Keep your business in the know during the COVID-19 outbreak.

With information concerning the Coronavirus (COVID-19) rapidly evolving, DRM is committed to providing you relevant and timely guidance on how to navigate this challenging time.

RECENT DEVELOPMENTS

• October 20, 2020: Vermont’s Governor Phil Scott announced a new round of economic recovery grants for Vermont businesses, to be administered by the Vermont Agency of Commerce and Community Development (“ACCD”) and the Vermont Department of Taxes. This new round is an expansion of the Emergency Economic Recovery Grants Program, which was established by Act 115, Act 137 and amended by Act 154. The grants are funded through Federal CARES Act funding administered by the State. The grants are available for Vermont businesses that had annual revenues of at least $22,000 in 2019, and meet other criteria. Interested businesses can apply online at the ACCD. More information can be found here. Webinars on the grants are being offered by ACCD and the Department of Taxes on October 21 from 12:00 – 1:00 and October 23 from 10:00 – 11:00.
• October 8, 2020: The SBA issued an interim final rule in conjunction with the U.S. Department of Treasury, providing for a simplified forgiveness application for recipients of PPP loans of $50,000 or less. Here are the details.
• October, 2, 2020: On Friday, October 2, the SBA issued a procedural notice regarding PPP Loans and Changes of Ownership. The Notice provides some level of clarity for SBA Employees and PPP lenders as to what to do if a PPP borrower undergoes a change of ownership. Read Mary Parent's write-up.

• September 25, 2020: Previous guidance regarding the Vermont Coronavirus Emergency Economic Recovery Grants issued by the Vermont Department of Taxes or the Vermont Agency of Commerce and Community Development stated that all businesses receiving a Vermont Coronavirus Emergency Economic Recovery Grant must spend the grant money by December 30, 2020. Guidance was updated today to clarify that businesses do not need to fully expend these grant funds by December 30, 2020. If businesses need and are able to, they can retain the grant funds for expenses that occur in 2021 and beyond. Those businesses qualified for an economic recovery grant by demonstrating a business loss in 2020 due to COVID-19; there is no additional requirement to spend the grant funding by December 30, 2020.

• September 22, 2020: Vermont’s Economic Recovery Grant Program is fully subscribed and not taking new applications at this time. The Legislature is working on another round of money for the program and ACCD is expected to announce details of that program soon.
• September 18, 2020: New Hampshire Governor Chris Sununu issued Executive Order 2020-18, extending the State of Emergency for an additional period of 21 days.
• September 11, 2020: Governor Scott announced Vermont’s COVID-19 State of Emergency is extended to October 15, 2020. Read the full Addendum 5 to Amended and Restated Executive Order No. 01-20.
• August 27, 2020: The New Hampshire Bureau of Infectious Disease Control released COVID-19 General Travel and Quarantine Guidance, & Employer Screening and Exclusion Criteria.

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