Culpeper Cares Small Business Recovery Grant
Culpeper Cares is a new $1.6 million grant program to assist small businesses in the Town of Culpeper, Virginia affected by COVID-19. The program is funded using federal CARES Act funds provided to the Town of Culpeper and will be administered by Community Investment Collaborative (CIC).
The program’s primary purpose is to provide immediate relief to small businesses impacted by the COVID-19 pandemic. The Town of Culpeper hopes to help small businesses remain in business through the COVID-19 emergency and address gaps that may exist among complementary programs.
Culpeper Cares will offer grants to qualified businesses that will not have to be repaid. The grant application process is expected to begin in early July 2020. To be eligible, applicants must be established and have one or more location(s) in the Town of Culpeper, Virginia, including the principle place of business. Awardees must have less than 50 total full-time equivalent (FTE) employees across all locations, have been in operation over one (1) year; and, have a valid Business, Professional and Occupational License (BPOL). See below for a full list of eligibility requirements.
The amount of Culpeper Cares awards will be made based upon the number of full-time equivalent employees according to the following structure:
- Employees, 0 to 10: up to $10,000
- Employees, 11 to 25: up to $15,000
- Employees, 26 to 50: up to $20,000
Grant funds can be used for:
- Other business critical operating expenses, example: adaptive costs such as the purchase of e-commerce, equipment/website creation and/or upgrade of an online sales site
Funding must be used for an eligible expense to mitigate business interruptions for the grant awardee business. Awardees found to use grant funds for ineligible expenses will be required to return the award.
To be eligible, applicants must be established and have one or more location(s) in the Town of Culpeper, Virginia, including the principle place of business. Awardees must have less than 50 total full-time equivalent (FTE) employees across all locations, have been in operation over one (1) year; and, have a valid Business, Professional and Occupational License (BPOL).
Business Eligibility Requirements:
- Applicant must be a licensed and operating business entity in the Town of Culpeper, Virginia
- Applicant must have a physical location in the Town of Culpeper
- Applicant business must have 0-50 full-time equivalent employees
- Applicant must have less than $2 million in gross annual receipts for the 2019 calendar year
- Applicant must be able to demonstrate at least a 25% loss in revenue that can be attributed to COVID-19
- Applicants must be for-profit businesses. Non-profit organizations are not eligible; Franchise establishments are not eligible unless locally owned and operated
- Applicants must be current on taxes as of March 1, 2020
- Applicants must have been in operation for over 1 year
- Applicants must complete an online application form, certify that all answers are true and accurate, provide a completed W-9 form and financial documentation that certifies the business’s revenue and projected impact related to COVID-19, and agree to the program’s terms and conditions
The following businesses are Ineligible:
- Banks and financial institutions
- Franchise businesses, except those that are locally (Town of Culpeper) owned and operated
Culpeper Cares Grant Interest Form
Please click here to complete the Culpeper Cares grant interest form. This is NOT the grant application. We will use the information captured in the interest form to notify you when the grant application is available in early July 2020. This is a required step in the process. The application will be an online form, backed by Lenderfit, which you have to be invited to. The interest form generates your invitation.
Online Application Process – Getting Prepared
We know waiting is hard. Don’t worry, we will contact you when the grant opens, which will be in early July. While you are waiting, take the time to be sure you can gather the paperwork necessary to apply. This will include, but not be limited to:
- Application to be submitted via online Lenderfit portal.
- Federal Taxpayer Identification Number (EIN), Individual Taxpayer Identification Number (ITIN), or your Social Security Number (SSN) – whichever is applicable to your business.
- Federal IRS form W-9
- Federal IRS form 941 for 1st Quarter of 2020
- Town of Culpeper Account Numbers: Business License Account Number and Business Tangible Property Account Number
- Mortgage Deferral or Rent Reduction
- Did you request a mortgage deferral from the bank on your commercial building or ask your landlord for a rent reduction due to Covid-19? And did the bank or landlord provide that financial assistance? If they did, that’s great and please provide that documentation. If you didn’t ask, or you asked and didn’t get it we would like to have that documentation too. Don’t worry if you didn’t ask or didn’t get a break – this will not disqualify your business.
- 1099 Form
- 2018 and 2019 Tax Returns, including Schedule C Form
- Current profit-and-loss statement, balance sheet, or other statement of business financial standing
- Year-end profit-and-loss statement and balance sheet, previous year
- Business account bank statements (2019 and 2020)
Is your business located in Culpeper County, Virginia, but not within the Town of Culpeper? The Culpeper County Board of Supervisors will vote on the County’s use of their federal CARES Act funds on Tuesday July 7, 2020. Pending Board approval, we will open the Culpeper Cares program to include businesses in Culpeper County in addition to those within the Town of Culpeper. The eligibility of non-profit organizations is also under consideration at this time. Please be sure to complete the interest form above and prepare your documentation in advance. Culpeper County CARES Act funding determinations are anticipated to be made concurrent to the application window opening. The application window will be open for only a short period, so it is important to take the steps to prepare now!
The Town of Culpeper Tourism and Economic Development department has contracted Community Investment Collaborative to assist with the implementation of the Culpeper Cares Small Business Recovery Grant program. The Town of Culpeper Tourism and Economic Development retains program oversight and management of the Culpeper Cares grant program. Department of Tourism and Economic Development can be reached at 540-727-0611 or by email: CulpeperCares@culpeperva.gov