Chesapeake Economic Development offers extra $1M for small businesses

Through the Chesapeake Economic Development department’s latest $1 million round of COVID-19 grants, small businesses can receive up to $10,000 for reimbursable business expenses related to the pandemic, such as rent, payroll and operating costs.

This marks the department’s third round of Small Business COVID-19 Recovery Grant program funding. So far, the department has disbursed $2.5 million among 260 small businesses in Chesapeake.

“We’re committed to helping our business community find success during these trying times,” Steven Wright, director of economic development for the city of Chesapeake, said in a statement. “We understand the impact our community has felt and we’re working to get more funds to those who need it as quickly as we can.”

Businesses in Chesapeake with fewer than 50 employees are eligible to apply for the funding. There is no deadline to apply, but the program will end after funds are exhausted. Businesses that have received Paycheck Protection Program and/or Economic Injury Disaster Loan funding from the Small Business Administration can apply, but expenditures funded by those programs aren’t eligible to be reimbursed by the Chesapeake program.

To be eligible to apply, business must have the following:

• Made an effort to remain open, retain employees during pandemic
• Been registered business since March 1, 2019
• Be up to date on city of Chesapeake taxes
• Have fewer than 50 employees
• Submit notarized affidavit certifying expenses reimbursed by grant proceeds are COVID-19 related

Preference will be given to small, woman and minority owned (SWaM) businesses, veteran-owned businesses and businesses that have “made all efforts to remain open and keep as close to full employment as possible,” during the pandemic.

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