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- FLOOD RECOVERY
$20 Million of State Grant Support Will Aid Business Recovery
The Department of Economic Development is standing up a business emergency grant program to provide supplemental support for physical damage to businesses. The Business Emergency Grant Assistance Program application is expected to open next week, and eligible businesses can receive up to $20,000 based on an evaluation of documented damage. In the interest of urgency, funding will be allocated on a first-come, first-serve, basis so impacted businesses are encouraged to apply early.
Allocated grant totals will be for 20% of the net documented damage to the physical property. Net damage will be calculated based on the remaining loss after consideration of other grant and insurance funding a business expects to receive. The $20,000 limit can be exceeded in limited instances of severe instances that demonstrate over $1 million of need. The grant program will not initially award funding for economic injury. The Vermont Chamber will circulate additional information with businesses as it becomes available.
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