Vt. launching program for businesses that missed pandemic relief

Published: Sep. 15, 2022 at 6:12 PM EDT
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MONTPELIER, Vt. (WCAX) - The state of Vermont is launching a new relief program aimed at businesses that may have missed out on pandemic aid.

The new Short-Term Forgivable Loan Program will give businesses up to $350,000 to cover rent, wages, and ongoing costs. If they meet the criteria, they can have their loan completely forgiven.

The Vermont Economic Development Authority says the program is aimed at businesses including restaurants, tourism, hospitality, and the arts. Priority will be given to the tourism, hospitality, child care, and agriculture sectors.

“For businesses that are still in operation that made it this far but don’t have that safety net, that working capital cushion -- if another financial stress comes along, they’re on the brink,” said VEDA’s Cassie Polhemus.

And unlike in the thick of the pandemic, officials say businesses are now dealing with inflation and staffing shortages.