Earlier this year, the state of Wisconsin announced $75 million in assistance for small businesses as part of the Wisconsin Economic Development Corporation’s (WEDC) “We’re All In” initiative. Because of its popularity, coupled with the fact that Wisconsin businesses continue to struggle through the pandemic, Wisconsin has made an additional $50 million available to businesses that were hit hard. Phase 2 is being administered by the Wisconsin Department of Revenue.
$5,000 cash grants will be awarded based upon a business’s annual revenue for those that meet certain requirements to help pay employee wages and other business expenses.
Applications will be accepted online from 8:00 am on Monday, October 19 to 11:59 pm on Monday, November 2. Grants are NOT awarded on a first-come, first served basis. Each application will be screened for eligibility and then ranked. Priority will be given to businesses that did not receive a grant during Phase 1, have minority ownership and are in an industry with the greatest negative impact due to the pandemic.
You will be notified by November 23 if you were awarded a grant or not. Grants will start to be paid on December 4.
A business may apply if it meets all of the following criteria:
- The business started operating prior to Jan. 1, 2020, operated in 2020 and suffered an economic loss as a result of the COVID-19 pandemic.
- The business filed its 2019 Federal and state income tax and/or franchise tax return,
- At least 75% of the property used by the business in 2019 is located in Wisconsin and at least 75% of the labor costs paid were for services performed in Wisconsin.
- The business employs 50 or fewer full-time equivalent (FTE) employees, including the owner.
- Sole proprietors and independent contractors also qualify under this rule.
- The business has less than $1 million in annual revenues (gross receipts less returns and allowances).
- The owner or business does not appear on one of the following lists:
- The business must not be a governmental unit or primarily engaged in crop production, animal production or aquaculture, lessors of real estate or nonprofit organizations.
For more information, see the list of Frequently Asked Questions on the Wisconsin Department of Revenue website: https://www.revenue.wi.gov/Pages/FAQS/SmallBusinessGrantProgram.aspx