Greater Richmond companies large and small are impacted by the effects of the COVID-19 outbreak. Here, get information on where to turn for help as a business owner.
Paycheck Protection Program (PPP)
- Paycheck Protection Program loans provide cash flow for “small” businesses and nonprofits with 500 employees or less; the amount of the loan can be up to 2 ½ times your average monthly payroll (up to a maximum of $10 million); 1% interest rate; importantly, a significant portion of these loans will be forgiven for businesses that retain or rehire employees between now and June 30.
- Includes $500 billion for loans to struggling businesses and governments
- Adds $600 per week to unemployment benefits (the pre-existing Virginia maximum was $378 per week) and extends the benefit period
More information on PPP:
- Evidence you paid salaries and payroll taxes on or around February 15, 2020
- Evidence of your monthly payroll for the previous year
For more information on PPP, email John Easter, ChamberRVA’s Senior Vice President of Government & Community Affairs
- Employee Retention Tax Credit: Up to $5,000 per employee tax credit against employer’s share of social security taxes. Credit applies to businesses affected by COVID-19 who have not received a PPP loan. Information available at IRS Employee Retention Credit and FAQs: Employee Retention Credit under CAREs Act.
- Interim guidance from the Centers for Disease Control for Businesses and Employers
- Virginia Small Business Financing Authority
- Williams Mullen Information: U.S. DOL Publishes Guidance Clarifying Paid Sick Leave and Expanded FMLA Under the Families First Coronavirus Response Act
- Williams Mullen Offers Additional Legal Updates Regarding COVID-19
- The SBA has a new website for COVID-19 financial problems.
- Be sure to check out this new article from Bill Pawlucy and Bob Harris – Adjusting Budgets Impacted by Crisis.
- Constant Contact Small Business Support Kit
- Richmond EDA Small Business Loan Program
- IRS Coronavirus Tax Relief
- Getting Back to Business: What the Richmond Business Community Needs to Know about COVID-19 – presented by VCU Health and featuring Brian Anderson, ChamberRVA, CEO as a panelist. Wednesday, May 13 at 3:00 pm. Click here to register.
- Virginia SBDC has a recurring webinar series to help businesses navigate through COVID-19. See the latest events.
- Social Distancing for Families: Screen Time Strategies and Resources. Recording here.
- Social Distancing with children under 6. Recording here.
- VECF webinar with great information and tools for family day home providers from “Resources for Child Care Programs Impacted by COVID-19”. Listen and view materials here.
- National Retail Federation has provided a Small Business Loans webinar
- KPMG COVID-19 Relief Provisions
- Dominion Payroll COVID-19 Updates and Upcoming Webinars
Member updates and local business COVID-19 response:
- My Spectrum is offering virtual, at-home visits with their licensed therapists. Enjoy the privacy of virtual visits and the flexibility of expanded appointment availability. Address almost any mental health need, no matter where you are on any spectrum of well-being. For more information, click here.
- Fahrenheit Advisors Resource Page and Insights
- RideFinders: Navigating Business Operations through Telework
- Groovin’ Gourmets is repurposing its catering company for Emergency Meals Services and/or disaster relief for business, churches, hospitals, national guard, FEMA etc. They have a fleet of refrigerated trucks, their culinary team has the ability to operate 24/7, and they can service most facilities in Virginia.
- Facebook has created a $100 million grant program to help 30,000 small businesses around the world during this time of uncertainty.
- Woods Rogers has created a COVID-19 resource page with legal updates and links to important resources.
- The Richmond Times Dispatch is keeping track of all local restaurants still open for curbside pickup or delivery.
- VCU has just launched a new self-paced online course designed to help students and professionals develop digital content for nonprofit messaging and campaigns around the COVID-19 crisis.
- Cooper’s Hawk Winery & Restaurants is now open for carryout and offering a limited menu at this time. Carryout orders can be placed by calling the restaurant 804-461-2244 or online.
- Constant Contact is now offering a COVID-19 support kit
- Richmond Restaurants Offering Curbside, Delivery, and Takeout Services
- Facebook just announced that the Richmond region will be awarded over $125,000 to help 31 small businesses affected by COVID-19.
- FDA’s Food Safety & the Coronavirus Disease 2019 resource page.
- CultureWorks has a Regional COVID-19 Arts & Culture Relief Fund