Business Assistance - COVID 19

The Town of Middleburg and our partners, are taking steps to ensure our local business owners and entrepreneurs have the resources they need to get through the coronavirus crisis and start to prepare for an economic recovery. We realize that the future is highly unpredictable at the moment, and that it is impossible to fully anticipate every situation moving forward. We do, however, want to help the members of our business community make the most-informed decisions possible. This page will continue to evolve but the resources listed below are a great place to start if you currently own or manage a business in Middleburg. Lastly, please do not hesitate to reach out to the Town’s Director of Business & Economic Development to schedule an appointment for additional assistance. Specific appointments are available via the following link: Jamie Gaucher’s Calendar

Jamie may also be reached at jgaucher@middleburgva.gov or 802-349-5104

SBA EIDL Program

The SBA offers Economic Injury Disaster Loans (EIDL), to help small businesses meet working capital needs caused by the Covid 19 pandemic. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. Program Highlights:

•    Working capital loans

•    Up to $2,000,000

•    Interest Rate 3.75% - Term 30 yrs.

•    Sample Amortization Schedule

•    NOT to replace lost sales, NOT substitute for profits, NOT for expansion

•    Applicants must pledge available collateral

•    Unsecured loans available up to $25,000

•    No obligation once applied

•    Online process – SBA EIDL APPLICATION

Additionally, in response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

SBA Paycheck Protection Program

The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. 

If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.

•    Potential forgivable loan

•    250% of monthly payroll X 8 weeks

•    Interest Rate 5% - Term 10 yrs.

•    Available for small businesses including hospitality entities with less than 500 employees/ per location

•     Available through authorized SBA lenders including BB&T, Atlantic Union Bank, Sonabank and Northwest Federal Credit Union in Middleburg.

Paycheck Protection Program Application

Small Business Debt Relief Program

The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis. Under this program:

•    The SBA will pay the principal and interest of current 7(a) loans for a period of six months.

•    The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.

Family First Coronavirus Response Act

U.S. Chamber Small Business Loans Guide & Checklist

Navigating Covid -19