RECENT DEVELOPMENTS

• May 20, 2020: Vermont Governor Phil Scott announced a $400 million economic relief and recovery package for Vermont. The proposed package is funded by the $1.25 billion Vermont received from Federal CARES Act funding. The package involves two-phases. The first phase involves $310 million of funds set aside for immediate emergency relief where it is most needed, including $250 million for retail, agriculture, food and accomodation services, the Vermont Economic Injury Disaster Loan and Grant Program and small business focused Vermont Restart loans and grants. Also included are $50 million in housing assistance (both to address property owners and homeless needs), $5 million in technical assistance to business and community assistance providers and mental health support for business owners and their families, and $5 million in marketing support. The Governor’s full press release can be found here. Additional detail can also be found at the Vermont Agency of Commerce and Community Development website by visiting here.    

• May 18, 2020: The SBA has released the much-anticipated application and instructions for how PPP borrowers can seek loan forgiveness. While many business owners applied for PPP funds expecting to convert the PPP loan into a grant that didn’t require repayment (and was “forgiven”), questions lingered as to how exactly lenders and the SBA would determine whether borrowers met the terms for forgiveness. With the new release of the application, the SBA has indicated that borrowers should now be informed as to how to apply for forgiveness of their PPP loans. Read Scott Jaunich’s full write-up.

• May 15, 2020: Vermont Governor Phil Scott extended the Stay Home, Stay Safe order until June 15, pursuant to Addendum 14 to Executive Order 01-20 (“Be Smart, Stay Safe”). Governor Scott encouraged Vermonters to travel only as needed, and to continue to work from home. He also encouraged Vermonters to wear face masks when interacting with others from outside their homes. The order also allows limited resumption of campgrounds, marinas and lodging facilities (such as hotels and short term rentals), which are allowed to open as of May 22nd for Vermont residents, or those who have met the 14-day quarantine requirement.
• May 15, 2020: New Hampshire Governor Chris Sununu announced a $400,000,000 Main Street Relief Fund program to provide emergency financial relief to New Hampshire small businesses due to the economic disruption caused by the COVID-19 pandemic. The prequalification application is due May 29, 2020 through the New Hampshire Department of Revenue Administration. Learn more about all of New Hampshire’s CARES Act Expenditures.
• May 13, 2020: Vermont Governor Phil Scott has announced that non-essential retail outlets may begin to gradually reopen on May 18th. All employees at the retail establishments must wear face coverings and maintain a distance of 6 feet. In addition, all retail outlets must stay under 25% of their fire safety occupancy, or one customer per 200 square feet, or 10 total customers and staff combined, whichever is greater. Store operators must POST their temporary occupancy limit, and the method used to calculate it, on all entrances. Sign templates are available at www.accd.vermont.gov. The State encourages cashless/touchless transactions, and curbside pickup.