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April 16, 2020

County offers emergency small business loans

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The “micro loans” will provide up to $5,000 with interest-only payments for the first year.
Fauquier County has a program that offers emergency loans to small businesses during the COVID-19 pandemic.

“The Fauquier Micro Loan Program has been revamped to serve as an emergency loan program for small businesses in the county in response to the Covid-19 crisis,” county Economic Development Director Miles Friedman said in a press release. “This fund is now targeted to putting needed resources into the hands of our entrepreneurs swiftly and with a minimum of red tape.

“It can accommodate adaptive actions that help firms remain solvent and could also supplement the ongoing costs of doing business until other resources become available.”

The fund started several years ago to offer “micro loans within the grasp of our many small businesses,” Mr. Friedman added.

The Fauquier County Economic Development Authority and five local banks — The Fauquier Bank, Atlantic Union Bank, SonaBank and Oak View National Bank — provided the pool of funds, which “still has just over $40,000 available,” he said.

“Although the total pot is modest, loans of up to $5,000 are expected to provide some relief to businesses in need of immediate relief,” Mr. Friedman said.

The loan criteria:

• An applicant must have a current Fauquier County business license

• Summary about business (history, services/products offered, hours of operation, track record prior to the Covid-19 crisis).

• Description of impact of Covid-19 on the business and alterations, current or proposed, to existing business model that are designed to remain viable.

• Details about how the funds will be used.

• Tax returns for 2018 and 2019 (or 2017 and 2018).

• W-2s, 1099s for personal guarantors if relevant.

• Balance sheet and P & L for business as of Dec. 31.

The loans can be used temporarily for ongoing expenses such as payroll, leases, insurance or other operating expenses or for adaptive costs such as purchase of e-commerce equipment/website creation and/or upgrade of online sales site.

The interest rate will be capped at 3 percent, with payments to begin six months after loan origination. Payments for the first year can be interest only.

For a loan application or more information, email: .(JavaScript must be enabled to view this email address).
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LarryColeman · April 16, 2020 at 8:34 pm
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Jerome Fields · April 16, 2020 at 6:07 pm
https://www.washingtonpost.com/business/2020/04/16/coronavirus-cares-stimulus-check/

If you didn't get your stimulus check go to the above: Glitches if you filed with Turbo Tax, H&R Block, and other tax filing services.
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