18 Mar WEDC announces targeted grants to small businesses suffering losses due to coronavirus emergency
5 million grant program will assist “smallest of the small” businesses around state
MADISON, WI. March 18, 2020 – In another step toward assisting small businesses that suffer losses related to the COVID-19 health emergency, the Wisconsin Economic Development Corporation (WEDC) is creating a program to provide grants to targeted businesses throughout the state, WEDC Secretary and CEO Missy Hughes announced today.
The WEDC Board of Directors on Tuesday approved $5 million in funding for the program, which will be known as Small Business 20/20 (SB20/20). SB20/20 will provide grants of up to $20,000 to targeted businesses with no more than 20 employees to cover rent and to meet payroll expenses, including paid leave (including sick, family and other leave related to COVID-19).
More information about the program is available at wedc.org/sb2020. Applications for business assistance must be processed through the CDFIs and not WEDC. WEDC plans to identify the participating CDFIs within the next two weeks.