VT Economic Recovery Grants Application Portals are OPEN!

The APPLICATIONS PORTALS ARE OPEN for the Vermont Economic Recovery Grants (as of 8:00am July 6, 2020)

Part one of the program is for businesses in two categories who have suffered more than a 75% identifiable loss due to COVID-19.

  1. One category is for businesses who pay sales and use or meals and rooms tax. Your access to the application process will be thru your current on-line tax account at:

https://www.myvtax.vermont.gov/_/

    1. Log into your account and click “Apply for a Vermont Economic Recovery Grant” under the “I want to” section on your account landing page.
  1. Filing after logging in to your account will streamline the application by prefilling much of your business information and will also allow you to request your grant be issued by a direct deposit to your bank account.
  2. You will also receive information about the results of your application faster.
    1. If you do not have a myVTax account: You may still apply without creating an account. From the myVTax homepage, click “Apply for a Vermont Economic Recovery Grant” on the bottom of the page.
  1. The second category is for all other businesses (with the sector exceptions that have their own funds and applications {Agricultural producers and processors; health care providers, child care, government entities, forestry, and sole proprietors} that are listed in both the slide deck link below and on the ACCD site link).
    1. The Application will be accessed via the ACCD:

https://accd.vermont.gov/covid-19/economic-recovery-grants

    1. Businesses are required to provide PDF copies of the following documents (these must be in PDF format so make sure you have these ready as PDF’s):
  1. 2019 income statement in monthly intervals
  2. 2020 income statement in monthly intervals
  • 2019 federal tax return (or Form 990 for organizations exempt from income taxation)
  1. 2019 Vermont state tax return.

The ACCD has prepared two documents to assist you in this process. We recommend you review these in detail.

  1. A slide deck (from the webinars on 7/2 & 7/3)):

https://accd.vermont.gov/sites/accdnew/files/documents/economic-recovery-grants-overview-webinar-slides.pdf

  1. A FAQ list:

https://tax.vermont.gov/coronavirus/grants-faqs

 

Part Two of the program as defined by legislation H.966 will add monies to the above grants and also earmark monies for women and minority owned businesses. In addition the required loss that must be proven will be reduced from 75% to 50% or greater loss.

We are awaiting a look at the full applications. As soon as we have them we will be providing further details.

 

Best,

 

Ross Hart
Area Business Advisor
Vermont Small Business Development Center (VtSBDC)
36 Eastern Avenue, PO Box 630
St. Johnsbury, VT 05819

35 Railroad Row, White River Jct., VT  05001
(802) 535-4240 (cell)
rhart@vtsbdc.org
www.vtsbdc.org

 

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