Updates from the Office of Economic Development

Congress Authorizes Second Round of the Payment Protection Program (PPP)

On December 21^st, 2020 Congress passed another round of PPP funding for small businesses. While the Small Business Administration has 17 days to release official guidance, the bill included the following:

• Businesses receiving 1^st round funds may reapply for 2^nd loan – 2.5x average monthly costs and must show a 25% loss of revenue through 2020 compared with 2019
• Businesses, such as hotels and restaurants (NAICS code starting with 72), can apply for a loan based on 3.5x average monthly payroll costs
• 1^st and 2^nd round loans will not be taxable when forgiven
• Eligible costs for loan forgiveness has expanded to include worker protection expenses, supplier costs, operations expenditures, and more
• Loans of less than $150,000 can be forgiven through a one-page certification form

As more guidance is issued by the Small Business Administration, the OED will continue to share information and resources.

New Business Equity Fund (BEF) Mini-Grant

The City of Charlottesville Office of Economic Development's Minority Business Program has allocated $35,000 for direct business support to 14 socially disadvantaged businesses. These mini grants are for existing City of Charlottesville businesses that are owned by individuals who are considered socially disadvantaged (i.e., those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as members of a group). Priority will be given to those who were not assisted financially from the Office of Economic Development in 2020. The $2,500 mini grant will be awarded after recipients complete a business training course and at least two one-on-one business consultations with the Central Virginia Small Business Development Center. Estimated training time is approximately five hours. Applications will be available Monday, January 11^th at 9am on the Office of Economic Development website. The deadline for applications is Friday, January 22^nd at 5pm. 

Rebuild VA Grant Allocated an Additional $20M

The Rebuild VA recovery effort launched in August by the commonwealth has received an additional $20M in CARES Act funding to meet demand for the program and fulfill pending grant applications.  New applications are not being accepted at this time, however, applicants that have previously applied are being reviewed. Rebuild VA has received over 20,000 applications and the average grant award is $35,636. The vast majority of these applicants are still being reviewed. If you have previously applied no further action is required.  More information is available here or by calling 804-786-6585.

Downtown Job Center Job Club

The Downtown Job Center implements several requirements for those enrolled in the Housing RELIEF Fund Program. Those enrolled who are underemployed or unemployed are required to attend our Virtual Job Club once a month to meet with our Job Center representative. This club allows individuals to be aware of current job openings, job fairs/events, discuss obstacles they may be facing regarding employment, and are offered connections with hiring managers or other resources during employer spotlights. The meetings are every week on Thursdays at 11am, hosted by Job Center staff member Melissa Hannah. The club is open to anyone, so if interested, please email or call us at 970-3933 for more information.