06 May Gov. Evers: Announces $420 million in Wisconsin Tomorrow Small Business Recovery Grants
Gov. Tony Evers today announced the state will award up to $420 million to small businesses affected by the COVID-19 pandemic through the new Wisconsin Tomorrow Small Business Recovery Grant program, a collaboration between the Wisconsin Economic Development Corporation (WEDC) and the Department of Revenue (DOR). The effort, funded by the American Rescue Plan Act of 2021 (ARPA), has the potential to help approximately 84,000 Wisconsin small businesses that have an annual gross revenue between $10,000 and $7 million. Under the program, small businesses would be eligible for grant awards of $5,000.
“We want small businesses to know that help is on the way. And once we receive federal funds, we aren’t going to wait to get these funds out quickly to help small businesses restock shelves, catch up on bills, rehire and retain workers, and continue to help keep their customers, employees, and our communities safe as we work to bounce back together,” said Gov. Evers. “We can’t sit around and wait to get these funds out the door, and we can’t afford to let politics get in the way of getting resources and support to those who need our help.”
The governor’s announcement today regarding Wisconsin Tomorrow Small Business Recovery Grants reflects the strategy of the new Wisconsin Tomorrow: Building an Economy for All report recently released by the WEDC, which calls for investments that advance economic well-being for individuals and communities.
“The new grants are intended to support those small businesses who were hardest hit by the pandemic and through savvy planning, grit and sacrifice are poised to make a strong recovery, and we are committed to being a strong partner in helping these businesses on the road to recovery,” WEDC Secretary and CEO Missy Hughes said.
Last month, Gov. Evers announced a robust plan to use the $3.2 billion the state will receive under the ARPA. Among the governor’s key investments for the funds is $2.5 billion toward the state’s economic recovery and well-being, which includes $600 million in funds designated to supporting small businesses. The up to $420 million in grants announced today are included in the $600 million Gov. Evers has designated will go to small businesses.