Who is eligible to apply for the grants?
Prince William County businesses and 501(c)(3) non-profit organizations with 50 or fewer employees and
have experienced sudden financial losses of 25% or more as a result of the COVID-19 pandemic.
have gross receipts less than $2,500,000 for the 2018 and 2019 calendar years;
have been in business for at least two full years in Prince William County;
Businesses will be verified on company size, economic hardship, and good standing with Prince William County licenses and taxes to maintain eligibility.
How do I show that my business experienced a 25% decline in revenue attributable to the COVID-19 pandemic?
Complete the financial form in the application process. The form measures a decline in monthly revenue starting from January 2020 of this year through May 2020.
What is Business Tangible Tax?
Business Tangible Property Tax is a tax levied on all general office furniture and equipment, machinery and tools, equipment used for research and development, heavy construction equipment, computer equipment and peripherals. Even if you have a home-based business, all businesses are required to pay an annual Business Tangible Property Tax. More information and tax forms can be found here (insert link). If you have not paid BTP for the past 2 years, please contact Business Taxpayers Services to complete appropriate documents and file forms. https://www.pwcgov.org/government/dept/finance/Pages/Business-Tangible-Property-Tax.aspx
I just found out that I need a Business License and Business Tangible Property tax and have never paid it in the past, can I still apply?
Yes, you can apply but will need to provide proof that you have submitted the required documentation to Taxpayer Services and paid any back taxes for 2018 and 2019.
- The Business License Application can be found here https://www.pwcgov.org/government/dept/finance/Pages/Business-License.aspx
- Business Tangible Property tax can be found here https://www.pwcgov.org/government/dept/finance/Pages/Business-Tangible-Property-Tax.aspx
Contact Taxpayer Services at 703-792-6710 to help facilitate the process. If there is a delay in receiving documentation from Taxpayer Services, we can make the grant contingent upon receiving this information.
My business has been operating for more than two years, but I only bought the business last year, can I still apply?
Yes, you can still apply but will need to provide records that the previous owners paid both the Business License (if applicable) and the Business Tangible Property Tax. If the previous owners did not pay these taxes, in order to apply for the grant you will be obligated to pay any back taxes. If the back taxes were paid but you don’t have records, you can try calling Taxpayers Services to get that information.
If my organization gets a grant, will it be taxable?
Yes. At the present time it is considered taxable and must be reported on your 2020 taxes.
Can grant funds be used for paying down credit cards?
Yes, if credit card expenses are attributed to COVID-19
I received federal assistance through the SBA. Does that affect my eligibility for receiving the grant?
No. Businesses that have received federal SBA funding are still eligible for the grant.
How has the County incorporated equity principals into the grant process?
We have a goal of being inclusive and assisting diverse small businesses located throughout the County. The online application includes a question that asks about status of woman-owned, minority-owned and veteran-owned businesses.
Prince William Economic Development is cooperating with a range of County Departments and Community partners to ensure that the program is broadly promoted to hard-to-reach businesses and the application is translated in multiple languages
Do I have to do anything after I’m awarded a grant?
USE FUNDS: Grant funds must be used for employee salary and benefits and/or other business capital and operating expenses directly related to the immediate impacts of COVID-19 and for no other use. No part of any grant may be used for any activity intended to influence a member of the county board, Prince William County Government or the grant review panel.
MAINTAIN RECORDS: Grant recipients are required to maintain accurate & complete records of how grant funds are used & provide receipts documenting that the funds were used according to the grant specifications.
REPORT DOCUMENTATION: All recipients must complete a final report with documentation of grant use and the impact on your business. Final Report documentation written reports must be submitted to PWC Economic Development in December 2020 and again in June 2021. IF FOLLOW-UP DOCUMENTATION IS NOT PROVIDED, YOU WILL BE REQUIRED TO PAY BACK THE GRANT.
Will the County publicize the names of the companies awarded a grant?
Yes. After all grant applicants have been notified, grant awards will be listed on the Prince William Economic Development website and the County will issue a media release announcing the winners.
What if I don’t receive any grant funding and I really need help?
Businesses that are not selected to receive funding through the grant program are invited to participate in Prince William County Economic Development’s business recovery and continuity assistance programming. There are also additional resources at PrinceWilliamCounty.biz that can help businesses navigate the next steps.