The state is increasing Business Emergency Gap Assistance Program (BEGAP) (click here for related website) awards for most recipients, included retroactive changes.
The previous BEGAP formula awarded most grantees 20% of their net uncovered damages (damages less insurance proceeds, donations, or other grants) with a cap of $20,000. The new rules will allow up to 30% of net uncovered damages and remove the $20,000 cap. For businesses that suffered more than $1 million in damages, they would be eligible for 20% of net uncovered damages with a $500,000 cap.
Previous BEGAP recipients will automatically receive a supplemental payment to bring their award up to 30% of net uncovered damages. Current and future applicants will be eligible for 30%.
ACCD is reminding applicants to take care with their applications — about 20% of all BEGAP applications received have been deemed incomplete and sent back to the applicant for revision, significantly delaying processing. There are Technical Assistance resources on the BEGAP website (see link above) to help ensure applications are completed appropriately.
Addison County Added to Counties Covered by Disaster Declaration
Addison County has been added to the disaster declaration qualifying businesses for assistance from the SBA for damages owing to the severe storms, flooding, landslides, and mudslides occurring July 7 through 17. Businesses and homeowners that suffered physical damage or economic injury are eligible for:
- Business Physical Disaster Loans: Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
- Economic Injury Disaster Loans (EIDL): Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
Application Filing Deadlines:
- Physical Damage: November 13, 2023
- Economic Injury: June 14, 2024
For details on the declaration and loans available, click here.
New SBA Disaster Loan Outreach Center
The SBA has opened a new Disaster Loan Outreach Center in Middlebury to help people in Addison County access low-interest federal loans. Eligible businesses and residents must have suffered damage from severe storms, flooding, landslides, and/or mudslides between July 7 and July 17, 2023.
The Disaster Loan Outreach Center – Addison County will remain open six days a week until early October. Hours are below. Walk-ins are welcome.
Disaster Loan Outreach Center – Addison County
Addison County Economic Development Corp.
1590 Route 7 South
Hours: Monday through Friday, 9 am to 6 pm
Saturday, 10 am to 2 pm
Closing Permanently: Tuesday, Oct. 3 at 4 pm