The following Covid-19 Business Disruption Resources are posted below: State of Vermont Emergency Assistance, Federal Emergency Loan Programs, USDA Direct Payment Programs, VT Unemployment, VT Grants and Business Assistance.
Vermont Covid-19 Agriculture Assistance
The Vermont Agency of Agriculture, Food and Markets is overseeing several programs that provide funding assistance to farms, food processors, forest businesses and fairs. See program details and application information at the VT Covid-19 Agriculture Assistance webpage.
Are you looking for assistance with your application? UVM Extension Farm Viability and Forest Business Programs offer assistance to business owners. Contact Betsy.Miller@uvm.edu (Farm Viability) or Christopher.Lindgren@uvm.edu (Forest Business) today.
Federal Emergency Loan Programs
New – December 2020. What farmers need to know about PPP loan forgiveness and tax implications. (See this article from University of Wisconsin Extension)
SBA Paycheck Protection Program (PPP) webpage: Contact your local bank or lender for information on how to submit an application. Farms, Forest and Maple businesses are eligible for PPP. PPP is a forgivable loan if funds are spend according to the program criteria.
2021 Updates to PPP: There are changes specifically related to farmers that impact eligibility for both the prior round of loans (First Draw) and this current round (Second Draw). These loans are forgivable when used in accordance with the guidance provided, primarily for payroll expenses. Iowa State has provided a summary of PPP changes for 2021, Follow this link: “SBA Has Issued Rules for First Draw, Second Draw and Increased PPP Loans”. Updated information forms are available below.
Economic Injury Disaster Loans (EIDL) webpage: [“Farms” will be eligible for the EIDL program in the second relief package. We expect the SBA online application eligibility section to reflect that chance once the program re-opens]. A borrower applying for EIDL can request an advance on the loan of up to $10,000 from the Small Business Administration (SBA). Applications are made online with the SBA directly. EIDL “advance” amounts are based on $1,000 per employee, thus a business with 10 or more employees can apply for the $10k max. The actual EIDL Loan can be for up to $2M and has an interest rate of 3.75%
USDA Direct Payment Programs
The USDA Farm Service Agency (FSA) is administering the Coronavirus Food Assistance Program (CFAP). Farm owners can apply for direct payment assistance through your local USDA FSA office.