Applications to open Aug. 3
The Department of Economic Development has created the Business Emergency Gap Assistance Program (BEGAP), a $20 million grant program for businesses and nonprofits that suffered physical damages from flooding dating back to July 7.
“My team and I are committed to doing whatever we can to support businesses who were impacted by historic flooding,” said Gov. Phil Scott. “We know this $20 million won’t be enough, but I believe the State has a responsibility to step up and do what it can while we work to secure additional support for the small businesses that fuel our economy and make our communities strong.”
Applicants must intend on restoring, reopening, and bringing their employees back to work as soon as possible and will utilize these grant funds for that purpose.
Applications will be approved on a rolling basis until all funds are expended. The application portal is expected to open on Thursday, Aug. 3.
An informational webinar will be held on Wednesday, Aug. 2 at 10 a.m.
BEGAP will help applicants recoup a portion of their total net uncovered damages. This is the damage amount remaining after subtracting any insurance proceeds (estimated or received) and other grants or donations to be used to defray the costs of repairing or replacing those damaged assets.
For applicants who have less than $1 million in net uncovered damages, grants will be allocated for the lesser of 20% of net uncovered damage or $20,000.
For properties that sustained more than a million dollars of damage, grant amounts may exceed the $20,000 cap. Those grants will be 20% of net documented uncovered physical damage up to $500,000 based on the number of employees and total damage they sustained. Of the $20 million, $1 million will be administered by the Agency of Agriculture, Food and Markets and dedicated specifically to agricultural businesses.
“The need is great in our business community and though gaps will remain even after these grants are disbursed. This program is a start of the recovery process,” said DED Commissioner Joan Goldstein. “This is the first of many steps we will need to take to try to bridge gaps during this on-going recovery. We are trying to cast a wide net and get as many businesses as we can some form of gap funding.”
Applicant can only submit one application per damaged property with a three-property maximum.
Physical losses and damage can include physical space and/or replacements of inventory, machinery, equipment, and supplies. Business should collect photographs, insurance adjuster damage assessments, estimates for repairs to physical structures, tax returns, equipment, inventory, or supply purchases, actual paid expenses and other documents as requested.
For more information visit: vermont.gov/flood.
