Economic Recovery Grants Program Expanded

Vermont has expanded eligibility for Economic Recovery Grants for Vermont businesses negatively impacted by the COVID-19 pandemic. Under the original eligibility criteria, a business was required to have at least one W-2 employee who was not an owner of that business. Starting August 3, businesses with at least one W-2 employee – now including those who are an owner – are also eligible and encouraged to apply (click here). This change refers to S Corps, C Corps, and LLCs.

At this time, eligible businesses include those who have experienced a 50% or greater drop in total revenue in any one-month period from March 1, 2020 through July 31, 2020, when compared with the same month in 2019.  Businesses that may not have been eligible earlier in the year are encouraged to re-evaluate their losses for the month of July as they may now be eligible.  More than $78 million has already been awarded to Vermont businesses but there are still funds available.

Click here for more.