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Economic Development

Posted on: August 13, 2020

Powhatan Business Assistance Grants Announced

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Powhatan County Economic Development is pleased to announce the Powhatan Business Assistance Grant program. The grant program is funded using the Federal CARES Act funding, which the Powhatan Board of Supervisors have allocated $517,404.60 to assist small businesses in Powhatan. The funding is intended to cover COVID-19 related costs and will be administered through the Powhatan Economic Development Authority by Community Investment Collaborative (CIC). The program is separated into two categories: 1) funding up to $25,000 for businesses with 10-25 employees and $500,000-$2.5 million in revenue per calendar year 2019 and 2) up to $10,000 for businesses with 9 or less employees and less than $500,000 in revenue per calendar year 2019. All businesses must be able to show at least a 25% revenue reduction from 2019 to 2020.

Applications will open on August 24th, 2020 and will close on September 7th, 2020. Applicants are required to visit the CIC website and complete the interest form to be automatically informed of the opening of applications. Awards will be made for qualified businesses in early September.


Small Business Qualification Criteria

1. Business may have a maximum of 25 full-time or full-time equivalent employees that are employed in Powhatan County.

2. Business may have a maximum of $2.5 million in revenue per calendar year for calendar year 2019.

3. Businesses would need to be physically located in Powhatan County.

4. Businesses would have to be current on County taxes thru March 1, 2020 with documentation proof and have a current Powhatan County Business License, unless not required to obtain a license through the Commissioner of Revenue’s office

5. Businesses must have experienced a revenue loss of 25% or greater attributable to Covid-19, with proof of loss documentation from March-June 2019 and March-June 2020. Higher preference to higher revenue loss.

6. Businesses with 10-25 employees are eligible for a grant up to $25,000 with no minimum.

7. Businesses with 1-9 employees are eligible for a grant up to $10,000 with no minimum.

8. Not be owned (in whole or in part) by any individuals who are an employee of Powhatan County or the Powhatan County Economic Development Authority, nor any family members or household members of same; and

9. Not at any point since June 1, 2019 employed: (i) any individuals who are or were an employee of Powhatan County or the Powhatan County Economic Development Authority; or (ii), any family or household members or household members of the same (collectively, the “Eligibility Requirements”).

*For purposes of this Grant Program, the term “family members” is defined as any spouse, partner, parent, legal guardian, child, sibling, grandparent, grandchild, or in-law.

The following businesses are not eligible for the program:

  • Franchise businesses, except those that are locally owned and operated

Documentation Required:

  • Copy of 2020 Powhatan County Business License
  • Proof of County taxes paid through March 1, 2020
  • Copy of 2019 federal business tax return
  • Completed and signed IRS form W-9, verification clause
  • IRS form 941 or VEC-FC-20/21 (only for businesses with 10-25 employees)
  • Monthly gross receipts history for the March-June 2019 & March- June 2020
  • Brief business summary/overview (years in business, services/products offered, hours of operation, track record prior to COVID-19)
  • Explanation of use of the funds by business for COVID-19 related expenses
  • Brief description of impact of COVID-19 and how the funds will affect the current and future of the business

 

Mandatory Interest Form: https://forms.gle/iFPJYsskyXDcRR78A  (Must complete to be invited to apply)

CIC Website: https://cicville.org/covid-support/ 

Powhatan Economic Development Website
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