The Loudoun Economic Development Authority on Thursday unanimously approved an additional $250,000 in funding for Loudoun County’s COVID-19 Business Interruption Fund.
The money will be added to the $1.15 million that county supervisors approved Tuesday night, which will be used for grants to small businesses to help bridge the gap while they wait for more substantial aid from the federal government.
“There is nothing more important than helping our community and the businesses they work for during the crisis,” said Loudoun Economic Development Authority Chairman Mark Madigan. “People need help immediately and the EDA is 100% in support of the Board’s work to help our business community.”
That will bring the total funding available up to $1.4 million, with $185,000 for agricultural businesses in the Loudoun Made, Loudoun Grown program with up to two employees; $555,000 for businesses with 3-50 employees; and $660,000 for business with 51-100 employees.
Grants will be made for $5,000 to 37 agricultural businesses; $7,500 to 74 businesses with up to 50 employees; and $10,000 for 66 businesses with 51-100 businesses. The 177 grant awardees will be randomly selected from those that apply during a 72-hour window beginning at noon on April 29 and closing at noon on May 1.
Businesses must also have less than $2.5 million in annual gross receipts and show at least at 25 percent loss in revenue due to COVID-19.
Applications and more information are at LoudounBusinessFund.org.
According to the Economic Development Authority, over the past four weeks of business closures, more than 18,000 jobs have been lost in Loudoun County, including more than 78 percent of all restaurant and retail workers.
“The most important thing we can do right now is get money into the hands of our businesses to help them survive. The Economic Development Authority’s contributions will help funnel funding to an additional 32 businesses that can pay their employees, afford their rent, and see this crisis through into recovery,” stated Loudoun Economic Development Executive Director Buddy Rizer. “Our business community needs us more than ever, and this is a meaningful investment in our #LoudounPossible future.”