Prince William Chamber of Commerce

COVID-19 News & Updates

Support of Local Restaurants

Did you know that many of our local restaurants are still offering pick-up, delivery, and curbside options?

Please click on the buttons below to help support our local restaurant industry.

MANASSASPRINCE WILLIAM

 


 

Members Helping Members

If you are a business providing a service or discount that can be offered to other Chamber Members, please let us know about it so we can share it with our membership on our “Members Helping Members” page! Click the button below to email us for more information on the service being provided so we can share it with our members.

EMAIL US

 


 

Resources to Help Employers

Thank you to our friends at Vanderpool, Frostick & Nishanian, and especially Kristina Spitler, for putting together an article for employers on how to respond to workplace issues stemming from the COVID-19 Coronavirus.

READ THEM HERE

 


 

SBA Disaster Loan Information

BEGIN YOUR APPLICATION HERE

NOTE: Should you have any questions regarding the loan, or to schedule a virtual counseling session via Zoom, please send the Mason Small Business Development Center Team an email at help@masonSBDC.org.

Applicants may apply online, receive additional disaster assistance information and download applications above. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

 

Items Required for Applications

  1. Loan application (SBA Form 5), completed and signed (this is electronic/online in the portal). To see what the form looks like, an example can be found here.
  2. Tax Information Authorization (IRS Form 4506-T), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management.
  3. Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available
  4. Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member.
  5. Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used).

Key Points

  • Loan amounts are available up to $2,000.000 and will be provided in the form of term loans only, no lines of credit.
  • The purpose is restricted to working capital only. Funds can be used to make existing debt payments, however, cannot be used for payments to federally insured loans (existing SBA loans), for existing federally insured loans, the borrower must request a payment different from their respective financial institution.
  • Business expansion; equipment purchase or funding prior year losses are not eligible uses.
  • Terms up to 30 years with NO prepayment penalties.
  • Interest rates are 3.75% fixed for eligible for-profit businesses and 2.75% for eligible nonprofit businesses (please refer to the PowerPoint for business type eligibility).
  • Loans up to $25,000 do not require collateral.
  • For loan amounts over $25,000 the SBA will place liens on available collateral including but not limited to business assets and real estate, however, no consideration will be given to the value of the collateral nor the position (second third or fourth lien).
  • All fees for such loans are waived with the exception of pass-through expenses (lien search; recordation etc.).
  • The current estimated timeline for processing is 18 – 21 days for a decision to be made, 30 – 45 days to close and fund.
  • Loans will not be automatically approved, basic underwriting will apply and the company must be able to show the ability to repay the debt on a historic basis.

 


 

Business & Employee Resources

SBA: Small Business Guidance & Loan Resources
SBA Loan FACT SHEET – What You Need to Know!
Frequently Asked Questions (FAQs)
Info for Employees Affected by the Coronavirus

 

For more information on the status of Coronavirus in our region, we have provided links below to the CDC, Virginia Department of Health and Prince William County and the City of Manassas. These links also provide helpful information on how to plan, prepare and understand the virus.

Center for Disease Control
Virginia Department of Health
Prince William County on Coronavirus
City of Manassas on Coronavirus

 

We hope that you find this information helpful during this time of need. As always, we would appreciate your input on how we can make this page better and provide more information for our members. Also, no idea is too far-fetched and we would like to hear about how we might be able to advocate on your behalf with our federal, state and local officials with ideas that come from the business community. You can do so by clicking the email us button below.

EMAIL US

Cornerstone Partners

Vision Partners