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Vermont Legislative Update Week 14 | Government and Public Affairs | Downs Rachlin Martin PLLC

Governor proposes $90 million for state capital investment
Department of Economic Development Commissioner Joan Goldstein presented Governor Scott s Capital Investment Grant Proposal to the Senate Economic Development Committee this week. The proposal would allocate $90 million over three years for capital investment grants to businesses and non-profits. Regional Development Corporations and Regional Planning Commissions would identify eligible projects. Twenty-five million dollars would be dedicated to outdoor recreation projects.
Senators expressed concerns about how the Agency of Commerce and Community Development would select projects. Commissioner Goldstein said they would consider ready or near-ready proposals that will leverage other financing, with projects funded in every region. The RDC/RPC inventory of projects is a work in progress, and Commissioner Goldstein said she would provide a list to the committee when it is ready. ....

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Governor lets controversial H315 become law without his signature

Governor lets controversial H315 become law without his signature
vermontbiz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vermontbiz.com Daily Mail and Mail on Sunday newspapers.

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Business advocates implore lawmakers to forgive PPP loans | Vermont Business Magazine

Members of the Vermont Legislature,
We, the undersigned organizations, representing cumulatively more than 9,500 employers with more than 200,000 employees implore you to conform with the federal treatment of forgiven Paycheck Protection Program (PPP) loans in the tax year 2021, just as you did in tax year 2020. This is important for the following reasons:
Taxing PPP loans would negate the purpose of the program. When PPP was first created under the CARES Act, the legislative intention was that these loans would be non-taxable. Congress saw this as so important to the program’s desired impact that they took the extraordinary step of reaffirming this in the subsequent Consolidated Appropriations Act. ....

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New COVID relief federal stimulus & Vermont's creative sector

Paycheck Protection Program
The CAA bill authorized new rounds and additional funding for the Paycheck Protection Program (PPP), which opens starting this week for new borrowers and certain existing PPP borrowers. Loans under $150,000 will be forgiven via a simple one-page form. Key PPP updates include:
PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations; ....

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PPP/FFCRA Informational Webinar

PPP to Reopen January 11th
The U.S. Small Business Administration, in consultation with the Treasury Department, announced today that the Paycheck Protection Program will re-open the week of January 11th for new borrowers and certain existing PPP borrowers. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021.
PPP/FFCRA Informational Webinar
Earlier this week ACCD hosted a webinar for Vermont businesses regarding updates to the Paycheck Protection Program (PPP) and the Families First Coronavirus Response Act (FFCRA). You can now view a recording of the webinar, which included ACCD leadership, the Vermont Department of Labor, the Vermont Bankers Association, and the Small Business Administration (SBA) Vermont District Office talking about updates to the program. ....

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