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An FTE is the hours worked by one employee on a full-time basis. The concept is used to convert the hours worked by several part-time employees into the hours worked by full-time employees. On an annual basis, an FTE is considered to be 2,080 hours, which is calculated as 8 hours per day or 40 hours per week. To calculate the number of FTEs for February 29th and June 30th:
(Total # of full-time staff) + ((Total hours worked by all part-time staff in Feb x 12)/2080) = Total FTEs
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Our interest is in funding independently owned businesses. If you have multiple local partners that share ownership of your business to equal a majority ownership, you would be eligible. However, you must include additional information (name, address and % of ownership). You can attach it with your Receipts for Reimbursement document in “Part D. Documentation” of the application.
You are eligible to apply if you have less than 50 FTEs at all the locations you own within Montgomery County, Blacksburg, and Christiansburg combined.
We have changed our original grant eligibility criteria, and sole proprietors are now eligible for up to $1,000.
If your business has been open for less than one year and you feel like you can make a good case for loss of revenue or income due to Covid, we will still consider your application. However, please attach a description of your situation and the specific impact you have experienced. You can attach it with your Receipts for Reimbursement document in “Part D. Documentation” of the application.
We will use the number of full time equivalent employees (FTEs) listed for February 29, 2020 in section C.6. of your grant application to determine your maximum award eligibility. Please note: You will still need to submit receipts for eligible expenses totaling up to your maximum eligible award in section D. to receive a grant.
We encourage you to submit one single application for your business. If you have additional questions or concerns about submitting one application, please reach out to firstname.lastname@example.org.
Yes. You will be asked in the application to tell us the amount of this loan. Any funds that you receive through this opportunity must be used for expenses not covered by other federal and state grants or loans.
We would like to see a correlation between any claimed expenses and your Covid response. For something like rent and utilities you could explain how Covid has made it challenging for you to pay these expenses (eg. reduction in regular sales due to the shut-down…). Please make sure items listed in section D.1 match the receipts you intend to upload. We do not need you to include items in D.1 that for which you are not requesting reimbursement.
Any payments regularly made to the Town or County are not eligible for reimbursement, but we can reimburse ‘non-local’ utilities, such as Appalachian Power or Atmos. You can also not request funds to reimburse local taxes of any kind.
Payroll: please submit both a payroll report (such as Excel or Quickbooks) and a bank statement showing that the payroll checks have cleared.
Rent: please submit a receipt from your landlord for the months that are being claimed which includes the amount, your business name, and the address. Alternatively, we would accept a lease document that contains the same information and a copy of a bank statement that shows payment.
Utilities, Insurance, Professional Services: please submit a copy of the bill and a bank statement showing that the payment was made.
Equipment, Inventory purchases, Supplies: please submit an itemized receipt of purchase showing what the purchase is and that it has been paid.
Note: we have been receiving a number of receipts that are blurry or poor quality (taken by phone). Please make sure they are readable before you upload and submit your application.
You can either attach a copy of your Montgomery County registration form or a note confirming that you have already registered your business with Montgomery County. If you are not currently registered, you are still eligible for a grant award if you complete and submit the form before the application’s September 30th due date. Montgomery County will be checking that your business is registered as part of their application review process.
Please explain what each of the receipts you intend to attach as “Receipts for Reimbursement” and how this has related to your Covid response. The number of items in D.1. should match the number of receipts and totals on each receipt you include in your “Receipts for Reimbursement” document.
No, we need your W-9.
Please upload a 1040 Schedule C tax form for 2019 in this section.