Vermont Opens Second Round of Small Business Funds

Date: March 24, 2021

Sole Proprietor Stabilization Program Benefits Vermont Small Business

Here’s how to apply for Vermont’s Sole Proprietor Stabilization Program for Small Business Owners:

 

Round 2 of the Vermont Sole Proprietor Stabilization Program will open for applications on April 5, 2021.

This program is designed to assist sole proprietors with no employees that have been impacted by COVID-19 and have remaining unmet need. Grant amounts will range from $1,500 to $10,000 based on eligibility and the ability to document the unmet need.

 

April 5, 2021 – Application Opens at 9:00 AM

May 26, 2021 – Application Closes at 5:00 PM

Grants funds will be distributed on a rolling, first-come, first-serve basis

 

The eligibility criteria for this round of grants has been modified a bit – to include both Sole Proprietors with no W2 employees and S-Corp owners with no W2 employees.

Other key criteria include the following:

  • Be from a low- to moderate-income household per federal guidelines (household income of 80% or below the media income for your county)
  • Be a for-profit entity providing goods or services to clients
  • Have pre-pandemic or current gross annual revenues of over $24,450
  • Have been legally established prior to March 15, 2020

In order to prepare for your application, be sure you also have the following:

  • DUNS Number
  • 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

For more information on the program itself, the eligibility criteria, and how to apply, please tune into an April 1st Vermont CDBG-CV Webinar.

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