The Economic Recovery Grants application process will open on Monday, July 6. Signed into law on June 19, 2020, Act 115 creates emergency economic recovery grants for Vermont businesses and nonprofits that have suffered severe financial hardship resulting from the COVID-19 pandemic.
Applications will be assessed on a first-come, first-served basis; therefore, it is paramount that you submit your application quickly.
To be eligible, businesses must:
- Be private/non-public
- Have a primary location or be domiciled in Vermont
- Have one or more non-owner employees in Vermont (women and minority-owned businesses will have an exemption when H.966 is signed law)
- Be open and active before Feb. 15, 2020, and either open and active at the time of application, or closed due to COVID-19 restrictions with certified intention to re-open
- Have experienced a drop-in revenue of 75% or greater (or 50% when H.966 is signed into law) in any one-month period from March 1, 2020, to Aug. 31, 2020, when compared to the same month in 2019
- Not be in Chapter 7 bankruptcy
- Be in good standing with Vermont Department of Taxes (VDT) and the Vermont Secretary of State
- Not have received a Vermont Emergency Economic Recovery Grant from another State of Vermont agency or department
Sole proprietors are not eligible for an Economic Recovery Grant unless they are minority or women-owned. Businesses must have at least one non-owner W-2 employee.
How to apply
When applications open July 6, the type of business you own will determine where you go to apply.
Businesses that should apply through the Department of Taxes
- Restaurants, bars, and lodgings that collect Rooms & Meals Tax and report monthly or quarterly to VDT
- Retailers, entertainment, or recreation operations that collect Sales & Use Tax and report monthly or quarterly to VDT
Businesses that should apply with the ACCD
- Businesses that do not collect Rooms & Meals Tax and/or Sales & Use Tax, OR businesses that report to the Department of Taxes for a minimal amount of your overall revenues
- Nonprofit arts and cultural organizations
- Women and minority-owned businesses who don’t fall under another sector
- Outdoor recreation businesses
Those applying through ACCD will need:
- Vermont Account Identification Number and Federal Employer Identification Number
- Appropriate NAICS code
- Amount and source information for amounts received from insurance, PPP, EIDL, or any other federal program related to COVID-19
- To be in good standing with the Vermont Department of Taxes
- Financial statements and tax information including 2019 and 2020 income statements by month, 2019 federal and Vermont state tax returns, W-9
Businesses that should apply with their respective agencies
- Agricultural producers and processors and fair organizations
- Forestry businesses
- Health care providers
- Childcare providers, summer camps, and after school programs
- Government entities
Grant amounts will be determined by multiplying the indicated/reported gross annual revenue (or annual combined total sales as reported on rooms & meals or sales/use tax returns) by 10%, with a maximum ceiling of $50,000. Only one grant is allowed per applicant.
Contact us for assistance with any questions!