COVID-19 Business Information (including Lending & Grants {State & Federal}) – 22-201

October 24, 2022

Table of Contents:

This sheet includes:

  1. Actionable information on closed programs.
  2. Descriptions TWO new programs:

VEDA Forgivable Loan Program

Vermont Arts Council Vermont Creative Futures Grant.

  1. Any programs still open and links to them.
  2. Current information on what to do if you or one of your staff tests positive for COVID.
  3. Our assistance for managing your business thru COVID.

IMPORTANT NOTE: Keeping very detailed records of the actions you take after you accept any Federal or State COVID-19 loans or grants is paramount. To assist you in keeping your information in one easily accessible place VtSBDC has created the COVID Grant and Loan Dashboard. The Dashboard is designed to be used as a fillable PDF or you can print a copy and fill it in by hand. The Dashboard captures the minimal information you will need to understand what you have received in loan or grant monies during COVID. Additionally, you should have a file (both digital on your computer and a hard copy file) for each of the loans or grants you received that has all of the information on each including signed loan documents, uses of funds and any correspondence with the issuing entity. Records on these loan and grant vehicles have a minimum of 3 years of financial records that must be kept in the case of an audit by the State or Federal government.

The link to the Dashboard is on this page…click on the Dashboard button to download it to your computer):

  1. COVID-19 EIDL (Economic Injury Disaster Loan) is closed.
  1. The first payments on loans originating when the program opened in April 2020 will now become due this fall (the end of the 30-month deferment based on your origination date is approaching).
  1. Payment information is as follows:
  1. The date of your first payment on the COVID-19 EIDL is 30 months from the original loan origination date (the date you received the first loan – not any increases). For many businesses who received their initial loan early in the pandemic (Spring and Summer of 2020) this means your payments will be coming due soon. The SBA is notifying borrowers of their first payment date via:
  1. Mail
  2. Or email
  3. Or a phone call.
  1. We have created a PowerPoint presentation on the two-step process required to be ready to make your first payment.

Download the PowerPoint here: Download PowerPoint HERE

               Listen here:                        

The PowerPoint includes:

  1. The two steps you need to take to be prepared for your first payment
  1. Instructions for creating your SBA Capital Access Financial System (CAFS) account:

  1. You also need to set up your payments via You will need to fill out the SBA Form 1201 Borrower Payment here:

  1. the misconceptions
  2. the permitted and non-permitted uses.
  3. the recordkeeping required for the life of the loan.
  4. and reviews pre-payment options and conditions under which you should be in contact with the SBA.

                 Download PowerPoint HERE

  1. Additionally, the SBA has a very detailed website on the EIDL here:

  1. Do remember that although payments are deferred INTEREST is ACCRUING and you should know the amount. You can find the amount in your CAFS account (see above).
  2. Payments of principal and interest will be made over the remaining 28 years with a balloon payment at the end of the loan to include deferred payments and accrued interest.
  3. You may make prepayments at any time without penalty. If you want to pre-pay any amount or pay your loan in full you need to contact the Birmingham office at
  4. FAQ’s for the program were last updated 9.3.2021 and are very detailed:

  1. The Streamlined EIDL proceeds can be used for working capital to make regular payments for operating expenses, including payroll, rent/mortgage, utilities, and other ordinary business expenses, and to pay business debt incurred at any time (past, present, or future).
  2. Proceeds CAN NOT be used for business expansion including expansions, new buildings and equipment purchases. Small equipment purchase may be permitted. Check with Birmingham office (see email above).
  3. Note that the EIDL loan does transfer to the estate of any of the owners listed on the loan.
  1. EIDL ADVANCE and Supplemental Targeted Advances are both closed.
  1. Advance monies from all three programs do not need to be paid back and can be used for operating capital for your business.
  1. PPP (Paycheck Protection Program): is closed and applications for forgiveness should be submitted within 10 months of the end of the Covered Period. For information on the Forgiveness process review all information on the SBA website or speak with the bank that issued the PPP funds:

  1. Restaurant Revitalization Fund (RRF) is closed.
  1. Shuttered Venue Operators Grant (SVOG) program is closed.
  1. The VEDA Forgivable Loan Program (VLP) is NOW OPEN for specific sectors (see below) and will be open to all Business Sectors as of NOVEMBER 1st. This Forgivable loan is designed to provide financial assistance to businesses that are continuing to experience current and on-going economic harm due to the COVID-19 pandemic. Total funding: 19 Million.
  1. General requirements and sector designations:
  1. Is a for profit or not for profit business
  2. Has fewer than 500 employees
  3. Is located in Vermont
  4. Was in operation or had taken substantial steps toward becoming operational as of March 13, 2020.
  5. Can demonstrate and attest to economic harm caused by or exacerbated by the pandemic and that such economic harm is ongoing.
  6. Economic harm defined as the cumulative reduction in Adjusted Net Operating Income in calendar years 2020 and 2021 compared with 2019, of at least 22.5%.
  7. The FLP Calculator will help determine your eligibility, simply by inputting your previous COVID relief grants received and information from your business tax returns from 2019, 2020, and 2021; and the first six months of Profit and Loss for 2022.
  1. If your business has seasonal influences (your gross revenue fluctuates significantly by season) you should also provide the first six months of Profit and Loss for 2019 so an accurate calculation can be made for the estimated loan amount.
  2. The Calculator is within the Application Folder which can be downloaded here (green button on the left) which:

  1. There is a video on the home page of the Forgivable Loan. You can watch it on YouTube here: 


To request assistance with completing the calculator and then the application process (if you qualify) please fill out the following, click submit and you will be contacted by VtSBDC. Please note VtSBDC is not involved in the loan approval process. Please click here for the REQUEST FORM:

  1. Priority sectors are open now: Only businesses in the following sectors will have access to the program in the first 30 days. At the end of the 30-day period, VEDA, in consultation with ACCD, will reassess the need to continue limiting the program to the priority sectors or open it up to all sectors based on demand and available funding:
  1. Travel and Tourism
  2. Restaurants and Eating establishments
  3. Lodging
  4. Child day care service providers
  5. Agriculture
  6. BIPOC owned businesses from all sectors.
  1. All other business sectors are open for application on NOVEMBER 1.
  1. DO NOT submit your application before 11/1 or it will be returned to you and you will have to resubmit on 11/1.

NOTE: Frequently Asked Questions (that are updated as new typical questions arise) are here:

  1. Application to the Forgivable Loan (VLP) is a two-step process.
  1. STEP ONE – Does my business meet the ELIGIBILITY requirement of at least a 22.5% reduction in net income for the designated period? And do I get an Estimated Loan amount that is more than ZERO.
  1. Use the calculator (The Calculator is within the Application Folder which can be downloaded here (green button on the left) which: to determine if you can demonstrate “economic harm” caused by or exacerbated by the pandemic. Economic harm is met by demonstrating at least a 22.5% reduction in adjusted net operating income in calendar years 2020 and 2021 compared to 2019, or other appropriate basis of comparison where necessary.”  (Sect. 47(c)(4))

  1. In order to complete the calculator you will need the following information:
  1. Business Tax Returns for 2019, 2020 and 2021
  2. A Profit and Loss for January – June 2022
  1. If you are a seasonal business for which your gross revenues fluctuate significantly month to month you will also need a Profit and Loss for January – June 2019
  1. A complete list of all COVID Grants received to date including but not limited to the following (if you have previously used the VtSBDC COVID Dashboard to record your loans and grants use that to fill in the calculator):
  1. SBA Paycheck Protection Program (all rounds)
  2. SBA EDIL Grant (this is the Advance portion that was capped at $10,000 and not the EIDL Loan)
  3. SBA Shuttered Venue Operators Grant
  4. SBA Restaurant Revitalization Fund
  5. USDA Coronavirus Food Assistance Program (CFAP)
  6. USDA Coronavirus Food Assistance Program (CFAP2)
  7. VT ACCD Economic Recovery Grants
  8. VT ACCD Economic Recovery Bridge Program
  9. VT COVID-19 Agriculture Assistance Program (VCAAP)
  10. Vt ANR Forest Economy Stabilization Grants
  11. DCF Child Care Stabilization Grant
  12. Others – note if you received other grant funding you will need to list the source, the dollar amount and fill in the Taxable or Non-Taxable status. This is a critical step. Without the Taxable or Non-Taxable designation (use the pull-down window next to the amount you enter) the calculator will not calculate your eligibility.
  1. NOTE: the first step in entering your tax return information is to choose the correct tax form you filed from the choices in the drop-down box. Once you have chosen specific instructions will appear on the right-hand side that will indicate the exact line on the tax return where you will find the number/value the calculator is requesting. Or if an N/A is next to the box the value is not needed.
  2. Once you have successfully completed the calculator it will automatically calculate your eligibility. This is done by calculating the Adjusted Net Operating Income (ANOI) for 2019, 2020 and 2021. Then using those three years of ANOI to figure the percentage change in income {(ANOI 2019 – ANOI 2020) + (ANOI 2019 – ANOI 2021)/ANOI 2019}. This percentage decline must equal at least 22.5% in order for you to be eligible to apply. Note the ANOI is adding back in the amount of the COVID grant monies you received. 
  3. NOTE: VEDA is suggesting if you get a RED BOX indicating non-eligibility you DO NOT need to take the time to complete the rest of the application.
  4. The last number the calculator will calculate is the estimated cap amount of the loan you could receive – the Estimated Loan Amount. This is figured by applying a formula that considers the 2022 January – June ANOI. This calculation takes into consideration if a business is doing better or worse than 2019.
  1. NOTE: VEDA is saying that the second reason (not meeting the 22.5% loss benchmark being the first) to not take the time to do the full application is if you put in your Jan-June 2022 numbers in the Calculator and the Estimated LOAN AMOUNT = 0.
  2. Please note that in the Priority period a high percentage of businesses who have done the calculator have gotten an eligible 22.5% or higher loss but have then gotten a ZERO Estimated Loan amount. This is happening because, VEDA notes, that directed by the legislative intent of this program, the FLP Calculator Tool places emphasis on current and on-going financial needs. Your business’ 2022 financial data is critical because the formula for the estimated loan amount places more weight on the most current financial data comparted to prior periods.
  1. In other words, this program is designed for those businesses who are STILL suffering operating losses because of COVID and was not designed to make up for prior losses.
  1. Also, regardless of an Estimated Loan Amount over zero VEDA is going to review all applications and will calculate a loan amount based on all factors (not just the calculator) and so there may be situations in which the calculator indicates an amount and the actual loan may be lower or higher or zero. In those scenarios an explanation will be provided.
  2. Regardless the loan amount will not exceed the lesser of following:
  1. $350,000
  2. Six months of eligible operating expenses; or
  3. the cumulative reduction in Adjusted Net Operating Income in years 2020, 2021, and the 1st 6 months of 2022 when compared with 2019 and weighted towards the most recent financial results.
  1. STEP TWO – Do I want to complete the application process? Once you have gotten the “eligible indictor” and an Estimated Loan amount above zero from the calculator you can determine if you want to proceed with the application.

Note: Proceeds from the VEDA Forgivable Loan can be used for all eligible operating expenses within 12 months of the receipt of the funds but NOT for capital expenditures. Eligible operating expenses include but are not limited to payroll, mortgage interest, rent, utilities and other operating costs.

  1. All paperwork required:
  1. VEDA Short Term Forgivable Loan Application (see link below)
  1. Note you will need a UEI number (Unique Employer Identification). These can be applied for here if you do not have one:

  1. The SAM system is, at the moment, backed up so VEDA has said that a screen shot (attached to your application packet) of the fact that you have began the process will allow you to apply without the number.
  2. There is also a video provided by SAM that you should watch if you have any questions about the process. Watch it on YouTube here: 

  1. Business Tax Returns for 2019, 2020, 2021
  2. Management prepared profit and loss statement for Jan.1 – June 30, 2022.List of previous state and federal COVID relief grants received
  3. Completed VEDA Short Term Forgivable Loan Calculation Worksheet
  4. Completion of attestations to confirm eligibility.
  5. Applicant permission to share non PII information with other state and federal agencies in order to verify other COVID-19 grants received.
  6. Legal organizational documents
  1. Other financial documents and information may be required to make accurate assessments for certain businesses.  For example, businesses which were legally organized prior to March 13, 2020, but had not yet become fully operational, seasonal business, and businesses which have reduced operations due to COVID impacts.  
  1. The approval process will be as follows:
  1. VEDA will review applications on a first come first served basis.
  1. Loans in this program will be approved by the same approval policy in place for all VEDA loan programs.  
  2. At a minimum two signatures are needed to approve every loan.  
  3. Loans over $125,000 are approved by a loan committee.  
  4. Response times to loans will be determined by volume of applications.
  1. There will be a forgiveness process which is still to be defined but it will at a minimum require documentation for all funds spent in the allowable period.
  1. And the requirements for forgiveness are as follows:
  1. Borrowers have up to 12 months to use loan proceeds for eligible operating expenses.
  2. Borrowers may submit application for forgiveness any time before the end of the 12-month period following loan disbursement.  
  3. Approval for forgiveness will be based on adequate documentation evidencing the loan proceeds were used for eligible operating expenses.  Examples of forgiveness documentation include, but are not limited to paid invoices, receipts, payroll statements and other documents as needed.  
  4. Upon approval of forgiveness, loan will be considered “Paid in Full”  
  1. Until the point of forgiveness this money is considered a loan and VEDA Loan Documents will have to be signed. An unforgiven loan will have the following terms and requirements:
  1. Collateral: None: unsecured.  
  2. Interest: 0%.
  3. Fees: None.
  4. Term: up to 24 months with first 12 months no payments.  If your loan is not fully forgiven by the end of the initial 12 months the unforgiven amount converts to fully amortizing loan at 0% interest with monthly payments due over the following 12 months.  
  5. Personal Guaranty Requirement:  Yes, Owners of 20% or more of the borrower will personally guarantee the loan (not applicable to non-profits).

You can access the Application Packet here:

        The packet includes:

  1. E-sign consent form
  2. The full application
  3. The calculator
  4. A checklist for all requirements and forms
  5. Instructions

  1. Vermont Arts Council Vermont Creative Futures is NOW OPEN. The aim of this grant is to provide aid to creative sector organizations, businesses, and sole proprietors that continue to struggle financially due to the impact of the Covid-19 pandemic. Total funding: 9 million.

A Grantseeker workshop was held and you can watch the video or review the slide deck here:


  1. General Requirements: This program is open to all Vermont-based creative economy nonprofits and for-profit businesses including sole proprietors that can demonstrate economic harm caused by or exacerbated by the COVID19 pandemic.
  1. Unincorporated arts, humanities, or cultural groups without official nonprofit status may apply using a fiscal agent provided they are otherwise eligible.
  2. In addition, eligible applicants must have:
  1. Fewer than 500 employees.
  2. Been in operation or had taken substantial steps toward becoming operational as of March 13, 2020.
  3. Sole Proprietors: For this program, a sole proprietor is defined as an individual who owns an unincorporated business and does not have W-2 employees (filing a Schedule C as a part of federal tax returns is the primary documentation for sole proprietorship).
  1. Eligible sole proprietors must have had creative economy income (as documented in tax returns) that comprises at least 30% of total income and was a minimum of $12,000 in 2019.
  1. Applicants must choose a NAICS Code from the provided list ( in one of these Allowed Sector Designations and applicants’ work or mission must be predominantly rooted in the creative sector:
  1. Culture & Heritage – Historical societies, museums, libraries, independent curators, and exhibit designers.
  2. Design – Product, interior, graphic, architecture, and fashion design firms and designers.
  3. Film & Media – Creators of film, video, animation, digital games, including technicians, costumers, editors.
  4. Literary Arts & Publishing – Print or electronic publishing businesses and content creators, editors, and writers.
  5. Performing Arts – Producers, venues, studios, sound and light technicians, set designers, and performers.
  6. Specialty Foods – Specialty and artisanal food producers.
  7. Visual Arts & Crafts – Galleries, artists, artisans, craftspeople, culture bearers, and makers
  1. Contact Vermont Arts Council before applying if you have any questions about eligibility or which code to choose. Vermont Arts Council reserves the right to make final judgments on eligibility.

  1. Who may not apply:
  1.  Individuals who are not working as sole proprietors.
  2. Businesses owned by persons under age 18.
  3. Businesses that are franchises or chains.
  4. Religious, political, or advocacy organizations.
  5. Government agencies.
  6. Pre-K through Grade 12 schools.
  7. Universities, colleges, and academic departments (arts and cultural organizations that operate under the umbrella of a college or university with 501c3 status may apply).
  8. Sporting event entities, karaoke, exotic dancing, fitness studios.
  1. Special Consideration Organizations serving and led by members of communities traditionally under-resourced in the arts and humanities are encouraged to apply and will be given special consideration. These groups* include:
  1. People of color or indigenous people.
  2. People who identify as LGBTQ+.
  3. People who live in rural areas.
  4. People with disabilities.
  5. People who identify as immigrants or refugees.
  6. People whose first (or only) language is not English.
  1. Please note that this is not an exhaustive list.
  1. Funds can be used for any regular operating expenses, including but not limited to:
  1. Payroll and benefits.
  2. Utilities.
  3. Rent.
  4. Insurance.
  1. These funds do not require a match.
  2. Funds MAY NOT be used for:
  1. Funds may not be used toward capital costs, other than mortgages.
  2. Avoid duplication of benefits.
  3. Overlapping project costs with any other pending or approved application(s) for federal funding and/or approved federal awards.
  4. Funds may not be used as non-federal match for other Federal Programs whose statute or regulations bar the use of Federal Funds to meet matching requirements
  1. Application Criteria that must be met:
  1. Severity of Covid-19 Pandemic Harm (as identified in the Final Rule from Treasury: financial insecurity, decreased revenue, increased cost, challenges meeting payroll and other operating costs).
  2. Community and Cultural Impact (mission, cultural significance, and communities served).
  3. Economic Impact (role in local economic recovery, ability to retain or rehire jobs, provider of unique products or services, likelihood of post-pandemic resilience).
  1. Amount of Awards (in italics) are based on 2019 operating revenue as follows:
  • Amount over $2M – $200,000 
  • over $1.75 M – up to $2 M – $187,500 
  • over $1.5 M – up to $1.75 M – $162,500 
  • over $1.25M – up to $1.5 M – $137,500 
  • over $1M – up to $1.250 – $112,500 
  • $900,001 – $1,000,000 – $95,000
  • $800,001 – $900,000 – $85,000 
  • $700,001 – $800,000 – $75,000 
  • $600,001 – $700,000 – $65,000 
  • $500,001 – $600,000 – $55,000 
  • $400,001 – $500,000 – $45,000 
  • $300,001 – $400,000 – $35,000 
  • $200,001 – $300,000 – $25,000 
  • $100,001 – $200,000 – $15,000
  • $50,001 – $100,000 – $7,500
  • $7,500 up to $50,000 – $5,000 
  • sole proprietors – $4,000 
  1. Application Rounds:
  1. Round 1: open Sept. 15 – Nov. 1, 2022; notifications by mid-December.
  2. Round 2: open Jan. 3 – Feb. 28, 2023; notifications by mid-April.
  3.  Round 3: open May 1 – June 30, 2023; notifications by mid-August.
  1.  Application Review Applications will be evaluated based on the selection criteria rather than on a polished application.
  2. Applications that are not funded in one round will automatically be re-considered in the next round.
  3. Applicants will be required to disclose all past, pending, and potential Covid-19 pandemic relief funding. This will be considered when determining the applicant’s “severity of pandemic harm.”
  4. Awards will be released upon receipt of a signed contract. A brief final report will be required on or before 30 days after the award end date.
  1.  Required Application items. NOTE: All Creative Future applicants (including sole proprietors) MUST register as an “organization applicant”:
  1. Federal Business Tax Returns for 2019, 2020, 2021.
  2. The following management-prepared financial statements for year-to-date of the current fiscal year (and any prior year for which a tax return is not yet filed):
  1. Profit and Loss statement for the period.
  2. Balance sheets from beginning and end of each P&L period.
  1. List of all COVID relief funding received and pending.
  2. Completion of attestations to confirm eligibility.
  3. Other financial documents and information may be required to make accurate assessments for certain entities. For example, entities which were legally organized prior to March 13, 2020, but had not yet become fully operational and applications which require further documentation to ensure eligibility.
  1. If you require an alternate format or assistance to access the application, please contact the program managers at or Michele Bailey, accessibility coordinator by email at or at 802.402.4614.
  2. Inquiries about using the online application system can be made by sending an email to Deirdre Connelly at or by calling 802.828.3291.
  3. All grant information here:

Register for the application process using Vermont Arts Council grant portal:

  1. Employee Retention Tax Credits (ERTC):

The best way to see if you qualify for ERTC’s is to speak with your Accountant/CPA

  1. The Employee Retention Tax Credits 2021:
  1. The following guidance has now been released:

  1. Again, the best way to stay abreast of the use of this program is to be in contact with your Accountant/CPA.
  1. Some RDC’s Loan Programs are still open. Please contact your local RDC for details.

Here is a link to the RDC’s if you would like to contact them regarding their loan options:

  1. A POSITIVE COVID test (either you or your staff) requires per the State the following:
  1. Per the CDC on 12/27/2021 individuals who test positive for COVID-19 must isolate for 5 days followed by 5 days of strict mask adherenceIN ADDITION to the CDC guidance, the Vermont Department of Health (VDH) guidelines allow Vermonters to end isolation only after 5 days if they have gone 24 hours without a fever and have two negative antigen tests performed at least 24 hours apart, beginning no sooner than day 4 of their isolation period. The State of VT has also strongly recommended continuing to wear a mask around others through day10.
  1. The VDH Guidelines are here:

  1. CARES ACT unemployment benefits for quarantine have now ended which means that an employee required to isolate for 5 days can no longer apply for unemployment for the mandatory quarantine period. Further information on this has been provided by the Vt Dept of Labor here:

  1. We strongly suggest you watch the webinar (in the link above) that has been provided which explains the current situation in detail.
  2. We recommend that you review your benefit program with your employees so they understand what PTO is available to them.
  1. If you do have an employee test positive we also suggest you call your Insurance agent immediately to discuss whether the incident will be covered by Workers Comp. Whether it is or isn’t a covered incident notification to your insurance agent is required and the best business practice.        
  2. While the State of Vermont is no longer mandating masking and social distancing it is still the best practice and some cities and towns have made local mandates and you do need to comply by those. And you can also, as a business owner, decide they are required for your own business.
  3. Mandatory Vaccination is not a State or Federal requirement for most privately-owned businesses although some businesses are choosing to enact a vaccination mandate. The ACCD did a webinar in December which outlined options if you are considering this mitigation action.
  1. Here is the recording:

  1. Here are the PowerPoint Slides:


The management of your business during this pandemic continues to bring significant challenges and opportunities. VtSBDC offers help in a variety of ways:

  1. A Roadmap that is self-guided to assist you in making decisions and assessing the current state of your business. The Roadmap can be found here:

  1. The VtSBDC website has a wide variety of business resources that you can use:

  1. To request VtSBDC advising (one-on-one, confidential, no-cost) from a VtSBDC Advisor: