Individuals directed to FEMA, businesses to ACCD; both to SBA
By Polly Mikula
Many throughout the region have been working hard to clean and rebuild their homes or businesses — and/or help others that have sustained damages. Now more help is available; some in the form of grants, others as low interest loans.
Business grants
“Hundreds of Vermont businesses have been impacted by severe flooding, and for many, loans will not be enough” said Governor Phil Scott, Friday, July 21, announcing $20 million in Emergency Gap Funding for businesses impacted by severe flooding. “Although this $20 million commitment is significant, we know it will not meet the need. My team will continue to work to find additional resources, and we’ll continue to work with our congressional delegation to get more federal assistance.”
The Business Emergency Gap Assistance Program will be administered by the Department of Economic Development and provide $20 million directly to impacted businesses and not-for-profits who suffered physical damage due to the severe flooding in the form of grants. The program is still under development; more program specifics will be announced this week.
At this time businesses are encouraged to collect, document, and prepare photographs of damage, obtain an insurance adjuster damage assessments, estimates for repairs to physical structures, equipment, inventory, or supplies purchases, and/or actual paid expenses.
“This program is intended to provide emergency gap funding to businesses so they can return to being the economic engines of their local communities,” said ACCD Secretary Lindsay Kurrle. “We understand the urgent and pressing need for financial support, and while this funding will not make them whole, we hope it will make a substantial impact in helping them bringing back their employees and opening their doors.”
The program is being designed to provide emergency grants for small businesses because they are not eligible for the FEMA Individual Assistance program.
Municipality grants
On Tuesday evening, July 18, President Biden, authorized the federal cost-share for state, local and tribal recovery efforts to be increased from 75% to 100% for a 30-day period of the state’s choosing within the first 120 days from the start of the severe flooding beginning on July 7.
In addition, the state treasurer’s office will be accelerating $11 million in state payments to 40 Vermont towns most impacted by last week’s flooding.
Simultaneously the Treasurer’s Office announced a pause on its $85 million local investment program for economic development. The state will determine if these funds may be better employed to support flood response.
Individual grants
FEMA currently has over 300 people on the ground in Vermont. To date, nearly 1,700 people have registered for individual assistance from FEMA to help repair their homes.
Two Disaster Recovery Centers have also opened in Rutland and Washington counties to help residents affected by the severe storms, flooding, landslides, and mudslides kickstart their recovery. The centers will help those affected apply for FEMA assistance,complete the application, and answer questions in person.
The Rutland center is located in the Asa Bloomer state office building on 88 Merchants Row and is open seven days a week, from 8 a.m. to 7 p.m.
Assistance will be determined by need. Types of assistance could include financial for under-insured losses, home repairs, rental expenses if evacuated (by order or by choice) and more.
Vermonters have up to 60 days from July 14, to register with FEMA for Individual Assistance — that’s Sept. 12, which is the same for the SBA loans for physical damages, (see below).
Loans
There are a various loans that individuals and businesses in Rutland and Windsor Counties can apply for through the Small Business Association (SBA). Broadly, they’re in two categories: physical damaged to property (including inventory and automobiles) and economic injury. The loan amount will be based on actual economic injury and/or damages.
For more info, visit: Vermont.gov/Flood.
