Short Term Forgivable Loan Program
Note: This program is not yet available. Please check back.
The VEDA Short Term Forgivable Loan Program will provide financial assistance to businesses that continue to demonstrate economic harm due to the COVID pandemic. The applicant must demonstrate economic harm from lost revenue, increased costs, challenges covering payroll, rent or mortgage interest, or other operating costs that threaten the current capacity of the business to weather financial hardships and result in ongoing financial insecurity due to COVID. Maximum loans will be the lesser of (1) $350,000.00; (2) six months of eligible operating expenses; or (3) the amount of the cumulative decline in adjusted net operating income during the COVID-19 public health emergency in 2020 and 2021. Loans can be used to pay for eligible operating expenses, but not for capital expenditures. Forgiveness will be determined upon documentation submitted showing that the loan was used to pay for eligible operating expenses. Vermont for-profit and not-for-profit businesses with less than 500 employees are eligible to apply.