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