The Economic Recovery Bridge Program, the latest economic recovery funding for Vermont businesses, will launch on Monday, June 7. The program is expected to deliver $30 million in financial relief to businesses that have not received state or federal funding due to eligibility constraints and to businesses that can show a continued loss of revenues due to the COVID-19 pandemic.
H.315 (Act 9) appropriated $10 million and H.439 appropriates $20 million of the state’s share of federal American Rescue Plan Act (ARPA) funding. The intent of the Economic Recovery Bridge Program is to provide priority funding to businesses that have not received prior state or federal financial assistance. To the extent that funds remain available, the program will also provide funding to businesses that have suffered a net loss even after receiving state or federal aid.
Grants will be issued on a first come, first served basis as follows:
Priority for the first 30 days will be given to businesses that have not received or does not have a pending application for any state or federal financial assistance in 2020 or 2021, including:
- Paycheck Protection Program Loans and Grants
- Economic Injury Disaster Loans and Grants
- Vermont Economic Recovery Grants
- Sole Proprietor Stabilization Program Grants
- Healthcare Provider Grants
- Restaurant Revitalization Grants
- Shuttered Venue Grants
- Vermont Agricultural Grants
After the initial 30-day window, second-tier priority will be given to businesses that suffered a 2020 net tax loss and can still demonstrate an adjusted net loss after adding back the amounts of non-taxable assistance received in 2020 and 2021.
The Department of Economic Development will hold an informational webinar on the program and application process on Friday, June 4, from 12 to 1 p.m. If you cannot attend, a recording will be posted to the ACCD website.
Click this link for program guidelines. A support line, 802-828-1200, will be available once the portal opens.