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COVID-19 Funding Resources
Update: Rules Relaxed for Paycheck Protection Program
On June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act (PPPFA), addressing concerns expressed by businesses over the Paycheck Protection Program:
- Reduces the amount of loan required to be spent on payroll from 75 percent to 60 percent.
- Extends time period to use funds from 8 to 24 weeks.
- Pushes back the June 30 deadline to rehire workers to December 31, 2020.
- Eases the rehire requirements—providing exceptions for a reduced headcount.
- Extends the repayment term from 2 years to 5 years.
Source: U.S. Chamber of Commerce
SBA Disaster Loan Assistance
The SBA has resumed accepting Paycheck Protection Program applications from participating lenders.
The Economic Injury Disaster Loan program is also accepting applications, but only for agricultural businesses.
Businesses that previously applied for the EIDL loan or advance will have their applications reviewed on a first-come, first-served basis.
The Roanoke Regional Small Business Development Center has produced this guide to help businesses appeal a denial of an SBA Economic Injury Disaster Loan. One-on-one assistance is also available by scheduling an appointment at www.roanokesmallbusiness.org/advising.
VA 30 Day Fund
The VA 30 Day Fund is still accepting applications and continues to fund companies every day. Businesses that qualify for assistance from the Fund are:
- Small businesses that employ three to 30 people;
- Based in Virginia and have been operating for at least one year;
- Owned and operated by a Virginia resident.