Small Business help is available. Congress has replenished the SBA’s Paycheck Protection Program (PPP). Please review the information below and submit your applications now to reserve your place in line. We will be processing applications on a first-come, first-served basis.
With the signing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law, the Federal Government is providing relief for individuals and businesses negatively impacted by the coronavirus outbreak.
Your organization may be eligible for the U.S. Small Business Administration’s Paycheck Protection Program (PPP). This loan can assist in covering payroll for eight weeks, as well as other overhead expenses. Guidelines on calculating your qualified loan amount can be found in the provided Calculating Payroll Costs document. SBA may forgive these loans if used for eligible purposes. Guidelines on how to qualify for forgiveness can be found in the Use of Loan Proceeds document.
Both nonprofit and for-profit entities may be eligible for the program. If you think you are eligible for PPP, Virginia Community Capital is here to help as an SBA-approved lender.
VCC is working with small businesses and nonprofits to provide these loans. Due to volume of demand, VCC is only accepting complete applications submitted to the designated email. Incomplete applications will not be accepted, and you will be informed to resubmit a complete package. Once a complete package is submitted, VCC will work diligently to process the request.
In order to process, we will need to call the phone number provided on the SBA application form, so please provide the best number to reach you on, otherwise, processing will be delayed.
- Payroll Analysis Form (found here)*
- Documentation confirming the number of full-time equivalent employees and corresponding payroll cost
- 2019 tax return (2018 is acceptable if 2019 has not been filed)
- If no 2019 tax returns, 2019 internal financial statements
- If available, January and February 2020 in-house statements
- If returns are on Schedule C, you must provide a company-prepared Balance Sheet for the coinciding year of tax returns provided
- September 30, 2019 and December 31, 2019 payroll tax filings with proof of submission
- Organization Documents pertaining to your legal entity structure. This includes articles of incorporation/organization, bylaws/operating agreements, corporate resolutions, etc
- EIN letter from the IRS that verifies the TAX ID number
- Social Security number for each signer and individual with 25% or more ownership
- Copy of driver’s license for each signer and individual with 25% or more ownership
- SBA Form 2483 (Access by clicking on the Get PPP Application Form link below)
Here are some questions you will need to answer on the application.
- Have you laid anyone off? If so, do you intend to bring them back on payroll?
- How will you spend the money, breakdown via rent, payroll, and/or utilities?
- Have you applied to another lender for a PPP loan or to the SBA for an Economic Injury Disaster Loan?
Please note, at this time VCC Is only taking requests for eligible loan amounts of $10,000 and above.