Montpelier, Vt. – Governor Phil Scott today announced an expansion of the state’s Economic Recovery Grants, utilizing an additional $76 million in funds from the $1.25 billion the state received from the Federal CARES Act. These funds are in addition to the $152 million in economic relief already delivered to Vermont businesses.
Per Act 154, passed by the Legislature and signed by Governor Scott, these new grants will be administered by the Agency of Commerce and Community Development (ACCD), with assistance from the Department of Taxes.
Vermont businesses and nonprofits, including sole proprietors, that have seen a decline in total sales between March and September of 2020, compared to the same period in 2019, and who can demonstrate unmet need, may be eligible to receive an Expanded Economic Recovery Grant. Qualifying businesses may now receive up to $300,000 in total economic recovery grants.
“We know many businesses and sectors in the state continue to feel the negative impacts of COVID-19 and the steps we’ve had to take to keep Vermonters safe,” said Governor Scott. “With these grants, we are working to support those sectors most impacted by this pandemic and help them survive into the winter months.”
Businesses and nonprofits that collect and remit Meals and Rooms Tax or Sales and Use Tax may apply through the Department of Taxes. All others, including those who have previously received a grant from ACCD, may apply to ACCD. Unlike previous grant programs, the expanded grant program will not be first come, first served. Instead, grants will be distributed in late November after the total unmet need of all qualifying businesses has been ascertained.
“Vermont’s business community has had to endure unique hardships during this crisis and with these additional grant dollars we hope that by first assessing total need we can make these limited dollars reach businesses with the most unmet need,” said Department of Economic Development Commissioner Joan Goldstein.
The Department of Taxes application is open now through the myVTax portal until midnight, October 30. ACCD will open their application in the next week and the window to submit applications will also be two weeks.
Visit the ACCD Recovery Resource Center for full details. In addition, ACCD and the Department of Taxes will host informational webinars on Wednesday, October 21 and Friday, October 23 to review program eligibility, application process, and answer questions from business owners.