Sponsoring Agency: Vermont Government
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 05/26/2021
Size of the Fund: Less than USD $50,000
Vermont’s CDBG-CV Round 2 Sole Proprietor Stabilization Grant Program is designed to assist sole proprietors with no employees that have been impacted by COVID-19 and have remaining unmet need that can be documented.
Businesses will be required to provide a duplication of benefit affidavit to document unmet need.
Grant Amounts will range between $1,500 and $10,000 based on eligibility and the ability to document unmet need.
To qualify, you must be a bona fide business entity at the time of shut-down in the State of Vermont and defined as a sole proprietor.
Sole Proprietor is defined as someone who owns an unincorporated business by himself or herself, or as a Partnership or alternative business structure, and does not have W-2 employees regardless of how they are set up for tax purposes. For example, S Corps and Partnerships (such as a 2 person team) that do not have W-2 employees would be eligible. The owner(s) of the enterprise must be a Vermont resident.
Businesses must meet all of the following eligibility criteria:
• Be from a Low to Moderate Income household per federal guidelines, which is defined as having a household income of 80% or below the area median income for your county
• Be a Sole Proprietor that does not issue W-2s to any employees
• Be a for-profit entity, providing goods or services to clients
• The owner(s) of the enterprise must be a Vermont resident
• Have a physical establishment in Vermont
• Be in good standing with the State of Vermont and Federal Government on State / Federal Income Taxes
o Be current on State and Federal taxes due through December 31, 2020 or have a workout arrangement in place with the taxing entity.
o Active and valid state licenses/registrations, if applicable
o Not a party to litigation on Federal or State taxes due involving the IRS or State of Vermont
• Demonstrate annual gross revenues greater than $24,450 ($11.75 X 2080 hours = $24,440) the business that will receive this grant (this is based on the State of Vermont Federal Minimum Hourly Wage as of January 2021)
• Be able to document past or expected eligible expenses of no more than ten (10) items totaling the amount of the grant award, no less than $100 / each
• Be able to show that paying these expenses is a hardship due to loss of income between March 1, 2020 and March 31, 2021 because of COVID-19
• Have been legally established prior to or as of March 15, 2020
Before applying, make sure you are eligible and you have ALL of the following materials:
• DUNS Number – if you don't have a DUNS Number, please request one immediately (visit the Help Center for a "How To" Video)
• 2018, 2019, and 2020 Federal Income Taxes as filed (State of Vermont Taxes are not required)
• Documentation in PDF form proving the receipt of any other grant/loan monies for COVID-19 relief or received under CARES Act Funding
• Proof of Residency
• Invoices and proof of payment for business expenses you want reimbursed by this grant program
More information at: https://www.vermont-cdbg-cv.com/