We were please to see the press reports about AGC/VT members taking advantage of the Emergency Income Disaster Recoverly Loans and the Paycheck Protection Programs. These helped keep our industry strong and our staff employed. These programs came out during an unprecedented pandemic that threatened all of our livelihoods. There are still grants available to businesses through the Agency of Commerce and Community Development (ACCD) and we dont want you to miss out.
In addition to the original Federal programs that came out, Vermonts legislature passed Acts 115 and 137 which created several Vermont Economic Recovery Grants totalling more than $50 million to help businesses who have had more than a 50% loss of revenue in on month during the grant period. As of the July 27 report from ACCD 1,827 applications totalling $42.9 million were received at the agency. The same report showed that 848 applications were approved totalling $22.7 million with the rest of the applications either in process, or decline. This means there is still time to get your application in to take advantage of this program. The agency has reached out to AGC/VT and told us there is still time and resources available. The agency is also working towards allowing sole proprietors and S Corps with no employees to be eligible. Below is information regarding the grant amounts, eligibility and a link to apply.
HOW WILL ECONOMIC RECOVERY GRANT AMOUNTS BE DETERMINED?
The below award formula is the same for Economic Recovery Grants administered by ACCD and the Department of Taxes. Grant funding from other State of Vermont Agencies and Departments may differ.
The amount of Economic Recovery Grants administered by ACCD and the Department of Taxes will be derived by the following formula:
- Indicated/reported gross annual revenue (or annual combined total sales as reported on Meals and Rooms or Sales and Use tax returns) multiplied by 10 percent, less any business interruption insurance proceeds
- The maximum grant ceiling amount is $50,000
Each business or organization applicant may receive only one grant.
WHAT ARE THE ELIGIBILITY CRITERIA FOR THE ECONOMIC RECOVERY GRANTS ADMINISTERED BY ACCD?
An eligible business will be a nonpublic, private organization that:
- Is domiciled or has its primary place of business in Vermont
- Has one or more non-owner employees in Vermont, with the exception that Women- and Minority-Owned businesses with zero employees are eligible for grants through ACCD.
- Was open and active before February 15, 2020
- Is open at the time of application, or is required to have closed due to COVID-19 restrictions but can certify to its intention to re-open when the COVID-19 restrictions are lifted
- Is not a business or organization, nor a subsidiary of a business or organization, nor owned by a business or organization, that reported more than $20,000,000 in total revenue
- Has experienced a 50% or greater drop in total revenue in any one-month period from March 1, 2020 to August 31, 2020, when compared with the same month in 2019
- Is not currently in Chapter 7 bankruptcy
- Is in good standing with the Vermont Department of Taxes
- Is in good standing with the Vermont Secretary of State
- Has not received a Vermont Emergency Economic Recovery Grant from another State of Vermont Agency or Department