Dear Businesses:
The deadline for the
Main Street Relief Fund is May 29. Businesses must apply for prequalification May 29 to receive a grant
.
Important Dates & Timeline
- Deadline to Submit Completed Prequalification Form May 29, 2020
- Announcement of Program Specifics June 1, 2020
- Formal Application Period June 1, 2020 – June 8, 2020
- Deadline to File Completed Application -June 8, 2020
Other funds were established for healthcare, daycare, and agricultural businesses as well as nonprofit organizations.
Applications are expected to open on June 5.
VERMONT BUSINESS RELIEF INFORMATION:
On May 20
th
Governor Phil Scott proposed a $400 million
economic relief and recovery package
, using federal CARES Act funds. The two-phase proposal will start with $310 million for immediate relief to the most impacted sectors and businesses to be followed by $90 million for long-term recovery efforts. The Agency of Commerce and Community Development and the Governor will now work with the legislature towards passage of this historic relief package. Full details of the plan can be found at the
ACCD Recovery Resource Center
.
ACCD is also hosting a series of
sector-based webinars
to help explain the relief and recovery package and how it will support various sectors throughout the economy. We welcome all to take part in the general or sector-specific presentations over the next week.
All-Sector Presentation Thursday, May 21 from 3:00pm – 4:00pm
Restaurant Industry Presentation
Friday, May 22 from 11:30am – 12:15am
Lodging & Tourism Presentation
Friday, May 22 from 3:00pm – 3:35pm
Retail Industry Presentation,
Tuesday, May 26 from 12:15pm – 1:00pm
Brewery/Distillery Presentation
, Tuesday, May 26 from 3:00pm – 3:45pm
All the log-in information can be found
HERE
.
PPP FORGIVENESS INFO:
The US Chamber of Commerce has published a terrific guide on the PPP Forgiveness.
Download Here.
You will be able to apply for forgiveness of your PPP Loan after
June 1
(depending on when you received your loan - you may apply for forgiveness at the end of the first payroll period following the 8 weeks after loan disbursement.
- For full forgiveness, you will need to spend the entire amount of your loan
- You will have to spend your loan proceeds on eligible expenses
- At least 75% of your expenditures will need to be for payroll
- You will have to restore the number of employees (measured in FTEs) to prior levels (average monthly number of employees in 2019). You have until June 30 to restaff.
- Total individual employee wages during the 8-week period, divided by eight must be no less than 75% of the individual employee's average weekly wages during Q1 2020.
See a copy of the
Loan Forgiveness Application
to help you determine information you will need to gather.
Tracking this information now is critical to receiving your loan forgiveness - make sure you have are tracking all necessary expenses.
Several local lenders have developed courtesy PPP tracking tools. Contact your lender or check their websites.
We have added more information to our
website
.
FACE MASKS for NH Businesses
Y
ou read in our last two newsletters that UVBA was coordinating bulk orders of face masks free from the State. Unfortunately on Friday, May 22, Governor Sununu announced that the State is no longer taking orders from businesses. Instead, businesses may purchase the face masks from NH Liquor Stores - at cost (the State is not making a profit). UVBA will no longer be taking orders for the masks due to this new announcement.
