Loudoun Starts $1.4M Coronavirus Relief Fund For Small Businesses

LOUDOUN COUNTY, VA — In an effort to help small businesses struggling during the coronavirus crisis, Loudoun County is offering grants to businesses that have seen their revenue drop off. The county's COVID-19 Business Interruption Fund opens Wednesday at noon and will remain open for 72 hours, closing at noon on Saturday, May 2. Businesses can apply directly through the Department of Economic Development website.

The grant funding will go to small businesses headquartered in the county that have been impacted by the coronavirus crisis and will be divided into two categories: the general business fund and the agriculture-based business fund.

The Loudoun County Board of Supervisors approved $1.15 million in grant funding for the COVID-19 Business Interruption Fund to support Loudoun businesses affected by the coronavirus crisis. The Loudoun Economic Development Authority added $250,000, raising the total to $1.4 million.

“Small businesses are the heartbeat of Loudoun’s economy, and this funding is critically important to protect the jobs and livelihood of residents in Loudoun County," Loudoun County Board of Supervisors Chair at Large Phyllis Randall said in a statement. "At a time when unemployment is spiking, both locally and around the world, every job that gets saved brings us one step closer to recovery."

The creation of the COVID-19 Business Interruption Fund comes after the launch of the Fairfax County Small Business COVID-19 Recovery Fund. Unlike the Loudoun County funding relief program, the Fairfax County fund issued loans that small businesses must eventually pay back.

The Loudoun County Department of Economic Development is encouraging business owners to test the online application before they officially submit their applications. By testing their browser online at LoudounBusinessFund.org, businesses will be able to apply during the application window.

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All applications over the next 72 hours will be accepted based on the time stamp, verified by county employees, and placed into a pool, where businesses will be randomly selected until the funding has expired.

The $1.215 million grant dedicated to the general fund is divided so that 74 businesses with between 3 and 50 employees will be randomly selected for a $7,500 grant and 66 businesses with between 51 and 100 employees will be randomly selected for a $10,000 grant.

Eligible businesses must demonstrate:

• They have between three and 100 employees.
• They have less than $2.5 million in gross annual receipts.
• They have at least a 25 percent loss in revenue that can be attributed to the coronavirus.
• They are licensed and operational in Loudoun County.

Businesses applying as a home-based business with between three and 100 employees are eligible for $7,500.

The Board of Supervisors and Loudoun Economic Development Authority made an additional $185,000 fund available for 37 grants of $5,000 for Loudoun’s agriculture-based businesses that may not otherwise be eligible for the general fund.

Eligible businesses must demonstrate:

• They have up to two employees.
• The business is defined as a rural business by the Loudoun County Zoning code.
• Participation in the county’s “Loudoun Made, Loudoun Grown” marketing program.
• They have less than $2.5 million in gross annual receipts.
• They have at least a 25 percent loss in revenue that can be attributed to the coronavirus.
• They are licensed and operational in Loudoun County.

Applications and more information can be found at LoudounBusinessFund.org.

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