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New Programs Coming Soon
This session, the Legislature created several new programs. As details emerge, the Vermont Chamber will continue to share guidance and resources on how you can apply as information becomes available.
This is what we know so far:
VEDA Short Term Forgivable Loan Program – This program will provide financial assistance to businesses that continue to demonstrate economic harm due to the COVID pandemic. VEDA is required to submit the proposed guidelines and processes for the program to the Joint Fiscal Committee and chairs of the legislative committees of jurisdiction before accepting the first applicants. The next scheduled meeting of the Joint Fiscal Committee is July 28th. VEDA will then release guidance and begin accepting applicants from priority sectors (arts and culture, travel, lodging, tourism, agriculture, and childcare) in early August. Applicants from all sectors will be able to apply starting October 3rd. Check out this presentation for more details.
Community Recovery and Revitalization Program – This program will provide COVID-related grant relief to businesses, nonprofits, and municipalities.
- For-profit or nonprofit entities must demonstrate documented financial impacts from the COVID-19 pandemic or intend to use the funds for a CSFRF-eligible project.
- Municipalities may use the funding to make infrastructure improvements to incentivize community development. This must be compatible with municipal and regional development plans and have clear local significance for employment.
All applicants must demonstrate community and regional support for the project; that grant funding is needed to complete the project; leveraging of additional sources of funding from local, State, or federal economic development programs; and an ability to manage the project, with requisite experience and a plan for fiscal viability. The maximum award amount will not exceed the lesser of $1,000,000 or 20% of the total project cost. VEPC (Vermont Economic Progress Council) will review applicants, and the Agency of Commerce and Community Development may designate priority sectors for priority consideration.
Missing Middle Homeownership Program – This program will provide subsidies and incentives for the construction or rehabilitation of homes affordable to middle-income Vermont homebuyers. The proposed draft program guidelines are now available for public comment through August 1, 2022. The Vermont Housing Finance Agency (VHFA) plans to open the application process for project proposals in late July 2022, with awards for funding to be issued after the VHFA Board of Commissioners approves program guidance on August 15, 2022. Questions and comments can be sent to firstname.lastname@example.org.
Liquor Law Changes – Ready-to-drink canned cocktails began shipping out from wholesalers and hitting the shelves in Vermont retail stores on July 1st. The Department of Liquor and Lottery (DLL) also made progress on two key initiatives supported by the Vermont Chamber and VTIR: the launch of an On-Premise Sales Program that provides discounted rates specifically for 3rd class licensees, and Board of Liquor and Lottery approval to allow licensees to make purchases at 802Spirits stores via credit and debit cards. DLL staff are working toward implementation of the credit and debit card purchases. View the sales program information for August.
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