Information regarding the application procedures for the first round of Vermont Economic Recovery Grants is now available.
These programs are first-come; first-served and the applications are expected to go live on Monday, July 6.
This first round of grants is for businesses that can document a 75% or greater reduction in revenues for any month from March-August 2020 compared to the same month in 2019. There is $70,000,000 in this round split between Tax ($50MM) and ACCD ($20MM). A second round will follow and will be for businesses with documented revenue reduction of 50% or greater over the same month in 2019.
There will be a set formula for calculation of the grant award based upon prior year revenues. The maximum grant award will be $50,000.
These funds are divided up into two programs*.
Vermont Department of Taxes Economic Recovery Grant (Tax Dept. info here)
If you are a business that is primarily a restaurant, bar, lodging property that collects the Rooms and Meals Tax, or a retail, entertainment or recreation operation that collects the Sales & Use Tax and report to the Vermont Department of Taxes on a monthly or quarterly basis, you should apply for a grant with the Department of Taxes.
EXAMPLES: restaurant, bar, hotel, inn, retail store, online retail, golf course, movie theater
Vermont Agency of Commerce & Community Development Economic Recovery Grant (ACCD info here)
If your business does not collect the Rooms & Meals Tax and/or Sales & Use Tax, OR if your business reports to the Department of Taxes on these taxes for a minimal amount of your overall revenues then apply for a grant with ACCD. (The application will be available soon.)
EXAMPLES: manufacturer, property management, construction, realtor
*Note – There are additional, smaller programs as well for women-owned businesses, arts & cultural attractions, agricultural businesses and sole-proprietors but these are the two main programs.
Please share this information with anyone you think may benefit. If you have any questions please contact