INSIDE THE ISLE NEWSLETTER - APRIL 2021 |
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American Rescue Plan Act of 2021
Small Business Assistance Programs
The American Rescue Plan Act (ARPA) of 2021 is a $1.9 trillion economic stimulus bill passed by Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the United States' recovery from the economic and health effects of the COVID-19 pandemic and the ongoing recession.
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This program has been extended through May 31, 2021
- Approximately $66B remains available
- Funding could run out before the application deadline, so contact your lender!
- Larger loans may be available to independent contractors and sole proprietors
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$15B has been allocated to this program as follows:
- $10B for covered entities that did not previously receive their full entitlement
- $5B for covered entities experiencing economic loss greater than 50% and employs less than 10 people
- New SBA regulations expand EIDL period from 6 months to 24 months and raise the maximum loan amount from $150,000 to $500,000
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- $28B in grant funding available
- Covered period is from 2/25/20 to 12/31/21
- Covers anyone/anything serving food except state-owned enterprises, businesses with more than 20 locations, and publicly traded companies
- Previous participation in an SBA-administered COVID-19 program may limit eligibility
- Amount of grant is equal to the amount of pandemic related revenue loss
- Nearly unlimited eligibility for reimbursement
- Grant shall not exceed $10M in aggregate; not more than $5M per location
- $5B set aside for covered entities with less than $500,000 in gross receipts
- Applicants are NOT required to have a DUNS number or SAM registration
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- $1.25B in grant funding available to venue operators impacted by COVID-19
- Applicants receiving a PPP loan on or after 12/27/20 will have the amount of their SVOG reduced by the amount of the loan; PPP loans received prior to 12/27/20 will not impact SVOG
- Applicants ARE required to have a DUNS number and be registered in SAM
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- Resources for socially disadvantaged farmers, ranchers and forest landowners
- Loan assistance for farmers and ranchers on any USDA loan or USDA guaranteed loan; payments up to 120%
- $1.01B for assistance and support – includes outreach/technical assistance/financial training, as well as grants and loans to improve land access
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Business License Issuance Up 21% YTD over Last Year
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New Business Highlight
Old Crow Dry Goods - a new vintage store and gift shop opens May 1st at 229 Main Street, Smithfield, offering unique small furniture pieces, kitchen & bakeware, clothing, ephemera, tableware and more.
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See the full list of new March business licenses:
We extend a warm welcome to all of our new businesses.
Thank you for putting down roots to grow in Isle of Wight County!
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We Want to Hear from Businesses!
Sign Up for ISLE CHAT!
Economic Development wants to learn more about local businesses in order to provide assistance and resources based upon your needs. If you’re interested in expanding or starting a business or have concerns about matters that impact your business operations, we are here to help in reaching your goals and overcoming challenges.
Schedule a free 30-minute video or phone chat with our business specialist, Nicole Talton. Appointments are available on Tuesdays, Wednesdays and Thursdays. Thank you for continuing to nurture your local roots here in Isle of Wight County!
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Free Business Consulting
Do you need help with a business idea, writing a business plan, marketing or maximizing profit? Jim Carroll, Executive Director of the Hampton Roads Small Business Development Center (SBDC) will be available to share his expertise with Isle of Wight County business owners by appointment via Zoom on the second Thursday of each month.
Thursday, May 13th
In-person appointments are scheduled to resume starting in June. Request your free, confidential appointment now by calling the Isle of Wight Chamber at 757-357-3502 or email chamber@theisle.biz.
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Home-Based Business
Lunch and Learn Series
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Wednesday, April 14, 2021
12:00 p.m. - 1:00 p.m.
Review, Reimagine and Reignite
Speaker: Marla Schuchman,
Made in 757
Hosted by:
York County Economic Development
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FEATURED AVAILABLE PROPERTY
James River Crossings is a 62-acre prime commercial development parcel located at the signalized intersection of Route 17 (Carrollton Boulevard) and Route 32 (Brewers Neck Boulevard) in Isle of Wight County. The property is well positioned to take advantage of the residential growth in Isle of Wight. Approximately 202,000 square-feet of commercial development is approved, along with 210 condominiums. The site work is well underway and construction on the residential development will begin soon. Four commercial outparcels are available for sale.
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Take a tour, buy some locally grown fresh produce and learn more about where your food comes from! Get lost in a pumpkin maze, bump along on a hay ride, touch the soft wool of an alpaca, or simply enjoy the natural beauty of the rural setting. The farms of Isle of Wight County welcome visitors and shoppers alike. Please click HERE for our 2021 brochure!
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SECOND SATURDAYS IN SMITHFIELD
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Downtown Merchants Sidewalk Sale & Stroll, 16+ participating merchants open at 9:00 a.m. for sweet springtime deals!
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NEW! Gazebo Art Market at 228 Main Street, 9:00 a.m. - 1:00 p.m.
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Smithfield Farmers Market at BSV Parking lot, 9:0 a.m. - Noon
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Smithfield Pickers Market, Joyner Field, 319 Main Street, 9:00 a.m. - 1:00 p.m.
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Free Guided Tour of Historic Ivy Hill Cemetery, meet at 10:0 a.m. at the entrance (451 N. Church St.)
Second Saturdays events will take place through November.
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Windsor Farmer's Market Season Starts in May
The Windsor Farmer's Market is gearing up for its second season! Beginning May 7th, the market will be open in the parking lot of Old Point National Bank every Friday 3:30 p.m. to 6:30 p.m. through the end of September.
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ISLE OF WIGHT COUNTY
757-356-1962
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