Budget Adjustment Act Approaches Finish Line

The Budget Adjustment Act will be finalized next week following recommendations made to the House Appropriations Committee. For the most part, the proposals advocated for by the Vermont Chamber are being recommended as requested. The Rural Infrastructure Assistance Program has gained wide support, but how funds would be allocated and to whom, remains in consideration.  

The current proposal on an underserved index has not been received well but several legislators have expressed commitment to finding a path forward. The VEDA Forgivable Loan Program is still running and continues to accept applications from businesses recovering from the impacts of COVID-19. However, VEDA has announced an end date of accepting applications in March. A recommendation has been put forward by the House Commerce and Economic Development Committee to end the program at the close of FY 2023, giving VEDA the opportunity to close out applications and the legislature the opportunity to thoughtfully consider where any remaining business recovery funds are spent.