Grants & Loans For Small Businesses

Vermont Emergency Economic Recovery Grants:

Grant payments from ACCD are expected to go out starting next week. There is still money available and time remains to apply. Funds are available to Vermont businesses who can demonstrate a revenue decline of at least 50% in any one-month period from March 1, 2020 to August 31, 2020, when compared with the same month in 2019. The Economic Recovery Grants landing page (https://accd.vermont.gov/covid-19/economic-recovery-grants) has full details, including eligibility requirements, document preparation instructions, and a series of FAQs to assist businesses in completing the application.

Questions? Call the Support Center at (802) 828-1200 Monday-Friday from 8am-5pm


Grants & Loans from the Federal Government:

Economic Injury Disaster Loan (EIDL)

Paycheck Protection Program (PPP)

The SBA Vermont District Office hosts the following recurring webinars about PPP:

  • PPP Forgiveness Webinar
    A daily webinar to discuss PPP forgiveness

  • PPP & EIDL Webinar
    A twice-weekly webinar to discuss PPP, the Economic Injury Disaster Loan (EIDL) and Advance, and information about updates to these programs

If you most need Capital to cover the cost of retaining employees…

…look into the Paycheck Protection Program (PPP); a loan from your own lending institution not requiring any collateral:

  • Gives you enough money to cover payroll for 8 weeks.
  • If you keep all your employees on payroll, you don’t have to pay it back!
  • Apply directly through your bank or lending institution
  • SBA issued guidance for companies to follow to ensure compliance with the Payroll Protection Program (PPP) and maximize the amount of loan forgiveness. If you have been approved by your lender for a PPP loan or plan to apply when the program reopens, it is very important to review this guidance.

If you most need a quick infusion of cash to cover immediate finances…

…pursue an Emergency Economic Injury Grant, which advances up to $10,000 you’ll get in 3 days when you apply for a U.S. Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL).

  • Cash advance from the grant does not need to be repaid, but the EIDL loan does.
  • Use it to pay business obligations, rent/mortgage, utilities, debt, payroll/sick leave.
  • Loans $25,000 or under do not require collateral.
  • 3.75% interest and repayment terms up to 30 years with 1st year being deferrable.
  • EIDL Documentation Needed to Apply:
    • SBA Disaster Business Loan Application (Form 5 or 5c)
    • Tax Information Authorization (IRS Form 4506T)
    • Most recent Federal Income Tax Return
    • Schedule of Liabilities (SBA Form 2202)
    • Personal Financial Statement (SBA Form 413)
    • “Additional Filing Requirements” including Monthly Sales Figures Form
  • Apply at https://disasterloan.sba.gov/ela

To ease your fears about keeping up with payments on your current or potential SBA loan…

…look into the Small Business Debt Relief Program.

Question: If you get an EIDL loan, can you also apply for the PPP loan?

Answer: Yes, but if you receive a PPP loan or refinance your EIDL loan into a PPP loan, any advance amount received under the Emergency Economic Injury Grant Program would be subtracted from the amount forgiven in the PPP. However, you cannot use your EIDL for the same purposes as your PPP loan. For example, if you use your EIDL to cover payroll in April, you can’t use PPP to cover payroll in April. But if you use EIDL to cover rent/mortgage, utilities and bills in April, you can use PPP to cover payroll in April. So keep detailed documentation of what you spent it on and talk to your accountant.

For complete details, download the Small Business Owner’s Guide to the CARES Act developed by the U.S. Senate Committee on Small Business.

Download answers to Frequently Asked Questions.

NAB has also put together a document with more detailed information about each of these loans and grants as well download here


Other CARES Act Help:

Employee Retention Credit:

  • Payroll tax credit for 50% of all wages paid 3/12/20 – 1/1/21 by employers with 100 or less employees
  • The credit is provided for the first $10,000 of compensation, including health benefits, paid to an eligible employee
  • Available to employers whose  whose gross receipts declined by more than 50% when compared to the same quarter in the prior year due to a COVID-19-related shutdown order (like advertising cancellations).
  • Employee Retention Credit can’t be claimed if an employer is also claiming “CARES” or “EIDL” loans.

Corporate Tax Changes:

Allows employers to defer payroll taxes incurred through the end of 2020

  • 50% of deferred amount must be repaid by December 2021
  • 50% of deferred amount must be repaid by December 2022

Full Net Operating Loss (NOL) carryback

  • 5-year carryback of NOLs from 2018, 2019 and 2020 to offset previous income
  • Removes taxable income limitations to allow NOL to fully offset 2020 income

Increase in interest deductibility in 2019 and 2020 to 50% of adjusted taxable income instead of current 30%


State Agency Resource List:

Federal Agency Resource List: