Vermont Chamber Advocates Formula Fix for Business Recovery Grants

Taking input from the lodging, restaurant, and wedding industries, the Vermont Chamber is advocating for a formula fix for the Economic Recovery Bridge Grants. Hundreds of businesses started applications but never submitted them due to the complexity and eligibility criteria, and $26 million of aid is currently sitting idle while many businesses continue to struggle after two years of pandemic impacts to the economy. The two major hurdles for businesses applying for Bridge Grants were the requirements around tax loss and fixed monthly expenses. The Vermont Chamber is advocating to use revenue loss as criteria, rather than tax loss, and a removal of the criteria around specific fixed expenses, which does not reflect COVID impact and unmet need. Bridge Grant funding should not be reallocated for the Capital Investment Program, which assists businesses in planning for the future. The Vermont Chamber is advocating for additional ARPA funds and relaxed criteria for this program. The Vermont Chamber met with Senate leadership and testified before the Senate Economic Development, Housing, and General Affairs Committee on this proposal. Contact to share your experience applying for the Economic Recovery Bridge Grants.