Vrakas CPAs, Here Are Your Articles for Wednesday, June 02, 2021
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Wisconsin Tomorrow Small Business Recovery Grant

 

In collaboration with the Wisconsin Economic Development Corporation (WEDC), the Wisconsin Department of Revenue (DOR) will award $420 million to small businesses impacted by the COVID-19 pandemic through the Wisconsin Tomorrow Small Business Recovery Grant program.

The program is intended to support businesses who are hardest hit by the pandemic and are key to Wisconsin making a strong recovery. Funding for the program is received from the federal government through the American Rescue Plan Act.

An individual or entity who operates a business may apply if all the following criteria are met:

  • The business started operating on or before December 31, 2020, is still operating in 2021, and suffered an economic loss as a result of the COVID-19 pandemic. An economic loss may be from lost revenue or increased expenses as a result of the pandemic
  • The individual or entity filed its 2019 federal and Wisconsin income or franchise tax return
  • The business has more than $10,000 and less than $7 million in annual revenues (gross receipts less returns and allowances) shown on their federal tax return
  • At least 75% of the business's value of real and tangible personal property owned or rented and used by the business is located in Wisconsin
  • At least 75% of the amount of the business's labor costs are incurred by individuals performing services for the business in Wisconsin
  • The individual or entity must not be on one of the following lists:
  • The business must not be a governmental unit or primarily engaged in any of the following North American Industry Classification System (NAICS) codes beginning with:
    • 111XXX - Crop Production
    • 112XXX - Animal Production or Aquaculture
    • 5311XX - Lessors of Real Estate
    • 813XXX - Nonprofit Organizations

 

To complete the application you will need:

  • A complete copy of your business's 2019 federal income tax return
  • The business's primary North American Industry Classification System (NAICS) code

An individual or entity may only receive one grant, regardless of the number of business locations, divisions, or separate operations.

 

Exceptions:

  • Each spouse of a joint federal income tax return may receive a grant if each spouse owns and operates a separate business from the other spouse
  • Each corporation within a federal consolidated group or a Wisconsin combined group may qualify independently of each other and apply separately for the grant

If your business already received a We're All In Small Business Grant from WEDC or DOR you can still apply for the Wisconsin Tomorrow Small Business Recovery Grant, but only apply if the business meets the criteria described above.

Grants amounts are expected to be $5,000 per eligible applicant and can be used for any business operating costs, including but not limited to wages and salaries, rent, mortgages, and inventory, and/or for health and safety improvements. The DOR will issue payments by June 30. You may request to receive the money by direct deposit or have a check mailed to you.

To apply or for additional information related to the Wisconsin Tomorrow Small Business Recovery Grant you can review the FAQs page on the WI Department of Revenue website

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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