Gov. Evers Announces $420 Million in Wisconsin Tomorrow Small Business Recovery Grants
Gov. Tony Evers 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.
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.
Details of the new grants will not be finalized until federal rules for ARPA funds are in place. States continue to await federal guidance before being able to provide complete program details or open applications. However, preliminary plans by WEDC and DOR call for targeting the program at Wisconsin small businesses, including those that started in 2020, in sectors that have been hit hardest by the pandemic. Individuals and businesses interested in learning more about the Wisconsin Tomorrow Small Business Recovery Grant program can visit this page for updates.