Governor Mark Gordon today moved $10 million from the Mitigation Fund into the Relief Fund in order to keep up with the high demand for financial assistance tied to revenue loss and COVID-19 expenses.
The $10 million will be made available to businesses and nonprofits that have incurred losses, growing the total available in the Relief Fund to $185 million. The Mitigation Fund will be reduced to $40 million.
As of 9 a.m. Aug. 10, the Business Council has received 1,914 applications for $174.9 million of the $175 million originally allocated for the Relief Fund. The Mitigation Fund has only received 398 applications for $19.9 million of the $50 million originally allocated.
The Wyoming Legislature in May created the COVID-19 Business Relief Program to distribute $325 million in federal CARES Act dollars; the program includes the Interruption Fund, the Relief Fund and the Mitigation Fund. The legislation also gave the governor the ability to quickly pivot funds within the overall Business Relief Program to address unexpected needs.
“Infusing $325 million into Wyoming businesses and nonprofits in need is a responsibility the Business Council takes very seriously,” Wyoming Business Council CEO Josh Dorrell said. “We greatly appreciate the ability to quickly adjust funding to address the highest demand, which helps keep our neighbors employed and the economy moving forward. We encourage all eligible entities to apply now as funds may not be guaranteed as we near the maximum amounts allocated.”
The Business Council will soon close applications for the $50 million set-aside reserved for entities required to close for public health orders, which will be fully expended soon; however, those entities can still apply for the general Relief Fund dollars while they are available.
Breakdown of applications as of 9 a.m. on Aug. 10:
Relief Fund - required to close: 492 applicants and $46.2 million requested out of the $50 million available
Relief Fund - not required to close: 1,422 applicants and $128.7 million requested out of the $135 million available
Mitigation Fund: 398 applicants and $19.9 million requested out of the $40 million available
Businesses and nonprofits that successfully submitted an application will receive an email confirming receipt of their application. The Business Council along with the Secretary of State’s and State Auditor’s offices is currently reviewing and approving application requests.
"Eligible applicants for the Interruption Fund received payment within 21 business days after application review began,” Dorrell said. “We anticipate a similar schedule for the Relief and Mitigation funds."
Go to wyobizrelief.org to stay informed about program details and to register to receive Business Council news releases. If you have any questions, please call 1-877-257-7844.
ABOUT THE COVID-19 BUSINESS RELIEF PROGRAMS
In May 2020, the Wyoming Legislature created three programs to distribute $325 million in federal CARES Act funding to Wyoming businesses and nonprofits that have experienced hardship related to the COVID-19 crisis. The Wyoming Business Council is distributing these dollars through the COVID-19 Business Relief Program, which has been broken down into three funds - the Interruption Fund, the Relief Fund, and the Mitigation Fund.