Chesterfield Announces 3rd Round of “Back in Business” Grants

The Chesterfield County Board of Supervisors announced in May 2020 that the county would use $5 million of its Coronavirus Aid, Relief and Economic Security (CARES) Act Federal funding to create a small business relief fund that would aim to get direct funding to those businesses most impacted by COVID-19.

Round 1 of the funding closed on June 18, 2020, and specifically targeted businesses that were not eligible or able to receive any funds from the federal stimulus program. Round 1 also targeted businesses that were more likely to be able to keep people employed, to bring employees back to work, or add new jobs. Round 1 recipients are listed here.

Round 2 of the funding closed on July 2, 2020. Businesses that received prior assistance through the federal programs were eligible to apply. Round 2 also allowed for a larger range of annual gross revenues to qualify and adjusted the grant awards on a sliding scale, based on the size of the business applying. Round 2 recipients are listed here.

Round 3 of the county’s “Back in Business” Grants will open November 12, 2020. New criteria will enable the grants to be available to a broader segment of Chesterfield’s small businesses, including non-profits. Round 3 will also allow for a larger range of annual gross revenues to qualify. Grants in Round 3 will be awarded on a sliding scale, based on annual revenues. With these changes to the criteria, the county expects a robust third round of funding.

Under CARES Act guidelines, funds are meant to reimburse businesses for the costs of business interruption caused by required closures due to COVID-19. The grant can be used for:

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

To be eligible for Round 3, a 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 a 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 a Financial Statement of Impact spreadsheet;
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. (NOTE: businesses that received a Chesterfield County BIB grant in Rounds 1 or 2 or received a Childcare Provider Grant are not eligible.)

To be eligible, a NON-PROFIT business:

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. (NOTE: non-profit businesses that received a Chesterfield County BIB grant in Rounds 1 or 2 or received a Childcare Provider Grant are not eligible.)

What businesses are NOT eligible to apply?

1. Businesses that received a Chesterfield County BIB grant in Rounds 1 or 2 or received a Childcare Provider Grant are not eligible.
2. Independent contractors operating multilevel or network marketing businesses (such as Avon, Mary Kay, 5LINX, Pampered Chef, etc.) are not eligible to apply.
3. Independent contractors working on gig platforms (such as Airbnb, Fiverr, Uber, Lyft, Instacart, etc.) are not eligible to apply.
4. Businesses engaged in speculation or investment in rental real estate.
5. Businesses determined to be ineligible under SBA guidelines: https://www.sba.gov/partners/lenders/7a-loan-program/terms-conditions-eligibility#section-header-19

Grant amounts will be awarded to eligible businesses on a sliding scale, based on Annual Gross Revenues:

• Annual Gross Revenues of $30,000 to $49,999 are eligible for a grant in the amount of $5,000;
• Annual Gross Revenues of $50,000 to $199,999 are eligible for a grant in the amount of $7,500;
• Annual Gross Revenues $200,000 to $6 million are eligible for a grant in the amount of $10,000.

Applicants will be required to demonstrate that they are eligible, that they were operational pre-COVID-19, and that they are suffering negative impacts from COVID-19 closures. Applicants will be asked to provide:

• An IRS W-9
• A copy of 2019 filed federal tax return (For-profit) or a copy of a 990, SS-4 or 147C IRS Form (Non-profit)
• A Financial Statement of Impact (FSI) form
• A Profit and Loss Statement confirming numbers entered on the FSI