As the year progresses, many of us are starting to see COVID in our rearview mirror. The percentage of people receiving at least one vaccination is approaching 70%; herd immunity is increasing; masks are disappearing; restrictions on crowd sizes are easing; even New York state, after 474 days, has finally declared an end to its state of emergency. Locally, the latest survey from the Retail Alliance shows signs of increasing optimism in our local business community. Europe has even reopened to outside visitors. The only thing left to do, start singing a resounding rendition of “Happy Days Are Here Again!”

For operators of entertainment related businesses this is welcome news.  However, in order to ensure a smooth process, applicants have to be prepared to provide a considerable amount of documentation.  Fortunately, the SBA will be conducting a national webinar from 2:30 pm to 4:00 pm on the 30^th of March.  The SBA is also soliciting questions from attendees in advance of this training session.  If an potential applicant has a specific question, they are to submit it to SVOGrant@sba.gov by noon on Monday March 29^th.

This program’s funds were to be used to pay employees and cover costs associated with remaining in business.  A unique feature of this program was the ability to have some or all of the debt forgiven as long as the borrower provided their lender and the SBA with proof the proceeds were used as required in the approval guidelines. 

Unlike a hurricane or flood which primarily causes physical damage to a relatively limited geographic area and time, this pandemic has wreaked incredible damage to the region’s entire population and as of now, has no real end in sight.  Many people’s lives, habits and outlook have been forever changed by this singular event.

It is clear we are facing not only a health crisis but also an economic crisis.

While we are resilient and determined to overcome, we must have the courage of our elected leaders to make decisions that support and encourage the economic freedom that will enable recovery. Hampton Roads' 400-year history is a story of recovery and resilience. Together, we have successfully responded to major shocks — wars, epidemics, fires, floods, economic downturns, unemployment, and more. Our long experience in effectively dealing with adverse situations has wired us not only to survive challenging times but to come through them stronger than before.  We will triumph once again but must set the conditions for success.  It begins by smartly, but also expeditiously, re-opening businesses.  

Pivot to the Positive

While we had serious concerns about several pieces of legislation during the 2020 General Assembly Session, the negative impact these bills will have on our business community is even more serious considering the economic devastation many businesses are facing.

Executive Summary:

The COVID-19 pandemic has had an incredible impact on the worldwide, national, state and local economy.  The effects of which will reverberate for years to come.  While the immediate recovery of as many of the region’s small businesses as possible, regional leaders have to realize that we will not, and should not, desire to return to status quo ante.

This paper outlines the goals, steps and tools needed to help take the region’s economy from Disaster to Growth.

The Small Business Development Center of Hampton Roads (SBDC) has received a $40,000 grant from Truist Financial Corporation. These funds will support the Center's activities in helping small business owners gain access to capital during the coronavirus pandemic. The grant is part of the financial services company's Truist Cares initiative, a $25 million philanthropic pledge announced in March to support basic needs, medical supplies and financial hardship relief due to COVID-19.