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* Hampton City News

Posted on: April 10, 2020

Hampton offers forgivable loans to small businesses affected by COVID-19

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April 10, 2020 - Hampton City Council has authorized a forgivable loan assistance program  for small Hampton-based businesses. The program is designed to help small businesses adversely impacted by Gov. Ralph Northam’s order to close or significantly limit business operations as outlined in Executive Order 53.

These forgivable loans of up to $10,000 are designed to give Hampton businesses access to needed cash until federal and/or state assistance funds arrive. They will be administered by the Hampton Economic Development Authority (EDA)The loans can be used for payroll expenses, rent or mortgage payments, utility expenses, marketing and other eligible business expenses incurred during normal operations. Applications will be accepted until available funds are exhausted or Sept. 30, whichever is earlier.

Information on applying for the Small Business Assistance Program is available now. Please visit our COVID-19 Small Business Assistance Program page to learn more and to apply. 

Businesses are also eligible to apply for an extension on local property and business personal property taxes; however, they cannot receive both forms of relief. 

Businesses that apply and are accepted will have until Aug. 1, 2020, to pay their personal property, real estate, and business personal property with no interest or penalty fees. Applicants must show they have a demonstrated financial loss or strain directly attributable to COVID-19 and not covered by unemployment and other stimulus programs. 

Applications must be submitted to the Treasurer’s office by Friday, May 15, 2020. The Treasurer’s Office will notify taxpayers if their application is accepted. 

To apply, go to hampton.gov/treasurer/covidrelief. You can apply online or download a printable form Forms must be mailed (postmarked by May 15) or delivered to the Treasurer’s Office drop box at the Ruppert Sargent Building, 1 Franklin Street. Printed applications will also be available in boxes attached to the doors of that building.

COVID-19 Small Business Assistance Program
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