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Vermont Business Magazine VEDA (Vermont Economic Development Authority) will open applications for its short-term forgivable loan program on September 15, 2022. VEDA’s short-term forgivable program provides financial assistance to businesses experiencing temporary and ongoing losses due to the COVID-19 pandemic. .
Similar to the 2020 PPP loans, this program offers 100% loan forgiveness for eligible expenses that are not limited to wages, utilities, loan interest and rent.
To qualify for the first round, your business must:
- Be part of one of the following industries: Travel & Tourism, Restaurant & Catering, Lodging, Child Care, Agriculture, or a BIPOC-Owned Business
- Established or taking significant steps to open before March 13, 2020.
- Able to demonstrate a 22.5% decrease in net operating income for calendar years 2020 and 2021 compared to 2019.
Additional industries will be allowed to apply in future rounds.
For more information on the program and to use their tool to calculate eligibility and loan amount, visit the program’s website
LCIDC is here to help businesses navigate the program. We’ll be holding a sneak peek session on Wednesday, September 14th at noon, which you can join here to preview the program. In the meantime, if you have any questions, please feel free to call us at 802-372-8400 or email our Executive Director Andy Julow at andy@champlainislands.com or our Assistant Director Donna Bumil at donna@champlainislands.com
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