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SCDC Virtual Meeting
October 21, 2020 @ 2:00 pm - 4:00 pm CDT
Sauk County Development Corporation (SCDC) will be hosting a video chat with partners at MBE and the Wisconsin Department of Revenue on Wednesday, October 21st, at 2:00 p.m.
Please join the meeting from your computer, tablet, or smartphone. https://global.gotomeeting.com/join/351667213 You can also dial in using your phone. United States: +1 (646) 749-3122 Access Code: 351-667-213
Please join us to learn more about the Payroll Protection Program forgiveness application and Phase 2 of the “We’re All In” grant program.
The SBA released a streamlined loan forgiveness application, Form 3508S, for PPP loans totaling $50,000 or less. While eligible loans account for 9% of overall PPP funding, they amount to about two-thirds of all PPP loans.
With this two-page application, fewer calculations and less documentation are required, however, it’s recommended to retain those documents and calculations for six years, in the event, they are requested by the SBA as part of its loan review process. In addition, the borrower is exempt from any reductions in their loan forgiveness amount based on reductions in FTE’s or reductions in employee salary or wages that would otherwise apply.
Governor Evers just announced Phase 2 of the We’re All In grant program. The program will provide $5,000 grants to at least 10,000 Wisconsin small businesses. Wisconsin’s small businesses are being affected by the COVID-19 pandemic. Funded by the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, the grants will help small businesses with the costs of health and safety improvements, wages and salaries, rent, mortgages, and more.
The We’re All In Small Business Grant application portal on the Department of Revenues website opens 8:00 A.M. on Monday, October 19, and ends at 11:59 P.M. on November 2. The application will be live on the Department of Revenue’s website on Monday, October 19, at revenue.wi.gov The applications are not first come first served, so you can hold off on applying until after this video call.
A business may apply for the We’re All In Small Business Grant if it:
- The business started operating prior to January 1, 2020 and operated in 2020;
- Is Wisconsin-based and for-profit;
- Employs 50 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;
- The business must not be a governmental unit or primarily engaged in any of the following North American IndustryClassification System (NAICS) codes beginning with:
- 111XXX – Crop Production
- 112XXX – Animal Production or Aquaculture
- 5311XX – Lessors of Real Estate
- 813XXX – Nonprofit Organizations
To prepare for the application process, businesses should be ready to input information from their 2019 taxes into the Department of Revenue application:
- Has filed their 2019 federal and Wisconsin taxes.
- Identify the North American Industry Classification System (NAICS) code: This information may be included in a business’s taxreturn, or through the NAICS website: https://www.naics.com/naics-code-description/.