Entrepreneur starts fund to help Virginia businesses until federal aid arrives
A Northern Virginia technology entrepreneur and potential contender for governor has created a fund to help small businesses weather the coronavirus crisis until federal funds arrive.
Pete Snyder and his wife, Burson, have donated $100,000 in “seed money” to create the nonprofit Virginia 30 Day Fund, which is intended to help businesses meet payroll, preserve health care coverage for workers and avoid layoffs while awaiting the federal aid expected to arrive in about a month.
The fund will provide up to $3,000 to each approved small business. Recipients do not have to repay the money, but if they eventually are in a position to do so, it will be directed to another qualified business.
Snyder said business and philanthropic leaders also plan donations to the fund, which will “greatly expand” its reach.
“While the small-business assistance on its way from the Trump administration is crucial, it is clear that many need help to survive and retain their employees while they await that relief,” Snyder said.