After the success of its initial funding round ($25.7 million distributed to 741 businesses), the state of Delaware opened up a second round of its popular DE Relief Grant program on October 1. The program, which is a joint initiative of the state and New Castle County, was funded through the Coronavirus Aid, Relief and Economic Security (CARES) Act with federal money. This 2nd round of grants has identified $30 million in relief funds to be distributed to qualified small businesses based on 2019 revenues as grants up to as much as $100,000. A detailed FAQ is available here. The New York Forward Loan Fund is hoping to generate more interest amongst small businesses. The $100 million program funded by private banks was originally announced in May and limited to businesses that did not receive PPP or other federal funding. Since it was not well-received through the summer (only 19 loans totaling $602,103 through July), the funders are now expanding the eligibility criteria to include businesses that received less than $50,000 in PPP loans. To qualify, businesses must have fewer than 20 employees and less than $3 million in revenue. The loans are not forgivable, but have 3% rate for five-year term with first year eligible for interest only payments. Likewise just last week, Virginia Governor Ralph Northam an expansion of the eligibility criteria for small businesses to participate in the state Rebuild! VA grant program. Under the expanded criteria, those businesses that accessed PPP loan funds earlier this year, may still qualify for additional $10,000 grants under the Rebuild! VA program. Virginia also produced a helpful guide to other business assistance the state offers.
