Fix for Business Grants Hits a Road Bump

After months of negotiations on the Economic Recovery Grants, the compromise forgivable loan program, administered through VEDA, is nearing completion. The Vermont Chamber advocated for all the remaining $26 million to be allocated to this program, which would grant recovery relief to small businesses impacted by the pandemic. The Senate Economic Development, Housing, and General Affairs Committee added another layer of review by the Joint Fiscal Committee prior to allowing VEDA to start accepting applications. This could further delay recovery funding from reaching small businesses that continue to struggle with the impact of the pandemic. The Vermont Chamber will continue advocating for a straightforward, expedited process that does not require struggling small businesses to take on additional debt.