COVID-19 Update

 
First and foremost, ACEDC urges all businesses and their employees to follow the latest guidance from the Vermont Department of Health and the U.S. Centers for Disease Control (CDC). 
 
The most current information can be found here: healthvermont.gov/COVID-19 
     
Stay up to date with Business and Community Resources. Visit our COVID-19 Business and Community Resource Page or sign up for our email updates
 
For technical assistance, contact:

10.29.2020

Reminder for State Business Recovery Grants 
Don't delay: Apply now for Round 2 of State Business Recovery Grants. The application portals for the second round of State business grants are open. The grants, administered by the Agency of Commerce and Community Development (ACCD) and the Department of Taxes are called Expanded Economic Recovery Grants and are based on "unmet need." 

The application windows are open for a limited time, so apply today! For a quick calculator to determine your "unmet need," click here (note that this calculator is a required document to upload with your application, so save it). For other eligibility criteria, see program information here.  

Like the first round of State business grants, businesses whose primary revenue source results in the collection and submission of Sales & Use and/or Rooms & Meals taxes to the Department of Taxes will apply through the Department of Taxes. Their application portal is the myVTax portal which is open until 11:59 pm on October 30, 2020. 

All other eligible businesses will apply through ACCD. The ACCD portal opened October 26 and will close at 11:59 pm on November 9, 2020. To access the application and program information, click here. Find full details here including eligibility requirements and how to apply, as well as FAQs for businesses.

Businesses applying through the ACCD portal will need to upload:

·         2019 Complete Federal Tax Return

·         2019 Complete State Tax Return

·         P&L (Revenues & Expenses) for January – December, by month

·         P&L (Revenue & Expenses) for January -September, by month

·         Completed Unmet Need Calculator

ACEDC Webinar
ACEDC is offering a webinar with details on the program and how to file a successful application.

When: Monday, November 2, 2020 at 12:00 pm-1:00 pm

Where: On Zoom. Click here: https://us02web.zoom.us/j/84279408563?pwd=cVNheFFvNmRaMWVzS0FKUUU3K2xEQT09

Meeting ID: 842 7940 8563 

Passcode: Recovery

If you need to call in:

One tap mobile: +19292056099,,84279408563#,,,,,,0#,,07895895# US (New York)

Dial by your location:     +1 929 205 6099 US (New York)  

Webinar will be recorded.

Broadband Survey
The State of Vermont Department of Public Service is developing an Emergency Response Telecommunications Recovery Plan as part of Vermont’s CARES Act funding initiatives. Part of the initiative is to survey Vermont residents and business owners to better understand their use of Internet and wireless enabled services since the onset of the pandemic. This will provide insight into the changing landscape of telecommunication needs and how the state could address existing challenges in the near term. The survey will close on November 2, 2020, and shouldn’t take participants more than 10 minutes to complete. This is a link to the business owner survey

 

10.26.2020

Round 2 of State Business Grants Launched- Application Portals Open

The application portals for the second round of State business grants are open. The grants, administered by the Agency of Commerce and Community Development (ACCD) and the Department of Taxes are called Expanded Economic Recovery Grants and are based on "unmet need." The application windows are open for a limited time, so apply today! For a quick calculator to determine your "unmet need," click here (note that this calculator is a required document to upload with your application, so save it). For other eligibility criteria, see program information here 

Like the first round of State business grants, businesses whose primary revenue source results in the collection and submission of Sales & Use and/or Rooms & Meals taxes to the Department of Taxes will apply through the Department of Taxes. Their application portal is the myVTax portal which is open until 11:59 pm on October 30, 2020. 

All other eligible businesses will apply through ACCD. The ACCD portal opened today and will close at 11:59 pm on November 9, 2020. To access the application and program information, click here

Find full details here including eligibility requirements and how to apply, as well as FAQs for businesses

 

10.21.2020

New Round of State Business Grants Launched
On October 20, Governor Scott announced that the Agency of Commerce and Community Development (ACCD) and the Department of Taxes will administer a new round of grants for businesses: Expanded Economic Recovery Grants. Like the first round of State business grants, businesses that collect and submit Sales & Use and/or Rooms & Meals taxes to the Department of Taxes will apply through the Department of Taxes. Their application is open now through the myVTax portal until midnight on October 30, 2020. 

All other eligible businesses will apply through ACCD. They will open the application portal within a week and the window to submit applications will also be two weeks. 

Find full details here including eligibility requirements and how to apply, as well as FAQs for businesses

In addition, ACCD and the Department of Taxes will host informational webinars about the program Wednesday, October 21st at noon and Friday, October 23rd at 10:00 am. Get details and register here.

Vermont SBA PPP Webinars
The SBA Vermont District Office hosts a free webinar from 11:30 a.m. to 12:30 p.m. Tuesdays and Thursdays to discuss Paycheck Protection Program forgiveness and other changes. To streamline the PPP forgiveness process, a simpler forgiveness application for loans of $50,000 or less was recently released. More than 8,000 Vermont small businesses are eligible to use the new simpler form. To access the PPP Loan Forgiveness Application Form 3508S, click here

To join the webinar, visit https://meet.lync.com/sba123/sbmazza/SFFM2N9R.

To join by phone, call (202) 765-1264 and when prompted enter the code 237511921#. 

Upon joining the call, mute the phone to cut down on the background noise and please do not place the call on hold as the hold music will be heard over the presenter.

For more information, email susan.mazza@sba.gov.

Simpler PPP Forgiveness for $50K Loans or Less
The U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars. More than 8,000 Vermont small businesses are eligible to use the new simpler form. Read more

 

10.06.2020

ACEDC Launches Restart Vt Technical Assistance Program
On September 18th, Governor Phil Scott and Lindsay Kurrle, Secretary of the Agency of Commerce and Community Development announced the distribution of $2.5 million in federal CARES Act funding for Restart Vermont Technical Assistance. The Regional Development Corporations of Vermont (RDCs of VT) were among the five organizations selected to implement the Technical Assistance program. The RDC program, Restart Vermont Technical Assistance (ReVTA), will leverage a regional and statewide network of for-profit and non-profit technical assistance providers to help small businesses. Each RDC will deploy a Recovery Navigator to work one-on-one with businesses and determine the best form of technical assistance to help each business on its path to recovery. The Navigator, client business, and technical assistance provider will develop a scope of work appropriate to solving the client’s issues. The cost of the work will be covered by the grant. In Addison County, the ReVTA Program is being administered by the Addison County Economic Development Corporation (ACEDC) and Sue Hoxie has been hired as the Addison County Recovery Navigator. Businesses that want to request technical assistance and businesses that can offer technical assistance services must register at www.VermontEconomicDevelopment.com

Round I of Vermont Business Recovery Grants Closes; Vermont Legislature Approves Additional $76.7 million for businesses 
The Vermont Agency of Commerce and Community Development and the Vermont Department of Taxes has announced that the first round of CARES Act-funded COVID Recovery Grants for businesses is fully subscribed. The application portals are closed for now. In their last weekly update on the program dated September 29, ACCD and Tax reported approval of 4,819 applications totaling $161.8 million in grants statewide.  

On September 25, the Vermont legislature adjourned after the passage of H.969, the State budget bill, which contained another $76.7 million for grants to businesses. ACCD and the Tax Department are finalizing details of "Round II" business grants, which should be up and running by mid-October. The second round will not be first-come-first-served. Rather, there will be a 2-3 week application period. Most of the eligibility requirements will remain in place (Vt domicile; minimum of $22,000 annual revenue, in good standing with State), but there will not be a requirement to show a certain percentage loss in one-month of 2020 compared to 2019. Instead, the grants will be made to fund the unmet financial need of the business. The basic formula will be (2019 Revenue)minus(2020 Revenue)minus(Certain State and federal aid received)=Unmet Need. If the program is over-subscribed, the State will apply a factor to determine the grant amount. For example, if the program receives applications for 2 times the amount of funding available, the Unmet Need grant amounts would be reduced by 50% for each applicant. Watch our updates for more details and the opening of the application portal.  

Application Deadline Extended for Agriculture Grants
The application deadline for the Vermont COVID-19 Agriculture Assistance Program or VCAAP has been extended. The Vermont Agency of Agriculture has temporarily suspended taking new applications for a couple of weeks to update the application. The Agency will let the public know when the application is up and running again. Applications for those who have already applied will still be processed. For further information, go here

Grants Still Available for Arts & Culture Non-profit Organizations Through the Vermont Arts Council
As of September 2, 2020, the Agency of Commerce and Community Development (ACCD) is no longer administering Vermont Economic Recovery Grants to nonprofit arts and cultural organizations. To distribute the remaining funds that were earmarked in H.966 for cultural nonprofits, as of September 21, the Arts Council will accept applications for Economic Recovery Grants. The VAC began accepting applications on September 21, 2020, and will be awarding grants until funds are depleted. There are two types of applications: new applicant funding for organizations that have not received an Economic Recovery Grant before, and supplemental funding for organizations that have already received an Economic Recovery Grant and need more funding. The Council is no longer accepting applications for Rapid Response Artist Relief or Covid-19 Cultural Relief grants, their first relief funds established to support artists and organizations respectively through the Covid-19 pandemic. For more information, go here.  

CWE Offers Webinar to Prepare for Next COVID Relief
The Center for Women and Enterprise is hosting a webinar called "COVID Response: How to Prepare Your Business for the Next COVID Relief." The webinar will cover record-keeping and income statement creation to help people get prepared for the next round of Vermont grants (See above). The webinar is scheduled for Thursday, October 8 from 11:00 am-Noon. To register, click here.

Notable Federal-level Briefs:

  • In Congress, a new "HEROES Act," containing additional COVID relief for individuals, businesses, and municipalities have been presented by the Democrats but not much is expected to happen regarding that proposal until after the election.

  • The current deadline to apply for the Federal SBA-administered Economic Injury Disaster Loan (EIDL) program is December 31, 2020. But if you are considering it, the sooner you apply the better as the program will close before the end of the year if the funds are exhausted.

  • Regarding the Federal SBA-administered (through local banks) PPP Loan Forgiveness Application process, the guidance remains: there is no need to apply immediately as there are still issues to be worked out. 

 

Click here to see September Updates