Qualifying businesses can now receive up to $300,000
Governor Phil Scott announced Tuesday, Oct. 20, 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 Scott, these new grants will be administered by the Agency of Commerce and Community Development (ACCD), with assistance from the Dept. 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.
“With these grants, we are working to support those sectors most impacted by this pandemic and help them survive into the winter months,” Scott said.
Businesses and nonprofits that collect and remit meals and rooms tax or sales and use tax may apply through the Dept. 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.
The Dept. of Taxes application is open now through the myVTax portal until midnight, Oct. 30.
ACCD will open its application in the next week and the window to submit applications will also be two weeks.
ACCD and the Department of Taxes will host informational webinars on Wednesday, Oct. 21 and Friday, Oct. 23 to review program eligibility, process, and answer questions from business owners.