Governor proposes additional economic relief measures

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 Latest proposal utilizes additional Coronavirus Relief Funds for continued economic support to hardest hit business sectors

Montpelier, Vt. – Governor Phil Scott today announced his proposal for an additional $133 million in economic relief and recovery, using funds from the $1.25 billion the state received from the Federal CARES Act.  As with previous proposals the Governor and his administration will work with the legislature to bring further relief to Vermonters and Vermont businesses.

This latest proposal focuses on four key areas of continued investment in economic development and business support to help Vermonters experiencing loss due to the COVID-19 pandemic and resulting mitigation measures:

  • Additional funding for Economic Recovery Grants to help fill gaps in the original program, to include sole proprietors, certain types of non-profits, new businesses, and those with less than 50% loss that is sustained over a longer period. ($23M)
  • Targeted hospitality and tourism funding to address areas of need as fall and winter approach and travel restrictions and capacity limits remain in place. ($50M)
  • $150 dollars to every Vermont household as part of a buy local campaign to spur economic activity that supports local businesses. ($50M)
  • Economic Development and Tourism Marketing funds that will, within the context of COVID-19, leverage social, earned, and owned media to bring more out of state revenue to Vermont. ($10M)

“What my administration is proposing today continues our work in addressing and delivering aid for our economy in real time both as this public health crisis plays out and as we learn more about the economic impacts Vermonters are feeling,” said Governor Phil Scott. “As we navigate this pandemic, we must ensure our economy stays on track so it can thrive in the future.  We believe addressing recovery grant gaps, supporting hardest hit sectors with targeted support, financially empowering Vermonters to buy local products, and marketing our state as a place to live, work, and play can help us get through the challenging months ahead.  I look forward to working with the legislature in passing this proposal.”

 

For more details on the proposal visit the ACCD website. https://accd.vermont.gov/covid-19/economic-development-and-business-support-proposal

 

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