Additional Grant Becomes Available For Wisconsin Small Businesses
nicholas • June 5, 2020
Over the past few months COVID-19 has changed the way a lot of small businesses operate. Some have been unable to be open, some have adapted and changed, and some have even thrived. The Government had made a few loans available to try and help small businesses keep their employees employed and to also cover some overhead expenses. Now, locally, the State of Wisconsin is offering a grant of their own to local small businesses.
“We’re All In” is a pandemic relief grant for small businesses in the State of Wisconsin.
HOW IT WORKS
Funded by the federal Coronavirus Aid, Relief and Economic Security (CARES) Act, the We’re All In Small Business Grant Program will provide $2,500 to 30,000 Wisconsin small businesses to assist with the costs of business interruption or for health and safety improvements, wages and salaries, rent, mortgages and inventory.
ELIGIBILITY REQUIREMENTS
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.)
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APPLICATION PERIOD
The online grant application will be accessible for one week from 8 a.m. Monday, June 15, through 11:59 p.m. Sunday, June 21.
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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
- Sample text for a letter or email can be downloaded here (file will be saved to your downloads folder automatically) . An electronic letter submitted to you via email is acceptable.
- 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:
Find out more information regarding the We’re All In Small Business Grant, please review this page of frequently asked questions.
The post Additional Grant Becomes Available For Wisconsin Small Businesses appeared first on Talking Tax to Milwaukee.
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