COVID Update from our Executive Director

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Things are very tough right now. They are going to get tougher.

Help is on the way. We’re anxious about the timing. But, Burlington and Vermont need money from the federal government programs to get us through this.

Here is what we need you to do to help your business and all of Burlington.

  1. ASAP: Apply for an Economic Disaster Recovery Loan Advance
    1. Application Link
    2. Select Grant – this can get your $10,000 in a few days
  2. April 3rd first thing: Apply for a Payroll Protection Program (PPP) Grant
    1. Sample Application
    2. Apply through your financial institution (must be an SBA Lender)

These funds are first come, first serve. Don’t wait to apply. You can always decline later.

The applications only take a few minutes. You can apply for both.

You apply for PPP through your local financial institution provided they are an SBA qualified lender. Contact them for the application and required documents. I have spoken to several local banks and they are working through the process of how to administer these loans. Please be patient as our friends in the banking community get ready to serve you. There are links below with more information on each program and how to apply.

Call or email me if you need help. BBA is small, but we are focused on local business.

Help us Help you.

And in the face of this – please keep going. We need you.

Kelly, Alex, Colin and Chris

(802) 863-1175 x4

BBA Resources Page – Updated Daily : The best, and most updated resources we can find to give you information and help as we face this pandemic together. See below for quick links.

Federal

Economic Injury Disaster Loan (EIDL) Program: Up to $2million loan you can get quickly.

EIDL Loan Info and Application

Economic Injury Disaster Loan Advance: Get $10,000 in three days. Use the application above and select grant.

Application

CARES Act Highlights

  • Payroll Protection Program: program to help cover costs of retaining employees and staying in business.
  • Applications: Beginning April 3, 2020 – Sample Application
  • Loan Amount: Up to $10 million based on payroll
  • SBA loans processed by qualified banks that can be forgiven or repaid over 10 years
    • Forgiveness is tied to employee retention
  • Great, visual overview from the US Chamber can be found here

 Employee Retention Tax Credit – credit given via your tax return of $5,000 per employee

  • Limited to companies with fewer than 100 FTE
  • Businesses can’t get this and a Payroll Protection Program grant
  • Great, visual overview from the US Chamber can be found here

SBA Debt Relief and Bridge Loans – available to those who currently have SBA Loans

  • Work with your local lender

SBA Resource Page – COVID-19

Extra $600/week for those on unemployment: this will come to all people collecting unemployment benefits and is available until 7/31/2020.

State of Vermont

  • Rooms and Meals Tax: Due March 25 and April 25, no interest or penalties for paying late
  • Income Tax: Extended to July 15th from April 15th
  • Agency of Commerce and Community Development

City of Burlington

 

COVID-19 BBA Mission Statement

To promote and enhance the economic vitality of Burlington by working to keep the shut down as short as possible and to work on initiatives that help businesses survive today and ensure business comes back when the threat has passed.