Dear Businesses:
The
Vermont Economic Recovery and Relief Applications
APPLICATIONS OPEN TODAY. THIS IS FIRST COME FIRST SERVE.
VERY IMPORTANT
TO APPLY AS EARLY AS POSSIBLE.
There are two different grants.
Businesses that pay rooms and meals or sales and use tax should apply for grants through the
Vermont Tax Department.
(EXAMPLES: restaurant, bar, hotel, inn, retail store, online retail, golf course, movie theater).
APPLY HERE.
To prepare for this grant you need to:
- Register for a myVTax account if you do not have one already.
- When setting up a new myVTax account you must receive a myVTax access code through the US Mail to activate your account, sign up as soon as possible: My VTax
- File all of your sales and use and meals and rooms tax returns through the April 30, 2020, period. April returns were due May 25, 2020. You should also file your May 31, 2020, period returns that are due June 25, 2020. If you have not filed all of these required returns, you may be deemed ineligible for the grant.
- Ensure you are in good standing with the Vermont Department of Taxes. Good standing for your business means that all required tax returns are filed and that all taxes are paid, OR if you owe any taxes that are past due, you are in a payment plan for those taxes. If you have any unpaid taxes for your business, you can call (802) 828-2518 to request a payment plan. For purposes of this grant, taxes owed for the February, March, or April 2020 tax periods for sales and use or meals and rooms tax will NOT disqualify you from receiving a grant. Any taxpayers who are otherwise not in good standing may be deemed ineligible for the grant.
All other businesses and nonprofits should apply through ACCD.
These grants are for businesses that does not collect Rooms & Meals Tax and/or Sales & Use Tax,
OR
if your business reports to the Department of Taxes on these taxes for a minimal amount of your overall revenues. (EXAMPLES: manufacturer, property management, construction, realtor).
An
eligible business
will be a nonpublic, private organization that:
- Is domiciled or has its primary place of business in Vermont.
- Has one or more non-owner employees in Vermont.
- Was open and active before February 15, 2020.
- Is open at the time of application, or is required to have closed due to COVID-19 restrictions but can certify to its intention to re-open when the COVID-19 restrictions are lifted.
- Has experienced a 75% or greater drop in total revenue in any one-month period from March 1, 2020 to August 31, 2020, when compared with the same month in 2019.
- Is not currently in Chapter 7 bankruptcy.
- Is in good standing with the Vermont Department of Taxes.
- Is in good standing with the Vermont Secretary of State.
- Has not received a Vermont Emergency Economic Recovery Grant from the Department of Taxes or Agency of Agriculture, Food and Markets.
OTHER CONDITIONS:
- Please note that there will only be one grant allowed per applicant.
- All grant recipients names and amounts will be public.
- The ACCD will be announcing webinars on the application process.
- To make sure you get all updated information sign up for the ACCD newsletter
- The program will be administered on a first come first served basis. And it has been noted by the ACCD that if either department has questions about any of your documentation you will come out of the queue and therefore lose your place in line. Start preparing this list of required documents now.
Documents
:
- 1. Your Vermont Account Identification Number (used by the Vermont Department of Taxes) and Federal Employer Identification Number (FEIN).
- 2. The appropriate NAICS code for your company. (Nonprofits may not have an appropriate NAICS code and are exempt from this requirement.) The North American Industry Classification System (NAICS) is used by the United States, Canada, and Mexico to classify businesses by industry. Find your code here.
- Amount and source information about any compensation you have already received from insurance, PPP, EIDL, or any other federal program for economic damages incurred as a result of COVID-19.
- Whether you are in good standing with the Vermont Department of Taxes. Good standing for your business means that all required tax returns are filed and that all taxes are paid, OR if you owe any taxes that are past due, you are in a payment plan for those taxes. If you have any unpaid taxes for your business, you can call (802) 828-2518 to request a payment plan. Any taxpayers who are not in good standing may be deemed ineligible for the grant.
- The application will also require uploads of financial statements and tax information. Applicants should prepare PDF versions of the following documents (a total of five) and have them ready to upload before you start filling out the application.
(1) 2019 income statement broken down by month
(2) 2020 income statement broken down by month
(3) 2019 federal tax return
(4) 2019 Vermont state tax return
(5) W-9 (signed)
