Economic Recovery Grant program expands eligibility to more businesses

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Economic Recovery Grant program expands eligibility to more businesses

Mon, 08/03/2020 - 12:41pm -- tim

Vermont Business Magazine Governor Phil Scott, the Agency of Commerce and Community Development (ACCD) and the Department of Taxes today announced expanded eligibility for Economic Recovery Grants for Vermont businesses negatively impacted by the COVID-19 pandemic.

Under the original eligibility criteria, a business was required to have at least one W-2 employee who was not an owner of that business. Starting today, August 3, businesses with at least one W-2 employee - now including those who are an owner - are also eligible and encouraged to apply.

“Businesses of all sizes are doing everything they can to survive under the difficult circumstances caused by this pandemic, and it’s our responsibility to step up and support them in the recovery,” said Governor Scott. “We are hopeful these new requirements will provide some additional relief as we continue to rebuild together and emerge from this crisis stronger than before.”

More than $78 million has already been awarded to Vermont businesses but there are still funds available. Businesses are encouraged to apply if they have experienced losses of at least 50% in the month of July 2020 (compared to July 2019) and have not already received a grant.

Businesses that may not have been eligible earlier in the year are encouraged to re-evaluate their losses for the month of July as they may now be eligible.

The governor said last Friday that more grant money could be made available for the various programs once the Legislature reconvenes later this month. The Coronavirus Relief Funds from the federal government have not all been used and the Legislature must distribute the funds by the end of the year or the state will lose them.

“We know that some business types weren’t able to apply out of the gate and we hope this will help more of those businesses access these critical funds,” said ACCD Secretary Lindsay Kurrle. “Even with this expansion of the program we know sole proprietors without a W-2 employee will still be in need of assistance and we will work with the Legislature to develop solutions upon their return.”

Businesses who chose not to apply, or already applied and were deemed ineligible and believe they may be eligible under these new criteria, are encouraged to contact the Department of Taxes at 802-828-6611 or ACCD at 802-828-1200 to learn more. Those who have not yet submitted an application are encouraged to do so and can learn more at accd.vermont.gov/covid-19/economic-recovery-grants.

ACCD officials will be available to answer questions regarding the program during Governor Scott’s Tuesday, August 4 press conference.

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Source: Montpelier, Vt. – Governor 8.3.2020