The Wyoming Legislature recently approved distributing $325 Million of the $1.25 Billion given to it by the federal government in the form of three different business relief programs. All three programs are being administered by the Wyoming Business Council (WBC). The first program, called the Business Interruption Stipend Program, is scheduled to launch the first week of June. Click here for some concise information on this Stipend Program.
In order to qualify for the stipend, your business can only have employed 50 or less full-time employees as of 3/31/2020. A FT employee is any employee who averaged 30 or more hours per week. PT employees do not count towards the 50 or less limitation. Your business must be headquartered in Wyoming and/or more than 50% of your Company’s work is located in Wyoming. Only for-profit businesses can receive the stipend, nonprofits are not eligible. Businesses who were mandated to close by government order and/or who did not receive a PPP loan are given priority in being awarded a stipend. However, any business that incurred revenue loss or interruption of its normal operations due to CV19 is eligible for the stipend and should apply.
Click here for the worksheet you can use to calculate the stipend amount for which your business may qualify. Lost revenue means your top line gross revenue you lost due to CV19 from 3/13/2020 thru the date of application. Comparison to prior year income during the same period can be used. Also, contracts canceled, and accounts receivable that were written off during the period also count as lost revenue. Add extra CV19 related expenses your business paid to the lost revenue, then subtract cost savings realized as a result of closure or reduced business operations and also reduce for PPP funds received and EIDL grants received as well as any other federal monies received from the CARES Act. The resulting amount is the stipend you qualify for up to a maximum of $50,000 per business.
You apply online at www.wyobizrelief.org. The application is entirely online. Go to the website, click on the application link, create an account, and fill out the application. No supporting documentation or paperwork is required when you apply. However, you can be selected for a random audit to verify your stipend calculation and eligibility. The Wyoming Business Council is currently working on the online application and may start accepting applications by June 4th.
Please call us with any questions and let us know how we can help with the stipend calculation or application. The other two business relief programs are set to launch in early July. As information becomes available on these, we will let you know.