The Loudoun County Economic Development office has awarded grants to more than 200 local businesses impacted by COVID-19.
On May 8, the office announced the grant winners of the COVID-19 Business Interruption Fund after conducting a virtual drawing.
The grants, which range between $5,000 and $10,000 depending on the business' number of employees, will be disbursed to businesses starting this week, according to county officials.
A full list of grant recipients can be found at LoudounBusinessFund.org.
“This process provided new insight into the economic devastation that COVID-19 has had on thousands of Loudoun County businesses,” Buddy Rizer, executive director for Loudoun Economic Development, said in a prepared statement. “This grant funding is just one piece of the puzzle for Loudoun’s recovery, and we look forward to working with all businesses moving forward."
The Business Interruption Fund required all applicants to document and demonstrate less than $2.5 million in annual revenue, show that at least a 25 percent loss in revenue can be attributed to COVID-19 and show they are appropriately licensed and operational in Loudoun County.
The fund had three different tranches, geared at Loudoun-Made, Loudoun-Grown agricultural business with up to two employees, general businesses with three to 50 employees or home-based businesses with three to 100 employees, and businesses with 51-100 employees.
Based on the number of submissions, all eligible businesses in the first and third tiers were funded, and any remaining money was shifted to the tranche with three to 50 employees. This increased the initial estimate of 177 grants to 201 total grants.