Eagle Times Stuff
BERIN, VT–Governor Phil Scott and the Vermont Department of Economic Development (DED) announced the Business Emergency Gap Assistance Program (BEGAP) will open on Thursday, August 3. This $20 million grant program is intended to help businesses and nonprofits restore, reopen and bring their employees back to work, after suffering physical damage to their property, beginning on July 7, 2023, when severe storms swept into Vermont.
The application portal will open on Thursday, August 3 at 12:00 p.m.
“More support will be needed but this $20 million commitment from the state is a strong first step, as we work to help employers impacted by catastrophic July flooding,” said Governor Scott. “My team and I will continue to do what we can to help businesses and work with our congressional delegation to try and secure additional resources that will be needed.”
Prior to applying, businesses and nonprofits are encouraged to visit the https://accd.vermont.gov/economic-development/flood-emergency-funding to learn how the program works and what will needed before begining the online application process.
DED held a webinar about the program which can be found at https://accd.vermont.gov/economic-development/flood-emergency-funding or on the program page. Frequently asked questions about program specifics will be posted at https://accd.vermont.gov/economic-development/flood-emergency-funding/begap-faqs.
“We know that our businesses and nonprofits are hurting,” said DED Commissioner Joan Goldstein. “Many of our employers were still recovering from COVID when the flood waters hit, so our team at DED has been working tirelessly to launch this program to give them relief as soon as possible, so they can reopen their doors and get their people back to work.”
Some of the basics of the Business Emergency Gap Assistance Program include: Grantees are eligible to get up to 20% of their net, uncovered damages, after factoring in other funding sources, like insurance coverage and other grant awards; most organizations may receive up to $20,000, with more money available for entities that suffered $1 million or more in physical damages; physical damage includes damage to real estate, improvements made by lease holders, inventory and equipment; $1 million is being set aside for the Vermont Agency of Agriculture, Food and Markets to disburse to farms and farm businesses.
Submissions will be approved on a rolling basis, until all funds are expended. Applicants with questions can email the Business Emergency Gap Assistance Program at [email protected].
As your daily newspaper, we are committed to providing you with important local news coverage for Sullivan County and the surrounding areas.