Business relief grants become available Monday
Echo Lake in Plymouth, Vermont. (Gareth Henderson Photo)
A new program offering a total of $30 million in grants to struggling Vermont businesses is set to launch on Monday. The money, approved by the Legislature, comes from Vermont’s share of relief funding in the American Rescue Plan Act.
The Economic Recovery Bridge Program is the latest local effort to help businesses recover from the financial impact of the pandemic. The assistance is meant for businesses who have not received state and federal relief due to eligibility constraints, and who can show a continued loss of revenues due to the COVID-19 pandemic. To the extent that funds remain available, the program can also help businesses that have suffered a net loss even after receiving state or federal aid.
Gov. Phil Scott said this funding is key to Vermont’s economic recovery, calling small businesses the “backbone of our economy.”
“These grants will provide critical relief in the short term, allowing them to rebuild a stable foundation for their economic futures,” Scott said in a statement.
PJ Skehan, executive director of the Hartford Area Chamber of Commerce, said Friday that a number of chamber members have already received some form of relief, but he thought this money could be a crucial resource for any businesses whose money is running out at this point.
“Vermont overall has done a great job getting these funds out to where they’re needed,” Skehan said.
Joan Goldstein, commissioner of the Department of Economic Development, emphasized the need to help businesses facing shortfalls as the state turns the corner.
“As we move past the pandemic, these funds are intended to bridge those final gaps, so that businesses can recover and thrive in the months and years ahead,” she said in the program’s announcement this week.
Eligible businesses must have their primary place of business in Vermont and demonstrate that the business experienced a net tax loss in 2020, greater than any net loss reported in 2019 via submitted federal tax returns.
Grants will be issued on a first-come, first-served basis and priority will be given as follows:
Priority for the first 30 days of the program will be given to businesses that have not received or do not have pending applications for any state or federal financial assistance in 2020 or 2021, including but not limited to:
Paycheck Protection Program Loans and Grants
Economic Injury Disaster Loans and Grants
Vermont Economic Recovery Grants
Sole Proprietor Stabilization Program Grants
Healthcare Provider Grants
Restaurant Revitalization Grants
Shuttered Venue Grants
Vermont Agricultural Grants
After the initial 30-day window, second-tier priority will be given to businesses who suffered a 2020 net tax loss and can still demonstrate an adjusted net loss after adding back the amounts of non-taxable assistance received in 2020 and 2021.
Full program guidelines in several languages and frequently asked questions are online at the state’s COVID-19 Recovery Resource Center. The application portal is set to open on Monday, and there will be a support line available at 802-828-1200 once the portal opens.
A recording of Friday’s webinar about the program is available on the commerce agency's website.
— Gareth Henderson
