The Economic Development Authority is on a mission to ensure businesses in Patrick County are aware of emergency funding through the Small Business Administration (SBA), according to a release from Bryce Simmons, executive director.
Due to the COVID-19 pandemic, a new website at covid19relief.sba.gov has been set up to streamline applications. When applying, it is recommended to have the following information readily available:
Business Legal Name, Federal Employer Identification Number (FEIN), and Organization Type
Gross Revenues for 12-Months Prior to January 31, 2020
Cost of Goods Sold for 12-Months Prior to January 31, 2020
Date of Business Incorporation, Mailing Address, and other Contact Information
Business Activity and Number of Employees
Owner Information (including FEIN or Social Security No. of Agent)
Bank Name, Account & Routing No.
Businesses that apply may be eligible for a $10,000 advance and financial support through the SBA. Additional information can be obtained by calling the Patrick County EDA at (276) 694-8367 or emailing EDA@co.patrick.va.us
Please visit covid19relief.sba.gov to apply and be sure to select the “I would like to be considered for an advance of up to $10,000.”
A presentation from March 30 describes SBA assistance. It can be found at: CARES Act – Small Business Financial Assistance.
Anyone that is experiencing unemployment due to the COVID-19 pandemic is reminded to apply for unemployment Insurance at: http://www.vec.virginia.gov/unemployed
To help small business owners and entrepreneurs better understand the new programs that will be available to them, the U.S. Senate Committee on Small Business & Entrepreneurship has created a comprehensive guide to many of the small business provisions in the CARES Act that was passed by Congress on March 27. The comprehensive guide can be found at: The Small Business Owner’s Guide to the CARES Act.
