The Vermont Dept. of Economic Development announced Oct. 13 that the Business Emergency Gap Assistance Program (BEGAP) application portal will close on Monday, Oct. 23 at 5 p.m. Businesses who have yet to apply or are still completing their application will need to do so by Monday.
“This $20 million grant program has been a tremendous help to our flood damaged businesses, landlords, nonprofits, and farms,” said Joan Goldstein, commissioner of the Vermont Dept. of Economic Development. “Many business owners have told us they would not have been able to reopen without these funds. We are grateful to Governor Scott and the emergency board for reallocating state funds to deliver immediate support to our employers, employees, and communities in the wake of the July floods.”
BEGAP was launched Aug. 3. To date there have been:
• 495 successfully submitted applications
• 382 approved for a BEGAP grant
• 115 applications currently under review
• $25,861 average award
• $9,907,067 committed so far
• $137.8 million total damage reported in applications
• $105.8 million net damage (not covered by insurance, grants, fundraising) reported in applications
There are 155 incomplete applications currently in the system. To be considered, those applications must be finished and submitted by Oct.23. The department has contacted those applicants to offer support in completing their applications and will notify applicants again, via email.
In September, the BEGAP award calculation changed, removing the $20,000 award cap for applicants with eligible net damage amounts between $100,000 and $1,000,000 to provide additional funding to businesses in need, up to 30% of their total unmet damages.
Supplemental checks will begin going out this week to businesses that already received a BEGAP award. It is expected that all program funds will be expended when the application portal closes and the application approval queue is cleared.
