Governor unveils $133M relief plan
Sole proprietors, the hospitality sector and some nonprofits are among those that would benefit from a new proposal by Vermont Gov. Phil Scott using federal pandemic relief money.
The $133 million economic aid plan was unveiled Friday and awaits the Legislature’s consideration when lawmakers return Aug. 25 to resume work on the fiscal-year 2021 state budget.
The governor’s new relief proposal draws on part of the $1.25 billion the state received from the federal CARES Act. The plan focuses on four key areas of continued investment to help Vermonters struggling under COVID-19’s financial impact:
Additional funding for Economic Recovery Grants to help fill gaps in the original program, to include sole proprietors, certain types of nonprofits, new businesses, and those with less than 50% loss that is sustained over a longer period. ($23 million)
Targeted hospitality and tourism funding to address areas of need as fall and winter approach and travel restrictions and capacity limits remain in place. ($50 million)
$150 dollars to every Vermont household as part of a buy local campaign to spur economic activity that supports local businesses. ($50 million)
Economic Development and Tourism Marketing funds that will, within the context of COVID-19, leverage social, earned, and owned media to bring more out-of-state revenue. ($10 million)
For more details, visit this link to information from state commerce officials.
In a statement on Friday, Scott said this is the latest effort by his administration to keep the economy moving as Vermont confronts major challenges.
“As we navigate this pandemic, we must ensure our economy stays on track so it can thrive in the future,” he said. “We believe addressing recovery grant gaps, supporting hardest hit sectors with targeted support, financially empowering Vermonters to buy local products, and marketing our state as a place to live, work, and play can help us get through the challenging months ahead.”
Many states continue to roll out proposals backed by CARES Act money to help businesses in urgent need and maintain jobs. But another factor is a stipulation that states must use CARES Act funding by the end of the year, or lose the money. Many states had hoped for greater flexibility, but there has been no such help from Washington. With remaining CARES Act funds, we hope new rounds of relief funding in Vermont and other states are useful supports for businesses trying to sustain their operations.
— Gareth Henderson
