Grants on tap for businesses
The state hopes new relief grants can give businesses a boost during the pandemic. Downtown Woodstock is shown here on Wednesday. (Gareth Henderson Photo)
The application process opens Monday for $70 million in new grants meant to help struggling businesses amid the pandemic, state officials announced Wednesday.
This money is part of the $1 billion in pandemic relief the Legislature approved through various bills in recent weeks, funded by federal aid. More of those bills will be reviewed by the governor’s team in the coming days. Next up for Gov. Phil Scott’s signature: a package with $96 million in additional grant relief.
In his Wednesday remarks, Scott said the state has a couple of resources to help businesses with the process. The Agency of Commerce and Community Development (ACCD) will host a series of webinars for grant applicants, the first of which takes place Thursday. There will also be one place, at accd.vermont.gov, where businesses can send questions about the program.
Though the $70 million announced today will help, Scott said, he knew it was not enough and the recovery would be long.
“Even though we’ve begun cautiously and methodically reopening our economy, and putting more Vermonters back to work, I realize that many of you, especially our small businesses, are still on the brink of ruin,” Scott said at the press briefing.
He also gave a nod to the perseverance of Vermonters through the toughest times.
“We’ve seen the strength of Vermonters and what a powerful impact we have when we stick together,” he said.
The Economic Recovery Grants Program unveiled Wednesday has several eligibility requirements. Among them: “Business has experienced a 75% or greater drop in total revenue in any one-month period from March 1, 2020 to Aug. 31, 2020, when compared with the same month in 2019.”
There are two ways to apply for funding, depending on the following factor. Businesses that file rooms and meals or sales and use taxes will apply through the “MYVTAX” portal through the Vermont Department of Taxes. All other businesses or nonprofits must apply through a new grant management system organized by ACCD.
“It is our goal to distribute these funds as quickly and as seamlessly as possible within weeks of an approved application,” said Joan Goldstein, the state’s commissioner of economic development.
The maximum grant award will be $50,000 and each business or organization may receive only one grant. Applicants are encouraged to review program details at accd.vermont.gov and have the necessary documents ready before Monday, Goldstein added.
The state is expected to announce recovery grant programs for the health care and agricultural sectors in the coming weeks.
— Gareth Henderson
