Information from the Brattleboro Development Credit Corporation
Vermont Emergency Economic Recovery Grants Opening Monday, 8:00 a.m.
On Friday, June 19, 2020, Governor Scott signed into law Act 115, “An act relating to creating emergency economic recovery grants.” This legislation includes $70 million to issue Emergency Economic Recovery Grants to eligible Vermont businesses and nonprofits that have suffered severe financial harm from the COVID-19 public health emergency. Additional legislation, H.966, is headed to the Governor for signature and when signed, will provide another $96 million in funding for these Economic Recovery Grants.
** IMPORTANT **
This program opens on Monday morning and funds will be awarded on a first-come, first-serve basis.
** IMPORTANT **
Program description and eligibility criteria can be found here: https://accd.vermont.gov/covid-19/economic-recovery-grants.
What to do now – Before Monday?
Here is a basic information overview of what to get ready to complete your grant application. You’ll need to know several pieces of information about your business:
- Your Vermont Account Identification Number (used by the Vermont Department of Taxes) and Federal Employer Identification Number (FEIN)
- The appropriate NAICS code for your company. (Non profits may not have an appropriate NAICS code and are exempt from this requirement.) The North American Industry Classification System (NAICS) is used by the United States, Canada, and Mexico to classify businesses by industry. Each business determines its six-digit NAICS code number based on the majority of activity at the business. When you file your federal income taxes, you provide a “business code” that is based on the NAICS number and the information for your business tax filing includes a table of those codes.
- Amount and source information about any compensation you have already received from insurance, PPP, EIDL, or any other federal program for economic damages incurred as a result of COVID-19
- Whether you are in good standing with the Vermont Department of Taxes. Good standing for your business means that all required tax returns are filed and that all taxes are paid, OR if you owe any taxes that are past due, you are in a payment plan for those taxes. If you have any unpaid taxes for your business, you can call (802) 828-2518 to request a payment plan. Any taxpayers who are not in good standing may be deemed ineligible for the grant.
The application will also require financial statements and tax information. Applicants will upload a total of 5 documents during the application process. Applicants should prepare PDF versions of the following 5 documents and have them ready to upload before you start filling out the application.
- 2019 income statement broken down by month
- 2020 income statement broken down by month
- 2019 federal tax return
- 2019 Vermont state tax return
- W-9 (signed)
BDCC’s Micro-entrepreneur Loan Program is available for businesses suffering economic injury. Use this form to learn more.
Please let me know if you have questions or need assistance accessing these funds for your business, or if you need assistance navigating other government services at (802) 384-0233 or firstname.lastname@example.org
Rep. Laura Sibilia Dover, Readsboro, Searsburg, Somerset, Stamford, Wardsboro, Whitingham