PPP Update: Vermont Economic Recovery and Relief Package

The following information about funds still available to Vermont businesses through the Economic Recovery and Relief package came from the Addison County Economic Development Corporation (ACEDC) via the Agency of Commerce and Community Development (ACCD). For more information please click here.

Vermont Economic Recovery Grant Program Maximum Increased for Certain Sectors

Governor Phil Scott, the ACCD, and the Department of Taxes announced on August 18 that the maximum grant award for Economic Recovery Grants for certain Vermont businesses negatively impacted by the COVID-19 pandemic has been increased. The increase in the maximum grant award is available to businesses in the lodging, retail, hospitality, arts, travel and event affiliated sectors that have continued capacity constraints. Previously, businesses could receive up to $50,000 in grant funds. Now, businesses in eligible industries can receive up to an additional $100,000 in grant funding, for a total of $150,000 from the program. The increased maximum award is available both to new applicants to the program and to those businesses that have already received a $50,000 grant. Since they are all within the eligible sectors, all businesses that received a $50,000 grant award from the Department of Taxes are eligible to request an increase to the new maximum award amount and can do so through myVTax starting August 18. ACCD will be contacting any eligible businesses that already received a $50,000 grant through ACCD, notifying them this supplemental grant funding may be available to them starting Monday, August 24, 2020. Businesses that have not yet applied for an Economic Recovery Grant are encouraged to apply if they have experienced losses of at least 50 percent in the months of March to July, 2020 (compared to any one-month period from March to July in 2019). Businesses that may not have been eligible based on earlier months are encouraged to evaluate their losses for the month of July as they may now be eligible. More information can be found at Economic Recovery Grant Program website. 

First Report on Vermont Economic Recovery Grants Filed With Legislature 

The Agency of Commerce and the Department of Taxes reports that more than $103 million in VT Economic Recovery Grants have been awarded to more than 3,500 businesses in 22 different sectors and all 14 counties in Vermont, and there are still funds available. According to the report, 174 Addison County businesses have received $4.9 million in grants. The report and the lists of businesses awarded can be viewed here. Businesses that have not yet applied for an Economic Recovery Grant are encouraged to apply if they have experienced losses of at least 50 percent in the months of March to July, 2020 (compared to any one-month period from March to July in 2019). Businesses that may not have been eligible based on earlier months are encouraged to evaluate their losses for the month of July as they may now be eligible. More information can be found at Economic Recovery Grant Program website. 

We will continue to keep you updated as more information is released.