Virginia Business

Virginia small businesses are now eligible to apply for financial assistance due to the impact of the spreading coronavirus.

The Small Business Administration implemented a statewide Economic Injury Disaster Loan declaration Thursday.

The EID loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue, according to elected officials.

“In the blink of an eye, small businesses across my district have been forced to confront unprecedented economic upheaval in the midst of a pandemic,” U.S. Rep. Jennifer Wexton (D-Va.-10th) said in a prepared statement announcing the SBA's decision. “I’m committed to doing everything in my power to help these businesses keep their doors open and their employees on payroll. Making federal SBA disaster loans available is an important — but not final — step to help small businesses in my district weather this crisis.”

The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the impact of COVID-19, congressional officials said.

The interest rate is 3.75% for small businesses without credit available elsewhere. Businesses that have other means of credit are not eligible. The interest rate for nonprofits is 2.75%. SBA offers loans with long-term repayments -- up to 30 years -- in order to keep payments affordable. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

Businesses can apply for disaster loans here. Small business owners can also contact their local Small Business Development Center or Small Business Administration field office for assistance; information on SBA resource partner sites can be found here.

Employees who have been laid off or lost hours due to coronavirus can find resources on available benefits via the Virginia Employment Commission here. Self-employed people are also eligible for benefits via a refundable income tax credit created by the Families First Coronavirus Response Act that passed earlier this month.

Up to $7 billion was also made available to SBA for disaster relief loans following the passage of the bipartisan Coronavirus Preparedness and Response Supplemental Appropriations Act.

“We encourage any Loudoun County business experiencing hardship due to the COVID-19 outbreak to apply. The money can help them weather the economic downturn and begin to plan for recovering from the financial impacts of the Coronavirus,” SBDC-Loudoun Manager Eric Byrd said in a prepared statement. “SBDC-Loudoun is committed to providing support and guidance to Loudoun’s small businesses as we work together to emerge from this difficult period.”

Byrd said SBA customer service representatives will also be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.

Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

People who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155. 

The deadline to apply for an Economic Injury Disaster Loan is Dec. 18.

(16) comments

More Cowbell

Don't quite get the gov's orders since Wegman's, Walmart had close to 1000 people this past Sat(including roughly 200-250 employees). I walked in and walked out since a lot of the shelves were empty. How come they're not only allowing 50 people in the store at a time? And really, why keep liquor stores open? Noticed vape stores still open and several others that I wouldn't call essential. Look for 30-40% of small businesses to close for good because they can't handle being closed for 4-6 weeks(or longer). Should have only done 2 weeks and then re-evaluate. Not much will change since 1000s showing up at stores.

amerigirl

I agree. But disagree on the time line only because they know how the virus trends. They can see when it starts downward and start re accessing then. We don't want to be like Hong Kong and say it's over to soon and have a second epidemic.

hardworkingamerican

Some interesting take on this. First my daughter-in-law is a molecular biologist and is working with the analysis and strategies of this "virus". The don't panic comment is very valid. First of all the molecular structure and the source coding is really one of many "Corona/CoV" type viruses that are out there. As a matter of fact this is in the molecular biologist world technically called SARS 2. The SARS outbreak in 2003 had a 10% death rate, but was of a lower transmission rate. This allowed the outbreak to be localized of course where it started which was outside of the United States. This is a carry over from animals as they are eaten, such as animals bitten by bats and then consumed in a lot of third world countries, many of which I have traveled to and witnessed and it is this eating practice that creates this migration to humans. This virus, just like SARS CoV or SARS 1 is a migration strain but is far LESS apt to take life, but is more easily transmitted. Humidity and higher temperatures are our friend and this creates a barrier when the coughed or sneezed droplets become air borne which is how this and just about any Corona type virus or any virus is transmitted, this humidity interferes with the droplet transmissions. This SARS 2 which is technically what this is called in the advanced biologist and biological world has a very low mortality rate in this particular strain by comparison, but is more easily transmitted. Like always anyone who is immune compromised is going to be more easily affected and have a higher risk. This is true of any Virus. Let me say that again, this is true of any virus. The everyday practices of wiping down machines at the gym and washing your hands and not coughing and sneezing on food, like just happened with 2 stupid idiot teens that were arrested here in Purcellville. I am at least glad they can be arrested for something. Now if we can just get the MS-13 and other criminals off the streets. Ok, I digressed for a moment, back to the point. The factual, biological and molecular engineering of this is in the same category of many things that have come before it. This much less deadly but more transmittable. One of the most devastating things that can happen to unhealthy people is panic or anxiety. This afflicts 10s of millions of Americans each day and sends people to the hospital on a daily basis and also consumes our responder/paramedics time more than you can imagine. I know because my son is one of them meaning a paramedic/fire fighter/ first responder. Mass hysteria and panic takes a huge toll on elderly and those that are less equipped to handle such stress. Keep this insane news garbage down to simple facts like I have given and let the molecular biologists that are working on this communicate through the Executive branch and leave all the hype out of it. This is not the time to get a "story" by attacking those that are trying to do what is right. We are killing America with these insane practices. Call it what it is, explain what it is, explain how it is similar to things we have faced and lived through, explain where it came from and how it originated there, explain proper ways to protect yourself and above all don't do stupid things like the idiots in Purcellville. This country accepts too many acts of violence against citizens as, they were just exercising their right of...fill in the blank. We are one nation, under God and we have liberties, but these liberties do not allow for fear mongering and attacking those that are working to help. Stop the fake news and panic, be vigilant, but get the facts straight. The sad news is that when this is all over I will go back to the gym and watch people sweating and coughing and using their phones that they lay on machines and then proceed to go to another machine without wiping it down. Maybe these people of another generation, except for the spitting teenagers will learn something about caring for others. I certainly hope so. Don't panic, be safe and above all take normal hygiene steps that should be a considerate and normal everyday occurrence. God Bless America, let's Keep America Safe.

amerigirl

WOW talking about construed data. SARS H1N1, we had a president that started preparing early with test kits and creating a vaccine which took the death rate in the US to only.02% If people don’t understand what the corona viruses are by now, they just haven’t paid attention. People who have preexisting conditions don’t have to wait for a virus, even a cold can cause pneumonia and kill some. Who is having a mass hysteria? They are taking the precautions they should, do you call that hysteria? It isn’t quite the same as other things we have lived through, as you said yourself it is highly contagious. The date rate globally is 3.4% and hopefully if people take precautions it will be lower in this country.

pual mase

all these quoted death rates are nonsense until we have larger population tested.

Until this happens the denominator is way underestimated because it doesn’t count the infected untested including those infected with no symptoms. Quoting 3.4 % death rate may be the best hard data available but it is. very misleading and continually changing as testing catches up.

amerigirl

pual that is a global rate not the US. It is a guideline of the effects. WHO is not some run of the mill organization that just throws out figures.

Jeanne T

Trans-species transmission. You know, there's a reason why the Jewish people had laws against eating certain animals (Leviticus), not to mention their laws on cleanliness. I recall that one of the reasons the Ebola virus spread so badly in certain countries was because of the way they handled/buried the dead. The Jews had laws regarding this as well, thousands of years ago. A few years ago (well, maybe more than a few) my husband and I visited Cooperstown, NY, home of the Baseball Hall of Fame. While we were there we visited, among other things, a working farm, and I talked with the pharmacist in the old-fashioned pharmacy. Somehow we got onto the discussion about what happened in England I'm the 19th century, when the infant mortality in hospitals was high. It was finally realized that the doctors delivering the babies had been handling corpses before going to deliver the babies, without washing their hands. Long story short, when it was discovered that this was the cause of the infant deaths, they stopped this practiced of not washing hands. I recalled the Levitical laws regarding the handling of dead bodies to the pharmacists, and he said, "You're right!" This knowledge was given and known to the Jews a long time ago.

amerigirl

There are laws in this country about the same thing. Which is probably why the viruses don't start here.

amerigirl

Please. please, please. If you are not over 60 or have a condition that makes you vulnerable please stop going to the grocery stores when it is shopping time for those people. I realize that y=everyone know the stores have been cleaned for this type of person and you may feel safer but you could be infecting your neighbors. It is just not right!

Jeanne T

Agree! Thank you, amerigirl. People need to think of others first and stop being selfish. Allowing seniors to have their own time to shop is very prudent. They were doing this in Italy, as well.

Jeanne T

I was listening to an interview this morning with Dr. Dan Eichenberger, who has come out of retirement to help treat patients who have been diagnosed with the virus.** He made some very good points, one being that that the death rate from the economic fallout and unemployment could very well end up being higher than that from the illness in the end. Why? Because when people are unemployed and don't have money coming in they still have rent to pay and food to buy, and they don't buy their medicines. We know that there are already, even before the outbreak of this virus, many elderly and other low-income individuals who are on very limited incomes who often forego getting their medicines in order to buy food. Do I buy food, or spend the money on medicines?

Another issue he raised is all the hype about there "not being enough hospital beds". He countered this by reminding that here in the U.S. we have an abundance (his word) of out-patient facilities, so when you hear there aren't enough "hospital beds", that does not include the out patient facilities. The news networks are not pointing this out. We need the proper perspective, friends!

Dr. Dan Eichenberger had lots of other things to say as well, injecting "more sanity into a sensationalized situation."

So my advice, dear readers, is to stop listening to all the hype from all the major news networks, which are sensationalizing many things in order to keep up their ratings, and advance their own agendas. And they are all trying to advance their own agendas. I mean ALL of the networks (and this isn't the time to be arguing over the politics of these networks). We need sanity and common sense to get through all of this. This is not saying that COVID-19 is not serious, of course. But often it's what we are NOT hearing that is harmful to the public.

Everyone, please stay well and look out for your neighbor! Be courteous in all your dealings with others and put your politics aside. Treat others as you would have others treat you.

**FYI, this doctor is treating a patient with Hydroxychloroquine, with very positive results.

pual mase

Great points Jeanne T.

Thanks for sharing

amerigirl

Jeanne it's not hype, it is precautionary. If people don't take precautions then they are putting themselves, or worse their families at risk. The thing you forgot to mention is that most physicians don't agree with Eichenberger. He is only 1 person. The news networks are covering the facts, which is their jobs. If the president feels it is necessary to make daily news conferences about the virus and give the same warnings as the major news networks how is that hype? There are just too many deaths across the globe to not pay attention to the pandemic. Please people, listen to the news and fo;;ow the guidelines that they are repeating from the healthcare system so we can try and keep a lower death rate in this country. As it has been said during the presidents news conferences there will be different slopes in different areas of the country. Pay attention and when the slope is high take more precautions.

Jeanne T

You are right about being precautionary; the doctor did not diminish that Iii was an hour long interview, and as I said he covered many things). I think that there is a temptation to exploit such crises, which is not helpful, though. Yes, we should all be taking the precautions that are recommended!

LoudounPulse

Good. The interest rates should be on par with the 10Y Treasury, but these loans are better than nothing. Lets pray our small businesses will survive this storm. I'd hate to see all those small shops on King Street closed and elsewhere around the county.

LetSanityPrevail

Perhaps in addition to low cost loans the state could dedicate more procurement dollars to small businesses and manufacturers. While lowest cost procurement is usually the goal maybe there should be some weight given to local small businesses even if they are not necessarily the cheapest.

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