UPDATE: The Department of Economic Development (DED) announced additional details and guidelines for the Business Emergency Gap Assistance Program (BEGAP). This $20 million grant program is intended to help businesses and nonprofits restore, reopen, and bring their employees back to work after suffering physical damages to their property beginning on July 7, 2023, when severe storms swept into Vermont.

Physical losses and damage can include physical space and/or replacements of inventory, machinery, equipment, and supplies. Business should collect photographs, insurance adjuster damage assessments, estimates for repairs to physical structures, tax returns, equipment, inventory, or supply purchases, actual paid expenses and other documents as requested.

DED is administering the program and has been working to create grant guidance and parameters, build out the grant application portal, and put staff in place to run that program and help answer questions businesses may have. When the program opens, businesses will be eligible for a grant of 20% of the net documented uncovered damage to their physical property up to a maximum of $20,000. For properties that sustained more than a million dollars of damage, grant amounts may exceed the $20,000 cap. Those grants will be 20% of net documented uncovered physical damage up to $500,000 based on the number of employees and total damage they sustained. Of the $20 million, $1 million will be administered by the Agency of Agriculture, Food and Markets and dedicated specifically to agricultural businesses.

DED held a webinar about the program, and a recording can be viewed HERE. Additional FAQs about program specifics are also available.

UPDATE: THE STATE’S BEGAP PORTAL PAGE IS NOW LIVE >>>  Business Emergency Gap Assistance Program | Agency of Commerce and Community Development (vermont.gov)

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