CARES Money for Small Business discussed by County at Supervisors meeting

Businesses Soon to Be Eligible for Federal Monies Via County

Botetourt County is anticipating the receipt of $2.9 million in federal monies through The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, the Board of Supervisors learned at its May 26 meeting.

While much of the money is slated to be used for the purchase of personal protective equipment and some will be given to the county’s three towns, a portion will be set aside for small business grants.

These grants, when instituted, would reimburse the costs of business interruption caused by closures due to the Covid-19 virus and state and federal orders limiting public access to facilities during the pandemic, according to Botetourt County Economic Development Director Ken McFayden.

The Covid-19-related funding provides the county with an immediate opportunity to implement a small business grant program as early as late June, McFayden said. The monies must be distributed according to federal and state guidelines. At the time of the supervisors’ meeting, the program would only be for small businesses physically located and based in Botetourt County employing 100 or fewer employees.

Sole proprietorships, LLCs, and other self-employed individuals could also qualify. The business must have experienced a Covid-19-related impact such as closure or suspension of business operations.

The businesses would have to have been in operation for at least two years, McFayden said, although this point was ambiguous and he said it could change before the grant was implemented.

The grant would be for a maximum of $5,000 for qualifying businesses of five or more employees, $3,500 maximum grant for a business with three to five employees, and $2,500 maximum grant for a business with one to two employees.

The grant funds could be used for legal assistance, accounting, marketing, and e-commerce needs. The funds would be allocated on a first-come-first-serve basis to Botetourt County-based small businesses, possibly starting as early as June 15, 2020. The grant funding would last until the funding was depleted.

Businesses interested in the grant should contact the Botetourt County Economic Development Office for more information.

                                                               — Anita Firebaugh, Special to The Botetourt Bee