Disaster COVID-19 Business Lending 1301
September 2, 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 1201 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 New Proposal from Governor Scott on additional funding
o Vermont Economic Recovery and Relief Package Phase One
§ Increase in maximum award to $150,000 for specific businesses
o SPSP Lottery Closed and awards distributed
o E.M.B.R.A.C.E. Direct Grant for Micro Business Development Program
o #BuyLocalVermont $30 Gift Card Program
o Economic Injury Disaster Loan (EIDL)
§ EIDL Permitted and Non-Permitted Uses
o Paycheck Protection Program (PPP)
§ PPP Loan Forgiveness Applications
o Recovery Roadmap
o Necessary Documents
STATE FUNDING OPTIONS:
STATE FUNDING OPTIONS:
1. NEW FUNDING PROPOSAL ANNOUNCEMENT: Governor Phil Scott announced his proposal for an additional $133 million in economic relief and recovery initiatives, using funds from the $1.25 billion the state received from the Federal CARES Act.
PLEASE NOTE: As with previous proposals the Governor and his administration will work with the legislature to bring further relief to Vermonters and Vermont businesses.
Until the legislature passes the proposal (they are reviewing now) it is NOT in effect and as we have witnessed before the legislature can make changes to the proposal. We will keep you updated.
This latest proposal focuses on four key areas of continued investment in economic development and business support to help Vermonters experiencing loss due to the COVID-19 pandemic and resulting mitigation measures. Here is the link to the proposal:
2. Vermont Economic Recovery and Relief Package Phase One: Immediate Relief to Survive.
IMPORTANT: The APPLICATIONS ARE OPEN for the ACCD and the VT Tax Department – Please read the information below to determine which application is the right one for your business.
Important eligibility change: on 8/3/20 both programs are now accepting applications from businesses owned by a single owner who pays themselves via a W-2.
a. IMPORTANT: INCREASED MAXIMUM GRANT AWARD: on 8/18/20 Governor Scott announced an increase to the maximum grant award for Economic Recovery Grants.
i. The grant maximum has been increased to $150,000 for the following sectors that have continuing capacity constraints including: lodging, retail, hospitality, arts, travel, recreation, sports, and event affiliated sectors
Please follow the instructions below:
1. VT TAX DEPARTMENT GRANT:
a. If you previously received $50,000 from the VT Tax Department you can now apply for additional funds here:
b. If you have not yet applied you are now eligible for a maximum of $150,000. Apply here:
c. For questions call: 802 828 6611
d. Note that we have been informed that the process of disbursement of the new enhanced amounts will begin in the next couple of weeks.
2. The ACCD Grant:
a. Previous recipients of the maximum $50,000 should have been contacted by the ACCD by email starting MONDAY 8/24. Make sure you check your spam folder.
i. If you believe that you should have received an email and did not you can send an email requesting a review of eligibility to email@example.com
b. If you have not yet applied for a grant via the ACCD begin your application here:
3. For additional information:
Note: The ACCD is advising that you can only receive ONE grant from this Package which includes the grants from The VT Department of Taxes, the ACCD and all of the Sector Specific Grants. You are NOT encouraged to apply for multiple grants. Choose the one that is correct for your business and apply only for that grant.
IMPORTANT: As of 9/3/20 the VT Department of Taxes is no longer accepting applications. The Department expects to be able to fully fund most or all of the existing new and supplemental applications that have been received to date. The Department will reopen applications if it is determined the Department has additional funding from the original appropriations or if additional funding is appropriated by the legislature.
IMPORTANT: VT Department of Taxes DUPLICATION OF BENEFITS CALCULATOR: Because the grant monies coming from the state are from the Federal CARES Act it is crucial that there is not a duplication of benefits. If there is, then a portion of the state monies may need to be returned. The VT Dept. of Taxes has now launched a calculator that businesses can use to make sure that they are not receiving benefits in excess of their unmet need.
We do have some clarifying questions into the VT Dept. of Taxes regarding the Financial Relief Input categories on the calculator and as soon as they are answered we will advise you accordingly.
Here is the link to the explanation and calculator:
ALSO PLEASE NOTE: All funding for women-owned businesses with no employees has been exhausted. Funding remains available for all businesses, including women-owned businesses, with at least one W-2 employee.
Please note: if you are opting to use Rooms & Meals tax via the VT Department of Taxes the amount paid in is calculated ONLY on what YOU paid into the system. They are NOT using payments made on your behalf by Airbnb or any of the other on-line reservation sites. So do the math and then make a choice between the two applications (the ACCD application which will use your total gross revenues so your grant award may be higher).
We have provided the links to the four important steps from the ACCD that you SHOULD/MUST review before applying:
1. The overview of the program (this gives the basic information and requirements and is a MUST read):
2. A webinar slide deck of the overview of the programs (if after reading the basic description page you need more info this is a “should” read):
3. A guide for completing the ACCD application (This is a MUST read combined with the FAQ’s):
4. The FAQ page is being updated constantly as the process continues (This is a MUST read with special emphasis on the required documents you MUST have completed as PDF’s that you will upload during the application process):
Part One of this Relief Package has been signed by Governor Scott. It includes $70 million for Emergency Economic Recovery Grants as described below. The Agency of Commerce and Community Development and the Department of Taxes will work together to administer the grants:
a) The $50 Million administered by the Vermont Department of Taxes is for businesses that are primarily restaurants, bars, lodging properties and retail establishments that collect Rooms & Meals Tax and/or Sales & Use Tax and report on a monthly or quarterly basis to the Vermont Dept. of Taxes. (EXAMPLES: restaurant, bar, hotel, inn, retail store, online retail, golf course, movie theater). YOU MUST HAVE a 75% or greater LOSS to qualify for the $50 Million in PART ONE.
b) The $20 Million administered by the ACCD is for business that does not collect Rooms & Meals Tax and/or Sales & Use Tax, OR if your business reports to the Department of Taxes on these taxes for a minimal amount of your overall revenues. (EXAMPLES: manufacturer, property management, construction, realtor). YOU MUST HAVE a 75% or greater LOSS to qualify for the $20 Million in PART ONE.
Part Two of the Relief Package (H.966) has also been signed. It includes $82 million in additional funding:
c) An additional $26 Million to the Vermont Dept. of Taxes. YOU MUST HAVE a 50% or greater LOSS to qualify for the $26 Million in PART TWO.
d) An additional $56 Million to the ACCD. YOU MUST HAVE a 50% or greater LOSS to qualify for the $56 Million in PART TWO.
e) $5 Million to Non-Profit Arts and Cultural Organizations (examples: museum, theater, gallery, performing arts group) and these are applied for thru the ACCD application portal above.
f) $1.5 Million to Outdoor Recreation Businesses (examples: trail areas, climbing centers, bike tours) and these are applied for thru the ACCD application portal above.
g) $5 Million to Women (CURRENTLY CLOSED…see above)/Minority Businesses (Minority is still OPEN) and these are applied for thru the ACCD application portal above.
i) Also note that in this case the number of employees required for this group only is 0-5.
Application portal for the GRANTS:
Please note that you can enter both applications (ACCD and the VT Dept. of Taxes) via this portal. The beginning of the application is a short series of questions that helps you decide which application is right for you. If you should be in the VT Dept. of Taxes program it provides a link and if you should “stay” in the ACCD program you simply continue.
IMPORANT: The Chat Box on the ACCD site is a very effective way to ask questions both before you enter the application or during the application process. They are responding very quickly if you are within the posted hours of operation. Also you can call the hotline at 802-828-1200 from 8:00 am to 5:00 pm Monday through Friday and from 9:00 am to 2:00 pm on Saturday.
We are providing the following additional information (but we are NOT repeating information provided in the above four links):
They share basic eligibility criteria with exceptions noted:
An eligible business will be a nonpublic, private organization that:
a. Is domiciled or has its primary place of business in Vermont.
b. Has one or more non-owner employees in Vermont.
i. New exception: if you are a single owner (with no other employees) and pay yourself via a W-2 your business is now eligible to apply as long as you meet the other criteria.
ii. Exception is for Women/Minority Owned Businesses (for which $5 Million has been earmarked in Part Two) these business categories can be single owners with no employees.
c. Was open and active before February 15, 2020.
d. Is open at the time of application, or is required to have closed due to COVID-19 restrictions but can certify to its intention to re-open when the COVID-19 restrictions are lifted.
e. Has experienced a drop in revenue of at least 75% or greater drop for Part One and an at least 50% drop for Part Two in any one-month period from March 1, 2020 to August 31, 2020, when compared with the same month in 2019. Please note these must be calendar month to calendar month comparisons (not any 30 day period of your choice).
f. Is not currently in Chapter 7 bankruptcy.
g. Is in good standing with the Vermont Department of Taxes.
h. Is in good standing with the Vermont Secretary of State.
i. Has not received a Vermont Emergency Economic Recovery Grant from the Department of Taxes or Agency of Agriculture, Food and Markets.
2) Additional general comments/important notes:
i) There will only be one grant allowed per applicant.
ii) Prepare all of the following documents and make sure you have saved them as PDF’s (if you do not have PDF’s the application process will not accept any other format):
(1) 2019 income statement broken down by month
(2) 2020 income statement broken down by month
(3) 2019 federal tax return
(4) 2019 Vermont state tax return
iii) Note: In both applications the loss calculation (of 75% or 50%) must be based on actual months (thru June currently) and not for projected losses.
iv) Although you should have all the above documents prepared the VT Tax Dept. the application is pre-filled with your past tax reporting and the application is based on those numbers and you may not be asked for the prepared list of documents.
v) You should make sure that your business name is consistent with your state and federal tax documents (for example if you use LLC after your name on your tax filings make sure you use the LLC in the application).
vi) File all of your sales and use and meals and rooms tax returns through the April 30, 2020, period. April returns were due May 25, 2020. We also encourage filing your May 31, 2020, period returns that are due June 25, 2020. The Department of Taxes will be using the data from these Tax returns to verify a 50% or greater drop in total sales subject to these taxes, which is a requirement to qualify for a grant. If you have not filed all of these required returns, you may be deemed ineligible for the grant.
vii) Knowing your NAICS code (https://www.naics.com/search/ before you do the application is helpful so that when you get to the drop down choices within the application you can pick correctly. Please note, however, that an incorrect NAICS code will not disqualify you from receiving the grant.
viii) Make sure you screen shot as a record as you fill out the application.
ix) Make sure you keep your user name and password!
x) If you want to login to your application here is the link:
b) After Grant funds have been disbursed:
i) All grant recipients names and amounts will be public.
ii) All grant proceeds are taxable income.
iii) The ACCD has now provided information on terms regarding use of the monies and procedures:
(1) These arrive via email and should be read very carefully.
(2) Copy and save these as they contain important information.
(a) Save both electronically and begin a folder on the grant as the beginning of your documentation of the process.
(3) They are broken into the following sections. Please read each very carefully.
(a) Conditions of Receipt
(b) Duplication of Benefits
(c) Records Available for Audit
(d) Points to pay special attention:
(i) Be certain that there is no duplication of use of funds:
a. Businesses that have a duplication of benefits may need to repay a portion of the grant later if it appears that the total grant proceeds from the Vermont Economic Recovery Grant plus any forgiven PPP loans, EIDL Advance grants, and other federal grants or credits exceed the aggregate amount of the business’s losses in 2020.
b. On the grant application, ACCD collects information about amounts a business received in PPP loans, EIDL Advance grants, and any other federal grant or credit reimbursement for COVID-19 related damages or expenses. Federal guidelines indicate that businesses cannot receive a duplication of benefits for COVID-19 relief. On the application, the ACCD requires a business to certify that they will not use their Vermont Economic Recovery Grant to cover any expenses for which they have already received other reimbursement.
(ii) There is now a statement that reads: Businesses that have a duplication of benefits may need to repay a portion of the grant later if it appears that the total grant proceeds from the Vermont Economic Recovery Grant plus any forgiven PPP loans, EIDL Advance grants, and other federal grants or credits exceed the aggregate amount of the business’s losses in 2020.
(iii) Also check the link that has been added to the FAQ “What can a business use the grant funds for?” that brings you to the VT Department of Taxes. The link appears in the last sentence that reads: Review the additional guidance regarding duplication of benefits. Note: the procedures on how the ACCD and the VT Dept. of Taxes are going to review and decide duplication of benefits is forthcoming. Here is the link to the page:
(iv) Pristine record keeping on use of funds is paramount as you spend the funds. Tag all expenses paid with funds and keep receipts if you have them.
3) There are also 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.
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) Applications open 7/17/20. Here is the link to the application:
(d) Application Deadline is: 10/1/20.
(e) The most important first step in this program is to read this VT COVID Agriculture Assistance Program Dairy Application Information Sheet:
b) NOW OPEN: Forestry businesses, including those primarily engaged in managing, harvesting, trucking, processing, manufacturing, crafting, or distributing forest or wood products derived from Vermont forests, including consulting forestry services and secondary manufacturers of wood products, should apply for the $5 million Forest Economy Stabilization Program administered by the Department of Forests, Parks and Recreation. The minimum grant amount is $5,000 and the maximum is $100,000 and funds must be spent by 12/31/20.
(1) The landing page for the grant program is at the link below and includes all information including eligibility requirements and the list of documents an applicant must prepare: https://fpr.vermont.gov/FESGrantProgram
(2) More detailed information including an application guide, webinars, an instructional video on completing the application and FAQ’s are here:
(3) For additional questions:
NOW TEMPORARILY CLOSED (and will re-open in the coming months for new and returning applicants): Healthcare Providers should apply for funding through the Agency of Human Services (AHS). AHS is administering a $275 million Health Care Provider Stabilization Grant Program for a broad array of healthcare providers including: hospitals, private medical practices, dentists, health centers, laboratory and imaging centers, mental health providers, substance abuse disorder treatment providers, emergency medical service and ambulance providers, physical therapists, podiatrist, optometrists, chiropractors, and other health care providers licensed by the Board of Medical Practice or the Office of Professional Regulation. This also includes home health and hospice agencies, pharmacy services, and long-term care providers. AHS is targeting the week of July 13th to open its application portal. Providers will have until August 15, 2020 to submit applications for funding. Funding will be allocated based on need, to the extent that funds are available. Organizations can learn more about this program online at https://humanservices.vermont.gov/.
(1) The FAQ’s are available here and outline the program requirements and qualifiers:
d) NOW CLOSED: Childcare Providers, Summer Camps, and After School Programs: application process is through the Agency of Human Services (AHS). AHS received $12 million to provide additional restart grants and other costs to childcare providers, summer camps and after school programs.
e) NOW 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.
i) Grants are distributed on a first come first served basis.
ii) The application is here:
(1) Application Instructions are here:
iii) Frequently Asked Questions are here:
iv) Program Guidance is here:
v) Submission of questions can be done here:
f) NOW 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.
i) Households can apply as often as needed through December 2020 and as long as there is money available in the fund.
ii) The landing page for the program that includes eligibility requirements, the needed documentation, the application and FAQ’s, is here:
4) NOW CLOSED: The SPSP (Sole Proprietor Stabilization Program) Lottery: 1.5 Million.
The first round of SPSP is now closed and 159 businesses were awarded grants and the recipients have been notified.
Round Two will be announced in the coming weeks.
5) NOW OPEN 8/20/20: E.M.B.R.A.C.E. Direct Grant for Micro Business Development Program:
In response to COVID-19, The Vermont Community Action Partnership and The Micro Business Development Program have come together to establish the E.M.B.R.A.C.E. (Economic Micro Business Recovery Assistance for the COVID-19 Epidemic) direct grant program to support the smallest Vermont micro businesses.
It is highly recommended that you watch the YouTube video on the program before you begin the application process:
i) Grants will be awarded on a first come, first served basis
ii) Eligibility requirements are:
(1) Business must be owned by an individual with a "household" income at or under 80% of state median "household" income (income guidelines are provided in the application).
(2) Has five employees or less including the owner.
(3) You must be a Vermont state resident over the age of 18 with an active Vermont-based micro business and legally registered with the State of Vermont on or before 03/01/2020. Option #2: OR have filed 2019 tax returns with a scheduled C and have documentation proving your current business status, (Example: Current Financial Statements & Current business bank account statements.
(4) Your business needs to have been negatively financially impacted by COVID-19 between 03/01/2020 & 11/01/2020.
(5) Not engaged in the following: Cannabis-related services, Firearm Sales, Lobbying, Franchise / Chain, Consultant / Service Provider with exactly 1 client.
(6) Has not received a Vermont Emergency Economic Recovery Grant from another State of Vermont Agency or Department.
iii) The application is here:
iv) Assistance is being provided with the application thru the Community Action Agencies. Here is a link to the agencies:
6) #BuyLocalVermont Gift Card program was announced on 8/26/20. In this program Vermont households will receive a $30 gift card to be used at a local participating business.
NOTE: The program is currently open for businesses to register prior to the program allowing VT households to register beginning on 9/8/20.
a) For a Program Overview:
b) Here is a YouTube Video that explains the program:
c) For a copy of the webinar and instructions:
d) A direct link to businesses to register their business in the program is:
FEDERAL PROGRAMS, due to the passage
of the CARES Act:
FEDERAL PROGRAMS, due to the passage of the CARES Act:
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.
Once approved, and before accepting the funds, VtSBDC advisors can provide assistance on how to evaluate whether or not to accept the money.
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
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:
Coronavirus Response Act (FFCRA)
Families First Coronavirus Response Act (FFCRA)
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
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:
For more details on these loan vehicles go directly to your local VT bank and/or the SBA:
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).
As part of your
preparation to apply for any loan/financing option, you should make sure you
take two steps:
As part of your preparation to apply for any loan/financing option, you should make sure you take two steps:
1) You should first determine what your business recovery looks like. Including an assessment of when or if to re-open. 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.