Unfortunately, the status of this program is somewhat tentative in that the Infrastructure Bill before Congress would strike the program (yet industry groups are advocating for the continuation of the program via the Build Back Better bill).  So, what should businesses contemplating applying for the tax credit do?

Entrepreneurship and small business ownership is the backbone of the economy of this region, the commonwealth, and the nation. The U.S. Small Business Administration reports that small businesses account for over 99% of all businesses in the country.

     “Water, water, everywhere, nor any drop to drink” is a line from the poem, “The Rime of the Ancient Mariner,” written by Samuel Coleridge and published in 1798. Unfortunately, in 2021, it aptly sums up the situation that has been facing small businesses in Hampton Roads when it comes to access to capital. While there are funds available for lending, there is a paucity of resources available for smaller and/or startup businesses.

   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!”

With the formation of Tropical Storm/Hurri­cane Elsa in the Atlantic Ocean, the annual "will it or won't it" speculation begins. Small-business owners must begin, if they have not already done so, to look at how a tropical storm or hurricane might affect their business and what options are available to them.

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.