PANDEMIC RELIEF FOR SMALL BUSINESSES IN WISCONSIN
The Wisconsin Economic Development Corporation (WEDC) recently announced a new $75 million grant program for Wisconsin Businesses affected by the novel Coronavirus (COVID-19) pandemic. The “We’re All In” Small Business Grant is funded by the Coronavirus Aid, Relief and Economic Security Act (CARES Act), and will provide up to $2,500 to 30,000 small businesses in Wisconsin. The aim of the grant is to assist these businesses with costs from interrupted business, health and safety improvements, wages and salaries, rent, mortgages and inventory.
ELIGIBILITY
To be eligible, businesses must:
- be a Wisconsin-based, for-profit business;
- employ 20 or fewer full-time equivalent (FTE) employees, including the owner;
- earn greater than $0 but less than $1 million in annual revenues (gross sales and receipts); and
- have started operating prior to Jan. 1, 2020, and have been in business as of Feb. 2020 (Seasonal businesses should use the highest total FTEs employed during the season).
APPLICATION
The WEDC announced online applications will be accepting beginning Monday, June 15 at 8 a.m. and continue through 11:59 p.m. Sunday, June 21. The link to the application will be posted on the WEDC We’re All In Grant page (https://wedc.org/programs-and-resources/wai-small-business-grant/). If you have questions regarding this application, please reach out to a KerberRose Trusted Advisor and we can assist you.
BE PREPARED
Applicants are encouraged to prepare for the one-week application period by gathering the following required documents:
- 2018 or 2019 federal tax return for business (If you started your business in 2020, you are not eligible for this grant). Applicable tax returns are:
- IRS form 1065 Partnership Return (no K-1s required)
- IRS form 1120 Corporation Return (no schedules required)
- IRS form 1120S S Corporation Return (no K-1s required)
- IRS form 1040 (sole proprietors) and the following:
- Schedule C, Profit and Loss from Business
- Signed W-9 form available at www.irs.gov/pub/irs-pdf/fw9.pdf
- A letter or email of acknowledgement from a community organization indicating your business was in operation in February 2020. The letter or email can be from any of the following:
- Chamber of commerce
- Main Street or Connect Communities organization
- Local business improvement district
- Neighborhood economic development association
- Local economic development organization
- County economic development organization
- Municipality, including tribal government
- County
- Local bank, credit union or community development financial institution
- Regional UW Small Business Development Center
- U.S. Export Assistance Center – Wisconsin
- Regional economic development organization
- Regional Planning Commission
- Trade association
FREQUENTLY ASKED QUESTIONS:
For more information, check out the FAQ page for the We’re All In Small Business Grant here: https://wedc.org/wai-small-business-grant-frequently-asked-questions/