Chamber Alert, June 26

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by Prince William Chamber of Commerce

The Governor has announced that Phase 3 will start on Wednesday, July 1. Here are the Guidelines for Phase 3:

Phase 3 guidelines

Resources

SBA PPP Loan Borrowers

SBA PPP LOAN Borrowers who meet certain criteria can use the Form 3508EZ to apply for loan forgiveness. Click here for instructions. The form is here.

Manassas Park CARES Act Small Business Recovery Grant Program

The City of Manassas Park is now accepting grant applications for the CARES Act Small Business Recovery Program.
The grant program is designed to help eligible businesses survive and reopen during the COVID-19 pandemic. Eligible businesses include those “non-essential” businesses (as defined by the Governor’s Executive Orders) that have experienced operational limitations and are in good financial standing with the City of Manassas Park.
Application deadline is Sept. 30, 2020. Download the application here.

One Week Left: CARES Act Grant Fund for Manassas Businesses

The City of Manassas is launching a new small businesses relief grant program. The City anticipates receiving CARES Act funds from the Federal government which may be used, in part, to provide support for small businesses adversely impacted by the COVID-19 pandemic. The City Council and the Economic Development Authority (EDA) intend to use some of these funds to establish a small business grant program. The grant funds are intended to provide support for small businesses of all types which have seen significant revenue losses due to the COVID-19 Pandemic.
Grants of $2,500 apiece will be awarded by the EDA to qualified applicants. Apply here.

PWC Update: Round 2 Applications Open

The Small Business Relief Micro-Grant Program provides financial grants of up to $10,000 to qualified Prince William County small businesses impacted by the COVID-19 pandemic.
The grants will assist eligible businesses in maintaining operations and can be used for ongoing expenses such as payroll, rent and insurance. Grant recipients can also use funds to purchase e-commerce equipment or expand websites and online sales capabilities.
Applications will be accepted for 10 days, beginning on Friday June 19, 2020. The Prince William County Department of Economic Development, along with the COVID-19 Economic Recovery Task Force, will review grant applications for eligibility and obtain any needed additional information. Click here for more information.

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

The Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30 
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. The documents released today will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.
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