July 27, 2020, 9:47 PM
Small businesses and nonprofit agencies in Virginia that have suffered economic damages because of the coronavirus will have access to parts of $70 million in new financial aid the state is making available.
Gov. Ralph Northam said $10,000 each will be awarded to about 7,000 applicants. In order to qualify, businesses and nonprofits must have an annual revenue below $1.5 million and no more than 25 employees.
Enterprises that have not received federal coronavirus financial aid are eligible.
The Northam administration has also set a goal of diversity, equity and inclusion in the fresh round of funding, so half the funds can go only to small businesses and nonprofits that are operating in low-income or economically-disadvantaged communities.