Provided by Prince William County Economic Development
Time is running out! The Department of Economic Development has been busy processing and awarding over $6 million in grants from CARES Act funding to businesses just like yours! These grant programs provide businesses relief from revenue losses, needed funds to help make physical improvements, and assists employers with incumbent worker training. The Department has helped over 700 small businesses get the funding and resources to help them pivot to a new normal.
This week, the Prince William Board of County Supervisors approved changes to the eligibility criteria for the COVID-19 Small Business Relief Micro-Grant Program and the reimbursement amounts for the COVID-19 Capital Investment and Innovation Grant Program to make them more widely available to our small businesses. These new changes will bolster the county’s efforts to provide financial support to as many businesses as possible. Many of these applications will be closing soon, so act fast and reach out to the Economic Development team for assistance.
Small Business Micro-Grant
This grant now provides up to $50,000 to qualified Prince William County small businesses and non-profits with fewer than 250 employees and less than $5 million in annual revenue.
- Only businesses that have NOT received CARES Act funding from PWC will be eligible.
Businesses with multiple physical locations in PWC can now apply for each individual business entity. Must have separate entities filed with the Virginia State Corporation Commission.
- Grant amounts are determined based on the following:
- $2,500 – Non-profits and Home-based business
- $7,500 – Businesses with 1-20 employees
- $10,000 – Businesses with 21-50 employees
- $25,000 – Business with 51-100 employees
- $50,000 – Businesses with 101-250 employees
Capital Investment and Innovation Grant
This grant provides up to $200,000 for business and building owners that make physical improvement or business model innovations, including any soft costs such as design and consulting services.
- Non-Profits will now be reimbursed 100% of costs.
- Small businesses with less than $2.5 million in gross receipts will now be reimbursed 100% of costs.
- Businesses with over $2.5 million in gross receipts will be reimbursed up to 50% of costs.
Volunteers Needed for Small Business Outreach
The Department of Economic Development is looking for volunteers to serve as ambassadors to the business community and connect them with the programs and resources that are available for COVID-19 related challenges.
If you would like to participate, please contact Michele Weatherly at firstname.lastname@example.org.