In an effort to assist businesses grappling with the financial impact of COVID-19, the City of Salem Economic Development Authority (EDA), has established a $500,000 Small Business Coronavirus (COVID-19) Disaster Assistance Grant Fund Program. One-time grants of up to $5,000 are intended to support small businesses in their recovery from the impacts of the pandemic. The grants are administered by the City of Salem through its EDA and application forms will be available to print and download, starting July 13.
FUNDING SOURCE:
The U.S. Treasury guidance allows states to use Coronavirus Relief Fund (CRF) dollars for expenditures “related to the provision of grants to small businesses to reimburse the costs of business interruption caused by required closure.” The Commonwealth of Virginia has elected to disperse a portion of its allocation to local governments. Salem City Council has elected to use part of its allocation to help preserve small business by providing grants to eligible businesses.
ELIGIBLE GRANT USES:
Grant funds must be expended in compliance with state and federal law. Funds may be used to reimburse the cost of business interruption caused by required closures, which may include:
- Operations (i.e., payroll, rent, supplies, working capital, insurance, etc.)
- Pivot to respond to new market conditions (i.e., develop or expand online sales/e-commerce, delivery or take out; develop new product line, etc.)
- Equipment and inventory purchases
- Rent or mortgage expenses
- Deep cleaning services, PPE, protective barriers, etc.
- Other critical operating expenses
APPLYING:
Electronic applications are currently being accepted and are available on the City of Salem Economic Development web page at www.salemva.gov/Departments/Economic-Development.
For more information, contact Salem Economic Development at econdev@salemva.gov or 540-375-3007.
- Submitted by Jill Loope, Roanoke County Director of Economic Development
