Open for Business Grant Fund Guidelines

 

Funding for the Rent & Mortgage portion (county wide) of this program is still available.

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ELIGIBILITY CRITERIA

Wythe County businesses meeting all the below eligibility criteria are encouraged to apply:

 

• Must be an existing for-profit business, locally owned and operated in Wythe County

• Must demonstrate that they were operational pre-COVID-19 (March 1, 2020)

• Must be current on all local taxes, business licenses, and public loans (including but not limited to the JIDA Revolving Loan Fund) as of March 1, 2020

• Must demonstrate impacts due to COVID-19, (e.g., revenue loss, reduced sales, closure or suspended operation, employment decline, business interruption)

 

GRANT AWARD

Businesses may qualify for rent or mortgage relief as outlined below:

 

• Grants of up to $10,000 for a maximum of six months are available for rent and mortgage relief.

• Businesses with 20 or fewer employees (full time equivalents - FTE) are eligible. For this purpose, two part-time employees will count as one full time equivalent.

• Funds will be distributed on a reimbursement basis from April 1, 2020, forward with proof of payment and verification.

• A check will be written upon award for rent expenses incurred to date.

 

ELIGIBLE GRANT USES

Awards must be expended in compliance with state and federal law, and may be issued as:

 

• Reimbursement for rent or mortgage expenses

 

INELIGIBLE GRANT USES

Grant funds may not be used for:

 

• Payment of town or county utility expenses (e.g., water and sewer bills)

• Payment of state, county, or town taxes

• The same use as previously received CARES Act funding (ex: if the business has received PPP funds, they may not use this grant to cover payroll for the same time period)

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INELIGIBLE BUSINESSES

The following businesses are not eligible:

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• Businesses who have previously received funding from Wythe County’s Open for Business grant program

• Businesses not currently in operation or are permanently closed

• Banks and financial services

• Charitable, religious, governmental, or other non-profit organizations

• Independent contractors operating multilevel or network marketing businesses (e.g., Avon, Mary Kay, Pampered Chef, Sabika, etc.)

• Franchise businesses, except those franchises which are locally owned and operated

• Businesses engaged in speculation or investment in rental real estate

• Businesses determined ineligible under SBA guidelines listed here: https://www.sba.gov/partners/lenders/7a-loan-program/terms-conditions-eligibility#section-header-19

 

HOW TO APPLY

Businesses can access the application online at www.madewythepride.org. Applications may be submitted by email to adminspc@downtownwytheville.org, or mailed or delivered to the Downtown Wytheville office located at:

 

Downtown Wytheville Incorporated

180 West Main, Suite 4
Wytheville, VA 24382

 

REQUIRED DOCUMENTATION

• Completed Application

• Proof of rent/mortgage payments (front & back processed check images, bank printouts of draft payments)

• Copy of current lease agreement

• Monthly financial statements for the first six (6) months of 2020 including profit & loss and balance sheet

• Financial Impact Statement (spreadsheet provided below)

• W-9 Form

 

Applications are subject to verification. Application submission does not guarantee grant awards. Each application must be accompanied by all required documentation to be eligible for consideration. Complete applications will be accepted and considered immediately, and grants will be awarded until funds have been depleted. Grants from government entities are generally considered income and therefore taxable – please consult with your accountant or tax preparer for more information.