rebuild VA and how to submit an application, please visit governor.virginia.gov/RebuildVA.
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Question & Answer
1. What is the Rebuild VA program?
The Rebuild VA program is a grant program designed to help small businesses and nonprofit organizations affected by the COVID-19 pandemic.
2. What are the changes in the Rebuild VA program announced by Governor Northam?
Governor Northam announced an expansion of the program’s eligibility criteria and an increase in the maximum grant award amount.
3. What are the revised eligibility criteria for the Rebuild VA program?
Under the new criteria, businesses with less than $10 million in gross revenue or fewer than 250 employees will be eligible for the program.
4. How much has Governor Northam directed from the CARES Act to support the expansion of Rebuild VA?
Governor Northam has directed an additional $30 million from the CARES Act to support the expansion of the Rebuild VA program.
