Many states and communities have programs available to fill vacant spaces in their downtowns or commercial areas. Today I want to focus on one that the Wisconsin Economic Development Corporation is administering locally. It is called the Main Street Bounceback Grant.
HOW LARGE IS THE GRANT THAT IS AVAILABLE?
- The grant is $10,000 for eligible differences.
HOW IS A BUSINESS ELIGIBLE FOR THE GRANT?
- Available for a for-profit or non-profit business moving into a vacant commercial space
WHEN DID A BUSINESS NEED TO MOVE?
- This grant applies to any qualified moves between January 1, 2021 and June 30, 2022.
WHAT IS A QUALFIED MOVE?
- It’s probably easier to talk about what does not qualify.
- The grant is not available to for a business who renews an existing lease
- Also not available for a business who moves out of one commercial space to another.
- So this needs to be an expansion of the business or a new business.
CAN A LANDLORD TAKE ADVANTAGE OF THIS BY PURCHASING A NEW BUILIDNG?
- Unfortunately not, unless they are planning on running a business out of the newly purchased real estate.
WHAT ABOUT A NATIONAL CHAIN?
- A national chain is also not eligible, unless
- The business is independently owned and operated.
WHAT CAN THE BUSINESS USE THE FUNDS FOR?
- Lease or mortgage payments
- Operating expenses
- Tenant improvements
- Other operating expenses
LASTLY, WHEN DOES A BUSINESS NEED TO APPLY AND WHERE DO THEY GO?
- There is no due date for the application. It is available until the roughly $75 million is used up.
- A business can go right to the WEDC website to apply.
Be sure to talk to a tax professional if you have any questions about the Main Street Bounceback Grant.