Suffolk EDA Unveils New Small Business Support
The Suffolk Economic Development Authority (EDA) approved a new Grant Program designed to support businesses facing economic hardship due to the outbreak of the coronavirus COVID-19.
The EDA has allocated up to $200,000 for the COVID-19 Small Business Assistance Grant Program in emergency relief to support local businesses with a commercial presence in the City. Via the new Grant Program, qualifying business may be eligible to receive a one-time grant up to $5,000.
Applications will be accepted beginning June 11, 2020 and can be found, along with information about how to apply, on the Suffolk Economic Development website under COVID – 19 Resources.
The new Program focuses on businesses that have been impacted the hardest by the outbreak and associated Executive Orders. The Grants will provide for a wide range of applicable uses to support varied needs, such as support to pay private utilities (gas, power, cable), rent, insurance, or operating expenses.
A sample of criteria to qualify includes:
Businesses must have no more than 50 Full–Time employees as of March 24, 2020
Must have been operational prior to Jan 1, 2020
Impacted by Governor Northam’s Executive Order 53 and associated directives
Other conditions apply: see the full list of requirements. The Program will continue until funds are fully depleted.
Contact Gregory Byrd, 757.514.4042, or SuffolkEDA@suffolkva.us with questions.