Joint Fiscal Committee approves $75 million for additional business relief

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Joint Fiscal Committee approves $75 million for additional business relief

Sat, 11/14/2020 - 6:06pm -- tim

Funds will provide relief grants for lodging and restaurants

Vermont Business Magazine The Joint Fiscal Committee met this morning and unanimously approved the Scott Administration's proposal to dedicate $75 million of unallocated remaining Coronavirus Relief Fund dollars to relief grants for the lodging and restaurant industry.

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The Vermont Chamber advocated for the release of these funds to help address the overwhelming unmet financial need businesses continue to face because of COVID-19 operating restrictions and the resultant economic downturn. The Vermont Chamber’s efforts were bolstered by the restaurant and lodging sectors that mobilized to express widespread support for the proposal to authorize the funds. 

Vermont Chamber Vice President of Tourism Amy Spear said, “Authorizing these funds was essential to the survival of lodging and restaurant entities that continue to grapple with the staggering economic impact of COVID-19. We are very appreciative of the Scott Administration and Joint Fiscal Committee’s work to advance this much needed additional relief for Vermont businesses."

Revised Proposal submitted by the Administration

 

11/14/2020

 
   

The Administration requests JFC approval for the following CRF reallocation proposal:

         

ACCD/Tax

 

$ 75,000,000

 

Additional economic development grants per Act 137 to enable the food and accommodations sector (as identified in NAICS) a grant award equalling 100% of their unmet need up to a maximum award of $300,000 as calculated and verified in the current grants system of ACCD and the Department of Taxes. All other applicants will receive a percentage of their unmet need based on the remaining available money in the program.

         

AHS - DCF

 

$ 6,450,000

 

Supplemental payment to specified 3SquaresVT households to cover COVID related expenses and impacts, as specified in attached memo from Commissioner Brown.

         

Total

 

$ 81,450,000

   
         
         

Initial available

 

$ 117,948,506

   

JFC approval 11/5

 

$ (32,883,795)

   

JFC approval 11/14

 

$ (3,581,880)

   

New request

 

$ (81,450,000)

   

Balance available

 

$ 32,831

   

Source: Vermont Chamber 11.14.2020