August 9, 2021 – Montpelier, VT – The impacts of COVID 19 have been felt by many businesses in Vermont to include our farms and agricultural enterprises. Through the Agency of Commerce and Community Development (ACCD), the Economic Recovery Bridge Program is available to assist Vermont businesses, including farms and agriculture related entities that can still demonstrate a net tax loss in 2020 due to COVID-19.
The Vermont Agency of Agriculture, Food and Markets (VAAFM) strongly encourages all agricultural farms and businesses to explore this opportunity to assist in the recovery of their businesses from the negative impacts of the pandemic.
“We highly encourage all Vermont farms and agricultural businesses to apply for the Economic Bridge Program, no matter your size or need,” Vermont Agriculture Secretary Anson Tebbetts said. “From small to large, this program could help offset the business losses incurred by our farmers due to the COVID 19 pandemic.”
The Vermont Farm & Forest Viability Program, a program of the Vermont Housing & Conservation Board, is expanding services to help working lands businesses navigate urgent needs related to COVID-19. Funding to support this programming comes from the State of Vermont, allocated by the Vermont Legislature. Advisors are able to assist working lands businesses with applying for the Economic Recovery Bridge Grants through the Vermont Agency of Commerce & Community Development.
Eligible business owners should complete a streamlined application to be matched with a professional business advisor for assistance.
The Economic Recovery Bridge Program began processing and accepting Vermont businesses and non-profit applications this April from entities that had received prior state and federal funds but could still demonstrate a net tax loss in 2020 due to COVID-19. Pursuant to legislation, the Agency of Commerce and Community Development will prioritize applications from businesses that have not yet received aid.
“This program is intended to continue to help those businesses feeling the economic impact of COVID-19 survive into the future,” said Economic Development Commissioner Joan Goldstein. “There is still money available and ample resources to help with the application process. We encourage businesses of all sizes to apply. We are committed to assisting all applicants in gaining access to these funds.”
The Vermont Economic Recovery Program was appropriated $10 million through H.315 (Act 9) and another $20 million dollars through H.439 (Act 75) from the state’s share of federal American Rescue Plan Act (ARPA) funding. Eligible businesses must be domiciled and have their primary place of business in Vermont. They must demonstrate that the business experienced a net tax loss in 2020, greater than any net loss reported in 2019 via submitted federal tax returns.
The program will be open to new applications until program funds have been exhausted. Grants will be issued on a first come, first served basis. Vermont businesses can find the full program guidelines in several languages and frequently asked questions about this program at the ACCD COVID-19 Recovery Resource Center.