Applications for Chesterfield’s third round of ‘Back in Business’ grants opening Nov. 12

Applications for Chesterfield’s third round of ‘Back in Business’ grants opening Nov. 12

CHESTERFIELD Co., Va. (WWBT) - Applications for Chesterfield County’s third round of “Back in Business” grants will open on Nov. 12.

The grants will be available to a broader segment of the county’s small businesses.

“Round Three will also allow for a larger range of annual gross revenues to qualify. Grants in Round Three will be awarded on a sliding scale, based annual revenues. With these changes to the criteria, the county expects a robust third round of funding,” a release said.

Under the CARES Act guidelines, the grant can be used for:

  • Employee compensation (including wages and benefits)
  • Working capital
  • Equipment Inventory
  • Rent
  • Other business-critical operating expenses

“I don’t think anybody expected us to be where we are at this time, so we had to broaden our criteria to be able to assist more businesses,” explained Karen Aylward with Chesterfield Economic Development. “Please apply, we will be as responsive as we can and try to help every business be successful.”

The country released the following guidelines for businesses to qualify:

For-profit business

  1. Must be a for-profit business entity with a place of business located in Chesterfield County
  2. Must have a current Chesterfield County Business License or be exempt from BPOL but subject to local business tangible personal property, machinery and tools tax and/or real estate taxes
  3. Must be able to provide a copy of 2019 filed federal tax return
  4. Must have at least $30,000 but no more than $6 million in annual gross revenues
  5. Must be able to demonstrate at least a 25% loss in revenue that can be attributed to COVID-19 through the online Financial Statement of Impact
  6. Franchisees DO NOT need to be headquartered in Chesterfield County but are eligible for only one grant, regardless of the number of locations in the County
  7. Businesses that have received other funding assistance, including PPP and/or EIDL are eligible, however, businesses that received a Chesterfield County BIB grant in Rounds 1 or 2 or received a Childcare Provider Grant are not eligible

Non-profit businesses

  1. Must be a non-profit business entity with a place of business located in Chesterfield County
  2. Must be able to provide a copy of a 990, SS-4 or 147C IRS Form
  3. Must have annual revenues, contributions and/or sponsorships of at least $30,000 but no more than $6 million
  4. Must be able to demonstrate at least a 25% loss in revenue that can be attributed to COVID-19
  5. Businesses that have received other funding assistance, including PPP and/or EIDL are eligible, however, businesses that received a Chesterfield County BIB grant in Rounds 1 or 2 or received a Childcare Provider Grant are not eligible.

For businesses like Richmond Olympiad, receiving a grant during the second round came at a crucial time.

“This was our 50th year for us -going into the season, we were expecting celebration, not what we ended up facing in September, with possibly not even being in business at that point," explained Christy Renner. “That’s what it was, a beautiful, wonderful gift that we were super excited to participate in and receive. It definitely helped us prolong weeks and months for our staff. We have 4 locations surrounding Richmond and we have 50 employees.”

For more information and to apply when applications open, click here.

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