Economic Development

NEW: Paycheck Protection Program Loan Is Back

The Small Business Administration is now accepting applications for Second Draw PPP Loans.

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a loan to apply for a Second Draw PPP Loan with the same general  loan terms.

A borrower is generally eligible for a Second Draw PPP Loan if he or she:

• Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
• Has no more than 300 employees; and
• Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

You can apply for from January 13th until March 31, 2021.

City Delivers $750,000 in Relief to Small Businesses

The City of Charlottesville Office of Economic Development (OED) is pleased to announce that 128 small businesses have received funds from the Small Business Relief Grant (SBRG) program. The full list can be found at the Small Business Relief Grant link.

Phase Three All Business Sectors

Governor Northam announced Phase Three guidelines for all Business Sectors.  Read about the Governor’s Safer at Home: Phase Three for more information.  

Project Rebound

Project Rebound, a local economic recovery initiative for our area, recently released "A Blueprint for Economic Resiliency and Reinvention in Greater Charlottesville Region". The report, produced by KPMG LLP, maps out economic recovery action steps for the business community.  The recommended actions are based on data from stakeholder meetings and follow-up interviews with more than 300 local participants. The project was led by the Charlottesville Regional Chamber of Commerce with support from the City, County and University economic development efforts. Click to see the full Blueprint report.

SBA Disaster Assistance

The Small Business Administration (SBA) has reopened the Economic Injury Disaster Loan and EIDL Advance program portal to further meet the needs of small businesses impacted by COVID-19.  See the SBA Disaster Assistance website for all the details and to apply.

Links to Assistance for Businesses During COVID-19

• Small Business Owners Guide to CARES Act (PDF) - Assistance for business owners with whatever needs they have right now.
• VA 30 Day Fund is rolling out Forgivable Loans for Virginia Small Businesses.       
• US SBA COVID-19 business assistance.  The Commonwealth of Virginia is now officially listed and classified as an "eligible" area. We encourage City of Charlottesville businesses interested in submitting an application for financing the SBA’s Coronavirus (COVID-19) Disaster Assistance Program to begin completing the application. The number assigned to the State of Virginia for the emergency declaration is VA-00087.  General guidance on the SBA Disaster Loan process (PDF) 
• For information on unemployment and other business needs, visit the Virginia Employment Commission. The Governor has waived the on-week waiting period so that workers can start receiving benefits right away.  
• Updates from Virginia Department of Health (including some info for business).

Financial Resources                

• Tory Burch Foundation has a useful list of resources (for both finding and advice) for small businesses.
• VA 30 Day Fund is rolling out Forgivable Loans for Virginia Small Businesses       
•        The VA Small Business Development Center (SBDC) has published new information on financial assistance for small businesses and how to apply for a Federal Disaster loan.         
• SBA Disaster Assistance Loan.          Facebook Social Network 

Additional Information

• Charlottesville restaurants and stores  currently "open" for business: CVILLESHOPS 

For the most up-to-date information, be sure to follow us on social media or sign up for updates.

The Office of Economic Development is the catalyst for public and private initiatives that create employment opportunities and a vibrant and sustainable economy.

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