SBSD’s update this week includes updated Frequently Asked Questions for the Payroll Protection Program (PPP). Information is current as of April 29, 2020. See Weekly Update PDF version included below.
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COVID-19 Related Information for Impacted Businesses
WASHINGTON COUNTY VIRGINIA SMALL BUSINESS RELIEF FUND
The Washington County Board of Supervisors is pleased to report that the County has received a grant awarded through the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, which allows us to distribute funds to small businesses to help them recover from losses and new expenses resulting from COVID-19. Existing businesses located in Washington County, Virginia, (including the Towns located in the County) that have been severely impacted by the COVID-19 Crisis and that meet other criteria as provided in the application packet are eligible to apply. Grants will be awarded in amounts ranging from $1,000 to $20,000, depending upon the number of applications filed and the nature of loss and need described in each application.
CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT ("CARES ACT") AND THE PAYCHECK PROTECTION PROGRAM (PPP)
Learn More About the Paycheck Protection Program:
On April 24, 2020, SBA Administrator Jovita Carranza and Treasury Sectetary Steven T. Mnuchin issued a joint Statement on the Resumption of the Paycheck Protection Program. See Joint Statement
On March 31, 2020, the Department of Treasury set forth guidance on certain provisions of the CARES Act. Please note that additional guidance may be issued as the Treasury Department and the SBA implement the PPP Loan Program. The O’Hagan Meyer Team will update the information as necessary and we encourage our clients to discuss the PPP Loans with certified SBA lenders.
On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) into law providing approximately $2 trillion in assistance to individuals and businesses during the COVID-19 pandemic. The CARES Act includes a new loan program called the Paycheck Protection Program – administered through the Small Business Administration (“SBA”) – that provides up to $349 billion in 100% federally-backed loans to eligible employers.
SBA ASSISTANCE FOR COVID-19 IMPACTED BUSINESSES
U.S. Small Business Administration (SBA), along with health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy. SBA has pulled together resources and information to help small businesses impacted by the coronavirus (COVID-19). Please see the links below for more information:
SBA OFFERS DISASTER ASSISTANCE TO VIRGINIA SMALL BUSINESSES ECONOMICALLY IMPACTED BY THE CORONAVIRUS (COVID-19)
LA SBA OFRECE ASISTENCIA EN CASO DE DESASTRE A LAS PEQUEÑAS EMPRESAS DE VIRGINIA AFECTADAS ECONÓMICAMENTE POR EL CORONAVIRUS (COVID-19)
SBA FACT SHEET – ECONOMIC INJURY DISASTER LOANS
People Inc. COVID-19 Forgivable Small Business Loans
People Incorporated is now offering U.S. forgivable Small Business Administration microloans to small businesses affected by the COVID-19 pandemic. The SBA will make all payments – including principal, interest and fees – for six months following the closing date on any loan closed between March 27, 2020 and September 27, 2020. Click here for more information.
U.S. CHAMBER OF COMMERCE FOUNDATION GRANTS FOR COVID-19 IMPACTED BUSINESSES
The U.S. Chamber of Commerce Foundation will begin accepting online applications for $5,000 grants as part of the Save Small Business Fund. They are available for small businesses with 3-20 employees in economically vulnerable communities. The grants are described at https://savesmallbusiness.com/
The application is very simple and requires information from a W-9. Eligible communities are identified by eligible zip codes (searchable on the website).
Industry Announcements
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March 9, 2020
1901 Group to Establish Operations in Washington County
Governor Ralph Northam announced that 1901 Group, a leading provider of IT services for the public and private sectors, will invest $1.15 million in Washington County to establish its third Virginia operation, creating 150 new jobs.
July 20, 2018
Speyside Bourbon Cooperage, Inc. to Establish Operations in Washington County
Governor Ralph Northam announced that Speyside Bourbon Cooperage, Inc. will invest $26 million to establish a bourbon barrel cooperage in Smyth County and $9 million in a new stave mill facility in Washington County. The stave mill will supply the company’s new Smyth County cooperage, and the two operations will ramp up simultaneously creating 125 new jobs in Smyth County and 35 new jobs in Washington County. The Virginia Economic Development Partnership, the Virginia Department of Agriculture and Consumer Services (VDACS), the Virginia Tobacco Region Revitalization Commission, and Virginia’s Industrial Advancement Alliance worked with Smyth and Washington Counties, the Smyth-Washington Regional Industrial Facilities Authority to secure the projects for Virginia.
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February 8, 2018
Becker Global-America to Invest in New Equipment
Governor Ralph Northam announced that Becker Global-America, a designer and manufacturer of custom electrical equipment for mining, industrial military, and export markets, will invest $150,000 to purchase new equipment and diversify its manufacturing operation in Washington County. In addition, 63 existing employees will be retrained to operate the new equipment. The Virginia Economic Development Partnership worked with Washington County to secure the project, and will support Becker Global-America’s retraining efforts through its Virginia Jobs Investment Program.
July 20, 2018
HAPCO Pole Products to Expand Manufacturing Operations
Governor Terry McAuliffe announced that Hapco Pole Products will invest over $6 million to expand its manufacturing operation in Washington County. The company will construct a 60,000-square-foot, state-of-the-art manufacturing facility adjacent to its current manufacturing campus. This project will create 28 new jobs. The Virginia Economic Development Partnership worked with Washington County to secure the project, and will support Hapco’s new job creation through its Virginia Jobs Investment Program. In addition, the Virginia Tobacco Region Revitalization Commission approved an award from the Tobacco Region Opportunity Fund, and Washington County provided a performance based grant award in support of this project.
July 20, 2018
Universal Companies to Expand Distribution Operations
Governor Terry McAuliffe announced that Universal Companies will expand its distribution operation in Washington County. The expansion of their Abingdon facility will create 30 new jobs along with $1.5 million in capital investment. Governor McAuliffe approved a $90,000 grant from the Commonwealth’s Opportunity Fund for this project and the Virginia Tobacco Region Revitalization Commission approved $210,000 in Tobacco Region Opportunity Funds to assist the County with this project.
Important Information
March 17, 2017
Moody's Investor Service - Annual Comment
Moody’s Investors Service is one of three major credit rating agencies that evaluate the credit worthiness of corporations and government agencies. The credit position for Washington County is strong with its Aa3 rating. Notable credit factors include a moderate pension burden with an extremely small debt liability. It also reflects a heathy financial position, and a large tax base with an adequate economic profile.