Disaster COVID-19 Business Lending 1501
October 26, 2020
Business owners have some options for financial assistance available to apply to now, and others that will be available shortly.
There can be no duplication of use of funds among all of these federal and state programs. Keeping very detailed records of your actions (as noted below) is paramount. As these programs are defined and delivered, we will have an understanding of how the programs interrelate (work together in concert and impact each other). At this point, we do not have complete information on that.
Please note that changes from Disaster Lending 1401 are highlighted in yellow. If this is your first time receiving the document we suggest reading the entire document. And always re-read any sections that are relevant to your business in their entirety.
TABLE OF CONTENTS:
o EXPANDED Vermont Economic Recovery Grants
o Sector Specific Grants that are still OPEN or have extended deadlines
o The Small Business Recovery Technical Assistance Program (ReVTA)
o Additional Important Statewide Programs:
§ Utility Assistance
o Economic Injury Disaster Loan (EIDL) – Please note this application period does end 12//31/20
§ EIDL Permitted and Non-Permitted Uses
o Paycheck Protection Program (PPP)
§ PPP Loan Forgiveness Applications
· New Forgiveness Application for PPP Loans of $50,000 or under
o Recovery Roadmap
o Necessary Documents
1. Vermont EXPANDED Emergency Economic Recovery Grant Program: this program is now open via two applications as it was in the first round– The Vermont Department of Taxes and the ACCD (Agency of Commerce and Community Development).
a. It is important to review all of the information provided before you begin the process.
i. PLEASE NOTE: we would advise that your FIRST STEP is to do the Un-Met Need Calculator. If you DO NOT have unmet need there is no reason to proceed with the application process. Calculator is here: https://tax.vermont.gov/coronavirus/grants/unmet-need
ii. Your next step if you have Un-Met Need is to read all the info below but ALSO to determine which application (VT Tax or ACCD) is correct for you. Here is a quick take on which application may be correct for your business:
1. If you applied to the ACCD in Round 1 you should apply via the ACCD again.
2. You should apply to ACCD for this round if you do NOT pay any taxes on your revenue.
3. If you pay tax (rooms and meals or sales and use) ON ALL OF YOUR REVENUE you should apply via the VT Tax Dept.
4. If you have a combination of taxable and non-taxable revenue you should do a calculation of which application will be best for your business and choose the one that will yield the best results.
a. Note that the VT Tax Application is much simpler because it pre-loads the data from your tax filings.
b. And also note that if you did do the VT Tax Dept application the first time and received grant funds you can choose the ACCD application for the second round if it will yield a better result.
5. If you are a NEW Business that started after 3/1/2019 so you do not have a FULL comparison period of 3/1-9/30/19 to 3/1-9/30/20 you MUST apply via ACCD (even if you pay taxes on your revenues).
a. ALSO NOTE you must have started your business BEFORE 3/1/20. Businesses that started after 3/1/20 are not eligible.
b. Webinars have been held and recorded: https://accd.vermont.gov/covid-19/expanded-economic-recovery-grants/webinars
c. Eligibility requirements are the SAME for BOTH PROGRAMS. A business must:
i. Be domiciled or has its primary place of business in Vermont.
ii. Be open at the time of application, or is closed due to the COVID-19 public health emergency but can certify to its intention to re-open when able
iii. Had annualized revenues of at least $22,000 in 2019
1. Note: there is an exception to this if you are a NEW business. You should call the Support Center (8-4:30 M-F at 802-828-1200) to ask about your business specifically. All new businesses to qualify however need to have started by 2/28/20 in order to apply.
iv. Not currently be in Chapter 7 bankruptcy
v. In good standing with the Vermont Department of Taxes [“In good standing” for the purpose of grant application eligibility means: all required tax returns are filed and all taxes are paid, OR if a business owes any taxes that are past due, there is a documented and current payment plan in place. Any taxpayers who are not in good standing may be deemed ineligible for the grant.]
vi. In good standing with the Vermont Secretary of State
vii. Has a remaining net un-met need (the "Net Un-Met Need") after completing the calculations described in the Award Formula section below
viii. New businesses that opened in 2020 are eligible if they opened before March 1, 2020 (although all new businesses must make their application via the ACCD).
d. The award amounts in BOTH programs will be derived using the following formula: Unmet Need – Benefits Received = possible grant amount. Read carefully the explanation below and if you do not meet the requirements you cannot apply:
i. The calculation of an organization’s grant award will start with the calculation of the Applicant’s Net Un-Met Need. The Net Un-Met Need calculation begins with a calculation to test if an applicant had a revenue reduction in 2020 as a result of the COVID pandemic (a “Net Revenue Impact”). Applicants must submit an unmet need calculator worksheet with their application. Here is the link to the calculator: https://tax.vermont.gov/coronavirus/grants/unmet-need
ii. This Net Revenue Impact test will be determined by calculating the difference between the organization’s revenues for the period from March through September in 2019 less the revenues received in March through September period in 2020. This calculation will provide the amount of net revenue impact for the organization. If the calculation shows that the applicant did not suffer a Net Revenue Impact decline in 2020 they will not be eligible for assistance.
iii. Applications via the Department of Taxes will consider the difference in March through September 2020 total sales as reported on Sales and Use and Meals and Rooms tax returns compared to the March-September period for 2019.
iv. New Organizations (who may only apply via the ACCD application): If an applicant’s organization opened after March 2019 and does not have the full March – September 2019 revenue history it may submit up to seven consecutive months of revenue in the period between April 1, 2019 to February 29, 2020 starting in the month the business opened. For example, if the organization opened in August of 2019, it would submit revenue for August 2019 – February 2020. The applicant’s un-met need will be determined using the seven-months of revenue compared to its March 1, 2020 – September 30, 2020 revenues. There may be organizations that will report less than seven months of revenue. For example, if they began operations in November 2019 they would have enter their revenues from November 2019 – February 2020 (4 months’ worth of revenue). Their net revenue impact will be determined by comparing this four-month period to a consecutive four-month period in the March 2020 – September 2020 timeframe.]
v. The applicant’s Un-Met Need is then calculated as the Net Revenue Impact less the sum of the financial assistance that the organization has already received (the “Total Benefits”).
vi. Total Benefits will be the sum of:
1. The TOTAL PPP Loan amount (Federal Payroll Protection Program)
2. The EIDL ADVANCE amount (this was the $1,000 per employee up to 10 grant) from the Economic Injury Disaster Loan (EIDL)
3. Grant amount from the Vermont Sole Proprietor Stabilization Program
4. Any business interruption insurance payments
5. The amount of previous awards provided by the State of Vermont through its earlier Economic Recovery Grant program
6. The amount of other State and Federal CRF awards.
7. Note that these programs do not have to be included in the Benefits total:
a. Everyone Eats
vii. The grant award will be calculated by multiplying the Un-Met Need by a factor that distributes the $76 million appropriation across all of the applicants in both the ACCD and Department of Tax programs. The factor is calculated by taking the total amount available for granting and dividing it by the aggregated unmet need calculated for each applicant and factoring in a maximum grant ceiling amount of $300,000, which shall include any previous grants or funds received from ACCD or the Department of Taxes.
viii. PLEASE NOTE: this is not a first come first served process BUT it is important to do your application in a timely manner in case there are questions on you application. All applications do need to be completed by the end of the application window.
e. To APPLY via the VERMONT DEPARTMENT OF TAXES:
i. The application period is open until 10/30/20.
ii. You will choose this application if:
1. Had at least $22,000 in total sales reported on Sales and Use and Meals and Rooms tax returns in calendar year 2019.
2. Have filed all required Sales and Use or Meals and Rooms Tax returns through the September 30, 2020 period due on October 25.
3. Has not received a Vermont Economic Recovery Grant from ACCD.
4. If you still have unmet need (using the above calculation) you can apply for this grant even if you have already received an Economic Recovery Grant from the Tax Department.
iii. The link to the application is here and make sure you click the box in the lower right hand corner named Apply for an Expanded Economic Recovery Grant: https://myvtax.vermont.gov/_/
1. Note that this is the ONLY way to access the application. It will not be available from a business’s tax account as it was with the first round.
iv. FAQ’s for the Department of Taxes are here: https://tax.vermont.gov/coronavirus/grant-faqs
v. For this application your revenues will be automatically loaded (based on your previous filings) and the only ADDITIONAL requirement will be a pdf of the completed Unmet Need Calculator: https://tax.vermont.gov/coronavirus/grants/unmet-need
vi. If you have additional questions or need help completing your application, you can contact the Department of Taxes via email at email@example.com or by calling (802) 828-6611 between 7:45 a.m.—4:30 p.m. Monday—Friday.
f. To APPLY via the ACCD:
i. The application period is open until 11/9/20.
ii. The Application is here: https://vermont.force.com/economicrecovery/s/accd-register
iii. FAQ’s are here and are being updated as needed: https://accd.vermont.gov/covid-19/expanded-economic-recovery-grants
iv. Material to have prepped for the application:
1. Federal Employer Identification Number (FEIN)
2. The appropriate NAICS code for the applying company [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.]
3. Monthly financial results for 2019 and 2020
4. Information about any compensation an applying business has already received from insurance, PPP, EIDL grant, or any other federal or state grant program for economic damages incurred as a result of COVID-19
5. Entity type (non-profit, “C” Corp., “S” Corp., etc.)
6. 51%, or greater, minority-owned status
7. 51%, or greater, women-owned status
8. New business status (began operations after March 2019)
9. Number of employees
10. Applying businesses must provide PDF copies of all of the following documents in order for their application to be considered “complete”:
a. 2019 income statement in monthly intervals
b. 2020 income statement in monthly intervals
c. 2019 federal tax return (or Form 990 for organizations exempt from income taxation)
i. Note the exception to this is if your fiscal year ends in either June or September. In that case if you may provide 2018 taxes.
d. 2019 Vermont state tax return
v. Helpful Application Tips:
1. When you are naming your PDF’s for upload include your company name and a description. For example: CompanyName.IncomeStatement.2019. Or CompanyName.TaxReturn2019. Accurately labeled PDF’s will assist the reviewers in their review process.
2. If you have a special circumstance that you feel needs to be described you should:
a. Call the Support Center (802-828-1200) or ask the question in the chat box.
b. Within the application there is a “free field” in which you can enter the relevant information that supports your circumstance. And additionally two open slots to upload a pdf that would add additional information.
3. ACCURACY is key. You need to make sure that the information you enter into the Un-Met Need Calculator matches the information in your Income Statements (Profit & Loss) and your Tax Returns. Double check your numbers and your work. Inaccurate information will require a follow up from a reviewer.
4. The Support Center will be open Monday through Friday 8:00 am – 4:30 pm and can be reached at 802-828-1200. And also via the Chat Box on the ACCD website.
2. NOTE: For current grant recipients there is an updated post on ACCD website: Guidance Clarification Regarding Time Limit to Spend Funds: Previously, ACCD’s guidance stated that all businesses receiving a Vermont Coronavirus Emergency Economic Recovery Grant must spend the grant money by December 30, 2020. We are sorry for the confusion this statement caused. We are pleased to be able to clarify that such businesses do not need to have fully expended these grant funds by December 30, 2020. If businesses need and are able to, they can retain the grant funds for expenses that occur in 2021 and beyond. Those businesses qualified for an economic recovery grant by demonstrating a business loss in 2020 due to COVID-19; there is no additional requirement to spend the grant funding by December 30, 2020. This also applies to the second round that is underway currently.
a. For use of funds see the FAQ’s.
3. Sector specific grant opportunities. If you are in one of these sectors these may be more tailored to your needs. And again, only one grant per business so if you have already received a VT Economic Recovery Grant then these will not be available to you.
DEADLINE EXTENDED to 11/15/20: Agricultural producers and processors may apply for funding through the Agency of Agriculture, Food and Markets (AAFM). AAFM will be providing $25 million to dairy producers and processors – this segment is NOW OPEN, $5 million to non-dairy agricultural producers, $500,000 to agricultural fairs, and at least $2 million to agricultural organizations through the Working Lands Enterprise Board.
1. The portion of this sector that has opened is the:
a. $21.2 million will be available as direct payments to eligible dairy producers (cow, goat, and sheep’s milk)
b. And $3.8 million is allocated for eligible dairy processors (i.e. bottled milk, cheese, yogurt, butter, ice cream) to cover losses and expenses related to the COVID-19 public health emergency.
c. Here is the link to the application:
d. The most important first step in this program is to read this VT COVID Agriculture Assistance Program Dairy Application Information Sheet:
ii. SECOND CYCLE NOW OPEN: Health Care Provider Stabilization Grant Program:
1. Application submission and review opened Monday, October 19th, 2020.
2. Providers have through November 6, 2020 to submit their information electronically.
3. The call center at 855-891-7600 is open Monday through Friday between 8 AM EST and 4:30 PM EST, until the application closes on November 6, 2020.
4. Questions can be submitted using the Online Question Submission form for providers that seek information after business hours and on weekends. The Online Question Submission form will maintain operation through the end of the program. Here is the link:
5. Application guidance has been updated to reflect changes to the cycle two application process. Resources are posted online and updated regularly; keep checking for new information. Here is the link:
iii. OPEN: Front-Line Employees Hazard Pay Grant Program (28 Million): for certain public safety, public health, health care, and human services EMPLOYERS whose employees were engaged in activities substantially dedicated to mitigating or responding to the COVID-19 public health emergency during the eligible time period, March 13, 2020 through May 15, 2020.
1. Grants are distributed on a first come first served basis.
2. The application is here:https://vermont.force.com/economicrecovery/s/hazard-pay-register
Application Instructions are here: https://dvha.vermont.gov/sites/dvha/files/documents/News/Hazard%20Pay%20Application%20Instructions%20V1.pdf
Frequently Asked Questions are here: https://dvha.vermont.gov/sites/dvha/files/documents/News/Hazard%20Pay%20Grant%20FAQ%20v2.pdf
Submission of questions can be done here: https://forms.office.com/Pages/ResponsePage.aspx?id=O5O0IK26PEOcAnDtzHVZxu-gJmt08pRCkBohhqKhgXZUNVpBQ0w0QllXVjBNSThBOU8wTUYzM1VYUS4u
iv. OPEN: Rental Housing Stabilization Program: The program is for funding landlords on behalf of tenants in need of rental arrearage assistance due to COVID-19 to avert tenant eviction. Total funding available is currently $25 million.
1. Households can apply as often as needed through December 2020 and as long as there is money available in the fund.
2. The landing page for the program that includes eligibility requirements, the needed documentation, the application and FAQ’s, is here: https://www.vsha.org/rental-housing-stabilization-program/
4. Other Statewide Programs:
i. The program service providers are broken into two groups:
1. One: Statewide via the Regional Development Corporations (RDC’s):
ReVTA). The program is designed to allow small businesses in Vermont to receive assistance from a vendor on a specific PROJECT related to your business’s recovery from the impact of COVID-19. Here is the link to the program: https://www.vermonteconomicdevelopment.com/Restart Vermont Technical Assistance (
b. You are a business who could offer your services to other small businesses in Vermont as a VENDOR in the ReVTA program.
i. Registration to become a vendor is OPEN via this link:
FAQ’s for vendors are here: https://www.vermonteconomicdevelopment.com/copy-of-business-faqs
ii. The Pre-recorded webinar for the Vendors is here:
iii. As a vendor you will be receiving payment from the program up to $4,000 for the defined project.
c. You are a SMALL BUSINESS (either for-profit or non-profit) located in Vermont who has a project that needs an outsourced vendor to complete.
i. Small Business registration is OPEN via this link:
ii. FAQ’s for Small Businesses is here: https://www.vermonteconomicdevelopment.com/faqs
iii. The pre-recorded webinar for the Small Businesses is here:
iv. As a small business you will be receiving services via a vendor from the program up to $4,000 for the defined project.
2. Once you are registered in the program you will be paired with a RECOVERY NAVIGATOR at your local RDC who will work with you one-on-one to assist in developing a scope of work for your project and pair you with the right vendor. They will also be ready to answer all of your questions.
3. All activities within the Scope of Work must be completed by December 4, 2020. Total funds for the project are $1,200,000 with the average TA award expected to be $3,000.
a. NOTE: 5% of a business annual revenue has been added as a cap to the amount of the project. For example if a business has an annual revenue of $40,000 the cap for the project would be $2,000.
4. Burlington, Brattleboro and Central VT are nearing their funding limit, but other regions still have capacity and everyone is still strongly encouraged to apply.
ii. Two: Geographic and Challenge Specific Providers: For information on these programs please follow the links below to each program (Please note that not all of these programs have announced the details so check back with their websites in the coming days):
2. The Vermont Chamber of Commerce: https://www.ontheflyvermont.com/
Northern Community Investment Corporation: http://www.ncic.org/
Vermont Sustainable Jobs Fund: https://www.vsjf.org/
NEW: COVID Support VT has announced three Support Counselors are who are now available Mondays-Fridays, 8am-8pm, to provide emotional support, connections to community resources and to be a listening ear. Support Counselors are available by calling 2-1-1. For more information on the program: https://covidsupportvt.org/get-support/
c. NEW: Vermont COVID-19 Arrearage Assistance Program (VCAAP): It is designed to help consumers and businesses that suffered a financial hardship due to COVID-19 and who will otherwise face disconnection of service because of unpaid utility arrearages. VCAAP can help pay some or all of their delinquent utility bills. The link below provides more information about the program and how to apply. https://publicservice.vermont.gov/content/vermont-covid-19-arrearage-assistance-program-0
THE EIDL APPLICATION PROCESS IS OPEN CURRENTLY TO ALL ELIGIBLE BUSINESSES.
And the EIDL Advance has been discontinued for new applicants:
Newest Statement (7/11/20) from the SBA:
• Having allocated the full $20 Billion that was appropriated by Congress, SBA will discontinue EIDL Advances to new applicants. EIDL loan applications will still be processed even though the Advance (EILDEA) is no longer available.
Apply for directly for the EIDL LOAN via the SBA portal (Follow the instructions below on how to complete and the information you will need to apply):
(Note there are now many scammers on line so only use this site)
Urgent alert for our clients and contacts: If you are contacted by phone, fax, email or mail asking for additional financials to support your EIDL application, that person MUST have your application/confirmation number as evidence that they are from the SBA. Unfortunately, we are learning of entities and individuals posing as SBA affiliates and we want you to please be mindful.
Learn more at:
i) IMPORTANT: Please note: As a sole proprietor or LLC owner(s) that take an owners draw, you are allowed to count yourself as an employee for this streamlined application.
ii) You will be asked for the ‘Business legal name and tradename’ if you are an individual using a tradename (i.e. John Smith DBA Smiths plumbing), you must put the name on the 1st line of your bank statement (not your checks). In this example that would be John Smith
iii) The only financial info needed is:
(1) A calculation of Gross Revenues for period 2/1/19 – 1/31/20 or 2019 tax info.
(2) A calculation of COGS (Cost of Goods Sold) for the same period (if applicable), if you don’t have it, put ‘0’.
(3) If you are a non-profit you will also need Operating Costs for the same period.
(4) If your application is for lost rents, put the dollar amount of rents already lost as a result of the disaster.
iv) Note: there is a box at the top of the agent/owner page that asks if you are owned by an entity. If this box is not checked you cannot proceed past this page. Unless you are owned by another company/business then you check no.
v) You will also certify to some basic questions about your business and personal situation and that you have represented the information truthfully.
vi) At this point you will be asked for your BANKING Info:
(1) Bank Name
(2) Account Number
(3) Routing Number
vii) Once you have completed the application you will have a chance to review.
viii) Once you hit submit you will be given a confirmation page with an application number. Print this page and screen shot it. Do not lose this number.
(1) And begin a file of all the material regarding this process, including any information you provided and the application numbers you received from the SBA (put the application number on the inside of the folder).
ix) Note: If you did the streamlined EIDL Loan application when the EIDLEA was still open but have not received your Advance please check your application number:
(1) If it begins with a #3 you are in the queue and your advance is in process.
(2) If it begins with a #2 that indicates there is a problem with the application and you should call the hotline @ 800-659-2955 to resolve any issues. The issues are most likely regarding entry errors in your application and can be easily resolved.
(3) Also note that you will not be notified that the Advance money is going to be deposited. It will simply appear in your bank account with the designation SBA. So check your banking information frequently.
(1) In order for SBA to take collateral, a Uniform Commercial Code lien must be filed. SBA will deduct a $100 this filing fee from the loan amount for this purpose. This is done for borrower’s convenience and allows us to disburse the funds faster.
(2) SBA takes real estate as collateral when it is available.
(3) SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral that is available.
viii) Note that the loan closing documents for this loan are complex. Review them carefully before you sign them.
ix) Also note that the EIDL is, according to the SBA, a loan which cannot be discharged by either business or personal bankruptcy.
i. Accounts Payable
iii. Supplies and materials
iv. Operating Expenses that would have been met prior to the crisis
v. Pay short term debt used in anticipation of disaster loan funding defined as follows:
EIDL funds can be used to reimburse short term debt that was incurred while waiting for disaster assistance. Normal ongoing business expenses and debts incurred starting January 31, 2020 going forward until the disaster has been declared over, are eligible to be paid with EIDL money.
vi. After PPP $ Spent or all the time if no PPP:
1. Payroll Expenses
4. Interest on Debt
(b) Non-Permitted Use of Funds:
vii. Payment of any dividends or bonuses;
viii. Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant;
ix. Repayment of stockholder/principal loans, except when the funds were injected on an interim basis as a result of the disaster and non-repayment would cause undue hardship to the stockholder/principal;
x. Expansion of facilities or acquisition of fixed assets;
xi. Repair or replacement of physical damages;
xii. Refinancing long term debt;
xiii. Paying down (including regular installment payments) or paying off loans provided, or owned by another Federal agency (including SBA) or a Small Business Investment Company licensed under the Small Business Investment Act. Federal Deposit Insurance Corporation (FDIC) is not considered a Federal agency for this purpose;
xiv. Payment of any part of a direct Federal debt, (including SBA loans) except IRS obligations.
1. If a direct Federal debt is delinquent, your recommendation must be based on independent documentation from the appropriate Federal agency explaining how the delinquency will be cured.
2. If a direct Federal debt is delinquent because of the disaster, we should make arrangements with that Federal creditor to have payments deferred on a similar action taken to bring the delinquency current prior to the approval of an EIDL. If the Federal creditor cannot or will not cooperate, the likely result will be a decline of the EIDL request. However, if the applicant has other resources or recoveries, we should generally allow (and perhaps require) those resources to be applied first to ineligible needs, such as payment of direct Federal debt.
3. When processing during the injury period, it is generally appropriate for you to negotiate with Federal creditors to defer payments (or take similar action) until the end of the injury period. You must document why this was or was not imposed.
xv. Pay any penalty resulting from noncompliance with a law, regulation or order of a Federal, state, regional, or local agency.
xvi. Contractor malfeasance
1. Please note: The SBA Vermont District Office hosts free webinars:
a. PPP Forgiveness Webinar at 11:30 on Tuesdays and Thursdays (starting 8/18/20) to discuss Paycheck Protection Program forgiveness and other changes.
i. To join the webinar visit https://meet.lync.com/sba123/sbmazza/SFFM2N9R.
ii. To join by phone, call (202) 765-1264 and when prompted enter the code 237511921#. Upon joining the call, mute the phone to cut down on the background noise and please do not place the call on hold as the hold music will be heard over the presenter.
b. General SBA Funding Webinar 9 to 10 a.m. Wednesdays (starting 8/19/20) to discuss the Paycheck Protection Program, the Economic Injury Disaster Loan and Advance, and any pertinent updates.
i. To join the webinar, visit https://meet.lync.com/sba123/sbmazza/6F6N4YK6.
ii. To join by phone, call (202) 765-1264 and when prompted enter the code 470177937#. Upon joining the call, mute the phone to cut down on the background noise and please do not place the call on hold as the hold music will be heard over the presenter.
Also the Pandemic Unemployment Assistance (PUA) is now open for small business owners (including self-employed contractors) who are not eligible for unemployment thru the State of VT unemployment system. For information, eligibility requirements and instructions:
Please note that FFCRA applies to all small business with 1-500 employees and is currently in effect until 12/31/20.
Employers with fewer than 500 employees are obligated to offer FFCRA to eligible employees regardless of the various sources of funding sources available to employers for payroll.
Also related to your payroll considerations, two new refundable Payroll tax credits have been announced that reimburse small businesses dollar for dollar for the cost of providing COVID-19 related leave:
i) The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
ii) The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
iii) For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020. Note these refer to other EIDL programs that have been accessible post previous disasters (Tropical Storm Irene being one).
1) You should first determine what your business in COVID looks like. We have provided a self-guided COVID-19 Recovery Roadmap (it is a third of the way down on this page):
2) Gathering the financial documents required to complete the Roadmap will bring you closer to being prepared to complete any and all applications for funding. In the meantime it is always important to have:
Business assistance will continue to be provided by and available from VtSBDC (vtsbdc.org) and the Regional Development Corporation in your region.