Main Street Bounceback Grants are Extended
The Wisconsin Tomorrow Main Street Bounceback Grant, formerly known as the Brick and Mortar Bounceback Program, was set to expire at the end of June, but has now been extended by Governor Tony Evers and the Wisconsin Economic Development Corporation through December 31, 2022. Governor Tony Evers recently committed an additional $25 million to the program, bringing the total investment to approximately $75 million.
The Wisconsin Tomorrow Main Street Bounceback Grants are one-time $10,000 awards for businesses that are opening a new location or are expanding operations by leasing or purchasing a vacant commercial space. The grants are intended to assist eligible businesses with costs associated with leases, mortgages, operational expenses and other business costs related to a newly opened location.
Businesses are ineligible to apply for the grants if:
- Part of a national or regional chain. Independently owned and operated franchises are permitted.
- Intend to hold the property solely for investment purposes.
- Plan to use the space for residential purposes and lessors of residential units/property (landlords), unless the business unit of the lessor is moving into a vacant commercial space to support the operations of the business.
- Intend to use the vacant commercial space solely for storage.
- A home-based business, unless the business is moving their operations or business functions into the vacant commercial space.
- Governmental units. Tribal enterprises/corporations are allowed.
The Wisconsin Economic Development Corporation has several resources to assist applicants walk through the eligibility requirements and grant process. The grants are expected to be awarded on a first-come, first-serve basis until all of the available funds have been disbursed.
Thanks to Michael Schroeder and Mark Spaeth for their assistance with this blog post.
Source: WEDC.org, Commercial Association of Realtors of Wisconsin
- Carey M. Heyman, CPA
- Managing Principal of Industry - Real Estate
- CliftonLarsonAllen LLP
- Century City (Los Angeles)
Carey is the Managing Principal of the Real Estate Industry at CLA. He is a trusted advisor with close to 20 years of experience providing accounting, assurance, tax, and consulting services to real estate industry owners, operators, family offices, developers and syndicators. Carey has a strong track record of helping clients build and retain capital by leveraging tax- and cost-saving strategies and employing tax credits and incentives. He also consults with high net worth individuals, large family groups, and owners of closely-held businesses on all aspects of tax planning, estate planning, and retirement planning.
Comments are closed.