The Virginia Small Business Financing Authority (VSBFA) is doing a poor job issuing loans for small businesses with millions in unused funds available, according to a new report by the Joint Legislative Audit and Review Commission (JLARC) released Monday.
The VSBFA is a part of the Virginia Department of Small Business and Supplier Diversity, but operates separately from the rest of the agency.
Tennessee small businesses are eligible for up to $10 million each in forgivable loans as part of the $2 trillion federal COVID-19 relief package, but some business owners are struggling to understand how to comply with the rules.
Like in many states, restrictions enacted by Gov. Bill Lee have caused many businesses to scale back services or temporarily shut down. Restaurants cannot provide dine-in services and nonessential businesses have been forced to close.