VEDA continues to closely monitor ongoing developments of the coronavirus (COVID-19). Our primary focus is the safety and well-being of our borrowers and employees as we implement new emergency loan programs that can help Vermont businesses survive these health and economic crises.
VEDA remains fully operational, but all four offices – Montpelier, Burlington, Middlebury and St. Johnsbury – are currently closed to the general public until further notice. Essential staff is available on-site to ensure consistent business operations and customer service. The rest of our staff is working remotely from home, like many other companies and institutions across Vermont. We are fully equipped, able and ready to continue to service all needs.
We will provide updates here as they become available.
Disaster Relief Financing
- Paycheck Protection Program (PPP)
- The U.S. Senate & House have approved a PPP program extension until August 8th.
- VEDA continues to review and quickly enroll businesses for these funds. Reach out to your loan officer or VEDA for information on how to apply if your business has not yet been approved for a PPP loan.
- Loan Forgiveness Applications and Instructions have been posted and are available at the bottom of our PPP page.
- Vermont Emergency Economic Recovery Grants
- Emergency Economic Recovery Grants are for eligible Vermont businesses and nonprofits that have suffered severe financial harm from the COVID-19 public health emergency. These will be managed by the Agency of Commerce and Community Development and Department of Taxes.
- The application process is expected to start on Monday, July 6th.
- Learn more about the grants and application processes - including a series of webinars - on the ACCD website.
- U.S. SBA Debt Relief Program (SBA Website)
- Under this Program the SBA will make six months of interest and principal payments on all SBA guaranteed loans, including new loans for working capital as, or funds for equipment and renovations as businesses reopen.
- Please contact your VEDA loan officer or VEDA’s Commercial Lending group for information on how to best use these subsidized funds.
- U.S. SBA Economic Injury Disaster Loans (EIDL) (SBA Website)
- USDA Coronavirus Food Assistance Program (USDA Website)
Make sure to follow these links for the most up-to-date news and guidance from our partners, including:
- Department of Health
- Agency of Commerce and Community Development
- Department of Labor
- U.S. Small Business Administration
- Vermont Small Business Development Center
Stay tuned to this page for further information about Federal and State disaster relief funds for Vermont. We are working very closely with our State and Federal partners to expedite this process. Any information or applications will be posted here on our website.
Last updated 7/2/20