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Economic recovery bridge grants announced by ACCD

Submitted by tim on

Vermont Business Magazine On April 17th, H.315 was enacted (Act 9). The Act appropriates $10 million of funds from the American Rescue Plan Act (ARPA) to ACCD to provide priority funding to businesses that have not received prior State or Federal financial assistance. To the extent that funds remain available, the program is also intended to provide funding to businesses that have suffered a tax loss even after receiving State or Federal aid. The Act requires ACCD to post guidance for the program 10 days after enactment, and that public guidance can be found at the ACCD COVID-19 Recovery Resource Center today.

Any business that suffered a net loss in 2020 and the loss in 2020 was greater than any loss in 2019 should apply, but for the first 30 days the first priority will be businesses that have not received and do not have pending applications for any federal or state financial assistance in 2020 or 2021, including, but not limited to:

  • SBA Paycheck Protection Program loans and Grants;

  • SBA Economic Injury Disaster Loans and Grants;

  • SBA Restaurant Revitalization Grants;

  • SBA Shuttered Venue Grants

  • Any other direct financial assistance provided by Coronavirus Relief Funding or ARPA Funding including:

▪ Vermont Economic Recovery Grants;

▪ Sole Proprietor Stabilization Program Grants;

▪ Healthcare Provider Grants;

▪ Vermont Agricultural Grants;

After the initial 30-day window, the Agency of Commerce and Community Development will utilize a second tier priority criteria to grant awards to businesses who suffered a 2020 net tax loss, and still can demonstrate a net loss after adding back the amounts of non-taxable assistance received in 2020 and 2021. This includes: Non-taxable State or Federal financial assistance (includes, Paycheck Protection Program forgiven loans, Economic Injury Disaster Grants, and any other nontaxable direct financial assistance provided by Coronavirus Relief or ARPA Funding).

For more detail see the guidelines:

https://accd.vermont.gov/sites/accdnew/files/documents/ACCD%20Economic%20Recovery%20Bridge%20Grants%20Guidelines%20-%2020210427.pdf

Further guidance and information regarding the launch date for the program, application portal, FAQs, and translated versions of materials will be posted soon. The application portal will be live in early June.

Restaurant Revitalization Fund Update

The U.S. Small Business Administration (SBA) announced today that the application portal for the Restaurant Revitalization Fund (RRF) will open on Monday, May 3rd at 12:00pm. Businesses can begin pre-registration on Friday, April 30th at 9:00am.

The SBA will host two webinars tomorrow (Wednesday, April 28th) to review the program and the application process at 1:00pm and 2:30pm. Registration is required for both webinars.

Vaccination in the Workplace Forum

On Thursday April 29th at 2:00pm, the Vermont Manufacturing Extension Center will be offering a free, hour-long forum for employers to learn more about the human resources and legal issues around requiring or encouraging workers to get the COVID-19 vaccine. Panelists will discuss workplace vaccination policy considerations, requesting proof of COVID-19 vaccination, and best practices for communicating with employees about these policies, among other topics. Registration for the event is required.

Work Search Requirement for Unemployment Benefits to be Reinstated

The Vermont Department of Labor announced today that the work search requirement for unemployment claimants will be reinstated beginning May 9, 2021 for all claimants in regular UI and specific claimants in the Pandemic Unemployment Assistance (PUA) program. Claimants will be required to conduct three qualified job contacts for each week they claim unemployment insurance. Additional information and resources will be available soon.

Emergency Broadband Benefit Webinar

The Emergency Broadband Benefit is a Federal Communications Commission program that will provide a discount of up to $50 per month towards broadband service for eligible households and up to $75 per month for households on qualifying Tribal lands. Eligible households can also receive a one-time discount on the purchase of a computer or tablet.

On Wednesday, April 28th at 3:00pm, the Universal Service Administrative Company, the program administrator for the Emergency Broadband Benefit Program, is also hosting a webinar targeted to consumer advocates, social service agencies, consumer groups and others who will help consumers learn about the benefit and support their enrollment in the program.

Source: Agency of Commerce & Community Development 4.27.2021