EDA Announces Small Business Recovery Grant Program

Kristina RamseyNews

In response to the COVID-19 pandemic, the Governor of Virginia issued Executive Order 53 which, among other things, forced the closure of non-essential businesses in Buena Vista. The forced closure has severely impacted various retail, hospitality, entertainment, employment and administrative services, and travel-related businesses.

The City received funding from the Coronavirus Aid Relief and Economic Security (CARES) Act. The U.S. Department of Treasury guidance allows the CARES Act funds to be used for costs and expenses incurred because of the COVID-19 public health emergency, specifically mentioning the making of grants to small businesses.

A small business grant program will be the most efficient and effective way to distribute resources to small businesses in Buena Vista. The program can assist a small business with cash needed for working capital to support rent or mortgage payments, utility, payroll, e-commerce adjustments, personal protective equipment or other similar expenses that occur in the ordinary course of business.

With the oversight of the EDA, the Small Business Grant Review Team (the Grant Review Team) will administer the Grant Program. The Grant Review Team shall consist of two EDA members and one staff member. City Council has allocated $50,000 of the CARES Act funds received to this Grant Program.

Electronic applications will be accepted beginning September 9, 2020 through midnight September 25, 2020.

For more information, visit www.buenavistava.org/SBRG