Podcast: Wisconsin Main Street Bounceback Grant

Wisconsin Main Street Bounceback Grant Tax Insights Podcast

Written by Jeff Dvorachek

May 26, 2022

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.

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Jeff Dvorachek
I joined Hawkins Ash CPAs in 1998. I am the partner-in-charge of the Manitowoc, WI, office and tax director for the firm. I have thorough experience providing tax services to individuals, commercial businesses, nonprofit entities and estates and trusts. I also provide compilation and review services. I lead the Tax Committee and am a member of the Information Technology Advisory Committee.

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