The Vermont Business Emergency Gap Assistance Program (BEGAP) opening today can assist a variety of small businesses impacted by July flooding, including landlords. Landlords may receive assistance up to $20,000 for up to three properties. Properties with extensive damage may qualify for up to $100,000.
A webinar recording available here answers many questions pertaining to assistance for rental property damage.
The application portal will open on Thursday, August 3 at 12:00 p.m. Once the application portal is live, submissions will be approved on a rolling basis until all funds are expended. Applicants with questions can email the Business Emergency Gap Assistance Program at [email protected].
Visit the Business Emergency Gap Assistance Program page to learn how the program works and what you will need to have in hand to begin the online application process.
Here are some of the basics of the Business Emergency Gap Assistance Program:
- Grantees can get up to 20% of their net, uncovered damages after factoring in other funding sources like insurance coverage and other grant awards.
- Most organizations can receive up to $20,000. More could be available for entities that suffered $1 million or more in physical damages.
- Physical damage includes damage to real estate, improvements made by lease holders, inventory, and equipment.
- Of the $20 million devoted to the Vermont Business Emergency Gap Assistance Program, $1 million is being set aside for the Vermont Agency of Agriculture, Food and Markets to disburse to farms and farm businesses.
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.