Addison County Economic Development Corporation Recovery resources and funding for Vermont businesses are changing on an almost daily basis. To help businesses through this maze of information, ACEDC and the Addison County Chamber have brought together local and state experts to explain the status and breadth of funding programs and other resources. Please join us and bring your questions. We are allowing for a generous Q&A time so that you can better understand the programs that are available.
DATE: Monday, June 29th
LOCATION: Zoom Webinar
COST: No Charge
Business Recovery Resource Panel includes:
Rob Carter, President, Addison County Chamber of Commerce
Fred Kenney, Addison County Economic Development Corporation
Joan Goldstein, Commissioner of Department of Economic Development
Craig Bolio, Commissioner of Department of Taxes
Darcy Carter, Director, Vermont District Office, SBA
Michael Corbett, Senior Lending Officer, VEDA
Sarah Kearns, Addison County Business Advisor, VtSBDC
Vermont Legislature Working on Second COVID-19 Relief Bill
On June 12, the Vermont Legislature approved a package (S. 350) of COVID-19 relief totaling $90 million from the Federal CARES Act funds allocated to the State, with $70 million for grants targeted to businesses that have suffered a loss of 75% or more in any one month and $23 million for housing.
The Department of Taxes ($50 million) and the Agency of Commerce ($20 million) will administer the grants to businesses. To be eligible for either program, the business must:
- Have experienced a 75% or more significant reduction in total sales/revenues in any one month from March 1, 2020 - September 1, 2020, compared to the same one-month period in 2019;
- Be domiciled or have its primary place of business in Vermont;
- Have one or more non-owner employees in Vermont;
- Be organized as a private for-profit or nonprofit business;
- Have been in operation before February 15, 2020;
- Be open for business at the time of application or closed due to COVID-19 but have a good-faith plan to reopen;
- Be compliant with State and federal employment and labor laws.
To be eligible for the funds administered by the Tax Department, a business must collect and submit sales & use and/or meals & rooms taxes and be registered on myVTax.Vermont.gov. Businesses that may be eligible for this program that are not yet registered on the myTax site, should register now. For more details on the Tax Department program, click here. Businesses that do not collect and submit trust taxes (S&U/M&R) to the state, but have suffered a 75% or more loss will apply to the Agency of Commerce program.
This week, the House passed H.966, which includes another $84.7 million for businesses. The majority of these funds will be available by application to the Tax Department or the Agency of Commerce programs outlined above. A major difference is (as passed by the House) that this second tranche of funds will be available to businesses that have had a 50% or greater loss of sales (for the Tax Department program) or revenue (for the Agency of Commerce program). H.966 is expected to be passed by the Senate by the end of this week. Funding amounts and eligibility requirements are subject to change until final passage.
None of these State relief programs are ready for applications yet. Watch our updates for further announcements and the application portal links.
Another Step in Opening the Economy
On June 19, Governor Scott announced that effective June 26, event, arts, culture and entertainment venues, as well as restaurants can expand capacity for events and dining to 50% of approved occupancy size or one person per 100 square feet of customer facing space. This change will allow for indoor events of up to 75 people and outdoor organized events of up to 150 people. ACCD has also updated its Drive-in Operation guidance (Section 5.2) to make clear firework displays can move forward as drive-in viewing events.
The Vermont Legislature and Congress have passed bills containing assistance for agricultural businesses. Clickhere for links to the various programs underway.
EIDL Reopened; PPP Set to Close
On June 15, the SBA announced the reopening of the Economic Injury Disaster Loan (EIDL) application portal to small businesses that have not yet applied. If your business or non-profit has financial needs, review the details on this program on our Resource page and consider applying on the SBA website. This program provides a cash advance equal to $1,000 per employee, followed by a loan. The Advance does not have to be repaid, but the loan is not forgivable and must be repaid. Funds are still available from the Payroll Protection Program (PPP), which offers forgivable loans for businesses whose staff remain employed or will be brought back to work. However, the window of opportunity to apply closes June 30. Application for a PPP loan is made through your lender or VEDA.
Middlebury College Announces Plans for the Fall Semester
On June 22, Middlebury College President Laurie Patton announced that that the College will be welcoming students back to campus this Fall. You can read President Patton's letter here, and for more information, you can find initial FAQs about the College's plans here
Source: Addison County Economic Development Corporation 6.24.2020 Website