Wausau CARES Assists City Firms Get Back to Business
Businesses based in the City of Wausau which suffered financial losses as a result of circumstances stemming from the Covid-19 pandemic may now apply for Wausau CARES program grants and loans to help recover and reopen for business.
The City’s new Wausau CARES is providing $336,804 in funding to city-based businesses to assist with payroll, marketing, rent/lease payments, utility bills, inventory, and health and safety improvements to businesses (See application for complete listing).
Funding for the program comes from Community Development Block Grant dollars provided to the City as part of the federal government’s Coronavirus Aid, Relief and Economic Security (CARES) Act. The funds will be distributed locally through a partnership with MCDEVCO, Inc. as the fund administrator. No city taxpayer dollars were used for this business reinvigoration initiative.
The Wausau Cares program includes:
- A total of 74 grants totaling $1,500 each;
- Another series of 20 potentially forgivable loans up to amounts of $20,000 based upon workforce and payroll retention.
Criteria for business eligibility to receive Wausau Cares grant and/or loan include:
- Business must have been in operation as of March 25, 2020.
- Business must be physically located in the City of Wausau. If a business has other locations, grant funds can only be used for business expenses at its Wausau location. No franchises.
- Business must either have been closed as nonessential or had operations severely limited by the State of Wisconsin Safer-at-Home orders.
- Business must have 10 or fewer full-time equivalent employees as of March 25, 2020.
- Home-based businesses, independent contractors, and sole proprietor firms are eligible.
- Property management, real estate rental and real estate sales businesses are not eligible.
- Businesses already receiving funds from the SBA’s Payroll Protection Program (PPP), Economic Injury Disaster Loan (EIDL) program, disaster insurance claim, and/or a financial loan cannot duplicate funding. Funding requires filling out a duplication of services affidavit form.
- Eligibility does not guarantee a grant and/or loan will be made. The City of Wausau and MCDEVCO, Inc. may modify, condition or deny any request in its sole discretion.
MCDEVCO, Inc. will award Wausau CARES grants and loans on a first-come basis until the funds are depleted. Businesses will be able to apply for grant or loan assistance beginning May 28, 2020. Applications are available online through MCDEVCO’s website at mcdevco.org, by calling MCDEVCO at 715.298.0084 or email email@example.com.