About the Covid-19 Emergency Grant Program
During March and early April 2021, the Bermuda Government through the Ministry of Health issued a range of Public Health Closure and Restriction Notices to contain the increase in Covid-19 cases seen in Bermuda.
Businesses targeted by the Public Health Closure and Restriction Notices were those identified as more easily facilitating community spread due to larger customer/client capacity.
Of the industries impacted by the Public Health Closures and Restrictions Notice, the Government recognized that some businesses would be the most negatively impacted due to not having the ability to operate at all during the closure period or having reduced operating capacity due to scale backs. This is compared with other industries and business types who can operate and generate revenue throughout the closures and restrictions, although in a slightly reduced capacity.
Those earlier closures and restrictions were followed by the more restrictive “Stay at Home” Order issued by the Government which came into effect on April 13th, 2021, requiring all businesses to close except for those exempted.
In response to the new closures and restrictions, BEDC has modified the Covid-19 Emergency Grant Funding to assist all businesses who have been specifically and tangibly affected during March and April 2021.
In response to the new closures and restrictions, BEDC has modified the Covid-19 Emergency Grant Funding to assist all businesses who have been specifically and tangibly affected during March, April and May 2021.
Specific businesses impacted throughout March, April, and May 2021 are as follows:
Indoor places of Public Resort and Public Recreation
Private Schools (not licensed day care businesses who can still operate)
As a result of the mandatory “Stay at Home” Order, further businesses to the above-referenced ones have been impacted, and as such, this Emergency Grant product will also be available to those businesses impacted.
BEDC has initially set aside $1M in Covid-19 funding support provided by the Government for this emergency grant relief. The total amount of funds available can be increased if determined additional support is needed and demand is high.
As is the case with all BEDC financial products, applications will be reviewed, and funds provided based on need and assessed on a case-by-case basis.
The BEDC Covid-19 Emergency Grant Funding programme will be in place until the funds are exhausted or until deemed no longer necessary.
The details of the loan programme are as follows:
Small and Medium-sized Businesses:
Economic Empowerment Zone Businesses and Island Vendors:
The Covid-19 Emergency Grant Funding is available to businesses in industries severely impacted by the March, April, and May 2021 public health closure notices as well as businesses closed by the “Stay at Home” Order.
The grant relief is applicable to existing businesses only and businesses must have been in operation up to March 2021. Established businesses older than 12 months will have preference over businesses formed within the last 12 months although all businesses impacted negatively can apply and will be assessed on a case-by-case basis. Eligible new startup businesses must have commenced operations prior to January 1st 2021.
The BEDC defines a small business as Bermudian – owned and managed; operating locally; having an annual gross payroll not exceeding $500,000 or having annual sales revenues of less than $1,000,000.
The BEDC defines a medium-sized business as a Bermudian-owned & owner-operated business enterprise with at least three of the following attributes:
- Gross annual revenues between $1 million and $5 million
- Annual payroll between $500K and $2.5 million
- A minimum of 11 and a maximum of 50 employees
- In operation for a minimum of 10 years
- Net Assets of less than $2.5 million
Although open to all businesses who meet the criteria, the BEDC desires to expose Bermuda’s small business.
Please ensure that you have reviewed the checklist below and have all the necessary information needed to apply.Complete and compile all information below, BEFORE filling out the application.