ECONOMIC RECOVERY GRANT MAXIMUM AWARD INCREASED
On Tuesday, it was announced that the Agency of Commerce and Community Development (ACCD) and the Department of Taxes would increase the maximum grant award for Economic Recovery Grants for businesses most impacted by the COVID-19 pandemic including lodging, retail, hospitality, arts, travel and event affiliated sectors that have continued capacity constraints.
Previously, businesses could receive up to $50,000 in grant funds. Now, businesses in eligible industries can receive up to an additional $100,000 in grant funding, for a total of $150,000 from the program. The increased maximum award is available both to new applicants to the program and to those businesses that have already received a $50,000 grant.
All businesses that received a $50,000 grant award from the Department of Taxes are eligible to request an increase to the new maximum award amount and can do so through the MyVTax portal now. On Monday, August 24, 2020 ACCD will be contacting eligible businesses that already received a $50,000 grant notifying them that supplemental grant funding may be available.
If a business has not applied for a grant yet, you can still do so at the ACCD website. The grant program was also recently expanded to include businesses with at least one W-2 employee – including those who are an owner. This change refers to S corps, C corps, and LLCs.