CCEDC would like to share valuable information on two new developments that have been shared with our organization regarding the Paycheck Protection Program and WEDC’s We’re All In Grant Program.
- Changes to the Paycheck Protection Program (PPP) were signed into law. The changes add flexibility to use the funds. Changes to the PPP include:
- Small businesses can use the funding for up to 24 weeks, instead of the original eight weeks
- Instead of requiring 75% of the funds to be used for payroll costs, that amount is dropped to 60%
- Initially employees needed to be rehired by June 30, that is now extended to December 31
- If the loan is not forgiven entirely, businesses have up to five years to pay it back, instead of just two years
- Repayments are deferred until the amount of forgiveness is determined
- Wisconsin Economic Development Corporation announced the new We’re All In grant initiative a success. The program will provide $2,500 grants to 30,000 small businesses. The grants will help small businesses with the costs of business interruption or for health and safety improvements, wages and salaries, rent, mortgages and inventory. Businesses can apply starting June 15, at 8 am – June 21 at 11:59pm.
A business may apply for the We’re All In Small Business Grant if it:
- Was in business in February 2020. Businesses that started in 2020 are not eligible;
- Is Wisconsin-based and for-profit;
- Employs 20 or fewer full-time equivalent (FTE) employees, including the owner; and
- Has more than $0 but less than $1 million in annual revenues.
Businesses will not be eligible for the grants if they are:
- Part of a national chain, unless the business is a third-party franchise;
- Industries covered by other Wisconsin CARES Act Coronavirus Relief Fund programs are ineligible for this program. These are:
- Crop Production
- Animal Production or Aquaculture
- Lessors of Residential Buildings and Dwellings (https://doa.wi.gov/Pages/LocalGovtsGrants/COVID-Grants.aspx)
The application period for this grant will open in mid-June. Find more information at https://wedc.org/programs-and-resources/wai-small-business-grant/