Current Situation 07.14.2023
As you can imagine, things are evolving quickly, and we will be in contact regularly as we have concrete, verifiable information, and actionable next steps.
Yesterday the Disaster Declaration request left Governor Scott’s desk for Washington DC. The President had signed an emergency declaration on Tuesday which allowed for immediate assistance with rescue operations. This second step in the process required more data gathering on what the situation on the ground was in Vermont.
The Declaration will be fast tracked and could be signed as early as next week. When that happens, it will allow FEMA and SBA to arrive and begin their work as follows:
- FEMA will work with the state, towns and cities and individual homeowners and that assistance will be proportional and in the form of grants.
- SBA will work with businesses, and that assistance will be in the form of the EIDL program. EIDL stands for Economic Injury Disaster LOAN. The loan has two parts: physical damage and economic injury. You can apply for one or both. Keep in mind that if there are road closures that impact your business (whether those roads were flooded or not), this may count as economic injury.
- Please note that the EIDL program applies to both for profit and non-profit businesses but NOT farms. The farms will come under a separate declaration that will be handled by the USDA.
We emphasize the word loan here for a reason. This IS a loan, and we want to make sure that businesses assess whether debt is the right option, especially if you are already dealing with existing debt. Talk with us and let’s look at all the options together. Our team has experience in this loan process so we can assist you through the steps if that is what you choose to do.
There will be some small grants most likely coming from local organizations. If you receive one of those, please keep good records of the source, the amount and the use. This will be taken into consideration if you choose to apply for and receive an EIDL.
What Can You Do Right Now?
1. Continue to diligently document your situation in both words and pictures. That means to continue to take pictures of damage, and to write down what actions you are taking.
2. Make sure your financial records are in order.
3. Register at 211 so that the State has you on their list for all future updates:
https://vermont211.org/business-form#Business%20Form
4. The Agency of Commerce and Community Development (ACCD) has set up a page for businesses, and you should bookmark it:
https://accd.vermont.gov/flood
5. We highly recommend that you also sign up for their newsletter specifically related to the flood and updates here:
https://vermont.us3.list-manage.com/subscribe?u=ff50346b45ae607c4e55c01ec&id=73312ef76e
6. We will be updating our dedicated Flood Resources for Small Businesses page here, which includes our Disaster Recovery Guide for Business, so please bookmark it as well: https://www.vtsbdc.org/flood-2023/
We are here for you
Please remember: at VT SBDC, we were here before the floods, we will be here during recovery, and we will be here after. We are dedicated to supporting you and your business so that you can make the most informed, best decisions on the road to recovery from this disaster.
Stay Safe.
Heidi Krantz, Business Advisor
Vermont Small Business Development Center (VtSBDC)
(802) 586-7559 Home Office