COVID - 19 RESOURCES
Main Street Lexington has compiled a list of resources for our downtown businesses in regard to relief funding and helpful information. We will keep updating our list as we get more information.
Community Foundation Covid-19 Relief Fund Grant
DESCRIPTION: The Community Foundation for Rockbridge, Bath, and Alleghany (CFRBA) in partnership with Main Street Lexington, the Chamber of Commerce, Rockbridge County and the City of Buena Vista, has started a COVID-19 Relief Fund. Through that fund, Main Street Lexington will apply for funds for our downtown businesses of up to $2,000 per business that applies. You can complete the application at the link copied below, mail in a paper copy to Main Street Lexington at our mailing address below, or drop off the application in person. Our office hours are currently limited but we will happily schedule a time for you to drop it off in person if that's your preference.
LINK TO APPLY FOR THE GRANT: https://forms.gle/H49ZaM3SM9282xna6
LINK TO THE FUND: www.cfrba.org/covid19fund/
MSL MAILING ADDRESS:
P.O. BOX 295
LEXINGTON, VA 24450
RELIEF THROUGH THE CARES ACT
Listed below are various links with helpful information regarding the new Paycheck Protection Program and changes to the SBA Economic Injury Disaster Loans (EIDLs) under the act.
1. This is a helpful short outline for businesses who may be applying for the Paycheck Protection Program Loan:
https://www.ramw.org/sites/default/files/Phase%203%20US%20Chamber%20of%20Commerce.pdf
Here’s a link to the application:
https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf
2. This is a longer outline, but also possibly helpful: https://www.virginiaisforrestaurantlovers.com/images/Coronavirus/The_Small_Business_Owners_Guide_to_the_CARES_Act_rev_3-30.pdf
3. This link is from the US Chamber and explains what small businesses need to know about the CARES Act:
www.uschamber.com/co/start/strategy/cares-act-small-business-guide
As a reminder, there are different opportunities for relief available through the CARES ACT and the Small Business Administration, and we recommend speaking with your lender, attorney or business adviser to determine the best route for you. One of the top hold ups with completing loan documents comes from a lack of having corporate documents in order, so read below to make sure you are prepared on the front end to take advantage of the Paycheck Protection Plan (PPP).
GRANTS AND FORGIVABLE LOANS
Virginia 30 Day Fund
DESCRIPTION: Virginia 30 Day Fund is a new fund that has been started to get money to small businesses across the commonwealth quickly. Businesses can apply for and be granted up to $3,000 in a forgivable loan which will be processed and dispersed in 3 days from your application. To apply, click the link below. You will need to upload a quick video along with your application as well as a copy of your business license and W-9. Please let Main Street Lexington know if we can help with any of this.
LINK: https://va30dayfund.com/apply/
OTHER RESOURCES
Unemployment Benefits
DESCRIPTION: The Virginia Employment Commission has provided guidance on how to apply for unemployment benefits.
LINK: drive.google.com/file/d/1QNzyFRZwVtmWevPXilLSxWYRtL_iIOgT/view?usp=sharing
Community Foundation Covid-19 Relief Fund
DESCRIPTION: This is seeking donations to serve community-based organizations that are supporting local workers and families most affected by the coronavirus crisis.
SOURCE: Community Foundation for Rockbridge, Bath, and Alleghany
LINK: www.cfrba.org/covid19fund/
Rockbridge Chamber of Commerce Resource Hub
DESCRIPTION: The Chamber of Commerce has also put together a list of COVID-19 resources. Please visit their page at the link below.
LINK: www.lexrockchamber.com/?page_id=3835
Community Foundation Covid-19 Relief Fund Grant
DESCRIPTION: The Community Foundation for Rockbridge, Bath, and Alleghany (CFRBA) in partnership with Main Street Lexington, the Chamber of Commerce, Rockbridge County and the City of Buena Vista, has started a COVID-19 Relief Fund. Through that fund, Main Street Lexington will apply for funds for our downtown businesses of up to $2,000 per business that applies. You can complete the application at the link copied below, mail in a paper copy to Main Street Lexington at our mailing address below, or drop off the application in person. Our office hours are currently limited but we will happily schedule a time for you to drop it off in person if that's your preference.
LINK TO APPLY FOR THE GRANT: https://forms.gle/H49ZaM3SM9282xna6
LINK TO THE FUND: www.cfrba.org/covid19fund/
MSL MAILING ADDRESS:
P.O. BOX 295
LEXINGTON, VA 24450
RELIEF THROUGH THE CARES ACT
Listed below are various links with helpful information regarding the new Paycheck Protection Program and changes to the SBA Economic Injury Disaster Loans (EIDLs) under the act.
1. This is a helpful short outline for businesses who may be applying for the Paycheck Protection Program Loan:
https://www.ramw.org/sites/default/files/Phase%203%20US%20Chamber%20of%20Commerce.pdf
Here’s a link to the application:
https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf
2. This is a longer outline, but also possibly helpful: https://www.virginiaisforrestaurantlovers.com/images/Coronavirus/The_Small_Business_Owners_Guide_to_the_CARES_Act_rev_3-30.pdf
3. This link is from the US Chamber and explains what small businesses need to know about the CARES Act:
www.uschamber.com/co/start/strategy/cares-act-small-business-guide
As a reminder, there are different opportunities for relief available through the CARES ACT and the Small Business Administration, and we recommend speaking with your lender, attorney or business adviser to determine the best route for you. One of the top hold ups with completing loan documents comes from a lack of having corporate documents in order, so read below to make sure you are prepared on the front end to take advantage of the Paycheck Protection Plan (PPP).
- Assemble 3 years business tax returns and financials—include all entities.
- Be prepared to validate and detail your payroll expenses.
- Past SBA 7a loans required personal tax returns and Personal Financial Statements (not clear if needed or not for PPP, but probably best to assemble).
- Get your corporate documents in order: corporate status for every entity needs to be up to date and current, copies of each company’s registered Articles and signed Operating Agreement (or complete bylaws with up to date minutes naming the officers), up to date insurance on the company, copy of ID for any signer, and be prepared to accurately fill out a Beneficial Ownership Form.
GRANTS AND FORGIVABLE LOANS
Virginia 30 Day Fund
DESCRIPTION: Virginia 30 Day Fund is a new fund that has been started to get money to small businesses across the commonwealth quickly. Businesses can apply for and be granted up to $3,000 in a forgivable loan which will be processed and dispersed in 3 days from your application. To apply, click the link below. You will need to upload a quick video along with your application as well as a copy of your business license and W-9. Please let Main Street Lexington know if we can help with any of this.
LINK: https://va30dayfund.com/apply/
OTHER RESOURCES
Unemployment Benefits
DESCRIPTION: The Virginia Employment Commission has provided guidance on how to apply for unemployment benefits.
LINK: drive.google.com/file/d/1QNzyFRZwVtmWevPXilLSxWYRtL_iIOgT/view?usp=sharing
Community Foundation Covid-19 Relief Fund
DESCRIPTION: This is seeking donations to serve community-based organizations that are supporting local workers and families most affected by the coronavirus crisis.
SOURCE: Community Foundation for Rockbridge, Bath, and Alleghany
LINK: www.cfrba.org/covid19fund/
Rockbridge Chamber of Commerce Resource Hub
DESCRIPTION: The Chamber of Commerce has also put together a list of COVID-19 resources. Please visit their page at the link below.
LINK: www.lexrockchamber.com/?page_id=3835
MSL is dedicated to the economic vitality of the downtown area. We are here to help entrepreneurs start businesses and support existing business owners. Build your business, renovate a building, or be a part of an economic development project. Main Street Lexington is your resource.
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Owning a Business in Downtown Lexington, Virginia We welcome retail, professional services, restaurants, hotels, medical services, micro-manufacturing and more in Downtown Lexington. Download our Quick Guide to Starting a Business in Downtown Lexington, VA. Main Street Lexington is committed to helping downtown businesses launch, sustain, and expand. |
Lexington, VA: A Designated Qualified Opportunity Zone You may be eligible to receive preferential tax benefits on capital gains by investing those gains in our livable, lovable city. Learn more about Lexington, VA's Qualified Opportunity Zone. |
Additional Resources:
- Main Street Lexington Business Signs and Awnings Grant Fund Information
- Application for the Main Street Lexington Business Signs and Awnings Grant Fund
City of Lexington Website - Chamber of Commerce Serving Lexington, Buena Vista, and Rockbridge County Website
- Shenandoah Small Business Development Center (SBDC) Website
- Historic Lexington Foundation's Facade Grant Program
- City of Lexington's Architectural Review Board (for approval of signs, renovations, etc.)
- Gift Certificate Program FAQ for Downtown Merchants
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Office Address: 101 S Main St, Lexington, VA 24450
Mailing Address: PO Box 295, Lexington, VA 24450
Office Address: 101 S Main St, Lexington, VA 24450
Mailing Address: PO Box 295, Lexington, VA 24450