On Wednesday, July 7, it was announced that the second-tier priority group for the Economic Recovery Bridge Program is now able to apply. The first tier was intended for businesses that had not previously received state or federal recovery funds. Now applications are being accepted from businesses and non-profits who have received prior state and federal funds but can still demonstrate a net tax loss in 2020 due to COVID-19.
Department of Economic Development Commissioner, Joan Goldstein, said “We are encouraging all businesses to apply, businesses continue to struggle with the unexpected revenue loss due to COVID-19, and we know that previous state and federal assistance programs were not adequate in replacing that lost revenue. This program is intended to help bridge that financial gap, and we look forward to processing those applications and getting this critical aid out the door.”
Eligible businesses must be domiciled and have their primary place of business in Vermont and demonstrate that the business experienced a net tax loss in 2020, greater than any net loss reported in 2019 via submitted federal tax returns.
Grants will be issued on a first come, first served basis and priority will be given as follows:
- Businesses that have not received any State or Federal financial assistance in 2020 or 2021 including, but not limited to:
- Paycheck Protection Program Loans and Grants
- Economic Injury Disaster Loans and Grants
- Vermont Economic Recovery Grants
- Sole Proprietor Stabilization Program Grants
- Healthcare Provider Grants
- Restaurant Revitalization Grants
- Shuttered Venue Grants
- Vermont Agricultural Grants
Second tier priority will be given to businesses who suffered a 2020 net tax loss and can still demonstrate an adjusted net loss after adding back the amounts of non-taxable assistance received in 2020 and 2021.
Businesses can find the full program guidelines in several languages and frequently asked questions about this new program at the ACCD COVID-19 Recovery Resource Center.
To read the full article, please click here.
Resource: Economic Recovery Bridge Program opens to additional businesses by Vermont Business Magazine