Evers Administration adds $70 million to small business grant program
The money is on top of the $50 million already set aside for this latest round
MADISON, Wis. (WMTV) - The Evers Administration has freed up another $70 million for grants that will go to small businesses across the state impacted by the coronavirus pandemic.
According to the governor’s office, the additional funds brings the total amount available in this latest round of the state’s “We’re All In” program to $120 million. That amount is on top of the $65 million previously awarded in the first grant period.
“There’s no business that hasn’t been affected by this pandemic, and we know folks across our state need our support now more than ever,” Gov. Evers explained. “As we head into the winter months, we know we have to do everything we can to make sure our businesses have the resources they need as we continue fighting this virus.”
When the governor’s office first announced a second round of grants, it set aside $50 million to fund it.
However, anticipating an increased need for government help, that initial amount was more than doubled Friday. The Evers Administration pointed out when it opened the application process for this second round, which ended in early November, more than 48,000 businesses applied.
“With thousands more businesses applying for the second phase of our ‘We’re All In’ grants than the first phase, we want to provide aid that can help these businesses carry on,” Wisconsin Economic Development Corp. Secretary and CEO Missy Hughes stated.
The funds to pay for the grants will come from the $2.3 billion awarded to Wisconsin as part of the federal government’s $2 trillion CARES Act.
To have qualified for a grant a business needed to:
- Be a Wisconsin-based, for-profit business;
- Have had 75% or more of company labor costs in Wisconsin and 75% of their assets in Wisconsin in 2019;
- Earned more than $0 and less than $1 million in annual revenues (gross sales and receipts);
- Have started operating prior to Jan. 1, 2020 (seasonal businesses should use the highest total FTEs employed during the season); and
- Have filed their 2019 taxes.
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