The Wyoming Business Council closed applications yesterday for the COVID-19 Business Relief Program’s Relief and Mitigation Funds, which are two of three programs created by the Wyoming Legislature in May to distribute $325 million in federal CARES Act dollars to small businesses and nonprofits affected by the COVID-19 pandemic.
From these two funds, the Business Relief Program has so far paid $272 million to 6,554 businesses and nonprofits around the state.
As of the application closure at 5 p.m. on Sept. 15, 95 percent of the money available in the Relief and Mitigation Funds had been requested. The Business Council closed the applications in order to reallocate leftover funds to best serve the ongoing needs of Wyoming businesses later in the year. Details about how these funds may be used will be announced later this fall.
At the time of the fund closures, the Business Council reported the following results:
- Relief Fund: 2,580 applicants have requested $187,716,211 from the Relief Fund and 2,010 applicants have been paid $153,068,570. This fund had $185 million available to businesses and nonprofits to cover COVID-19 related revenue losses and expenses.
- Mitigation Fund: 720 applicants have requested $30,990,785 from the Mitigation Fund and 565 applicants have been paid $20,265,701. This fund had $40 million available to reimburse COVID-19 related expenses.
“The Business Council closed these funds six weeks after they launched, as demand for the Relief Fund became very close to exceeding available dollars and Mitigation Fund applications consistently waned,” said Business Council CEO Josh Dorrell. “By taking this action now, the Business Council can focus on determining future Wyoming business needs and reallocate unused funds before the federal CARES Act funding deadline at the end of the year.”
The Business Council is reviewing the submitted applications as quickly as possible. Applicants can expect to receive payment 21 business days after their application is reviewed. Payments are posted on www.wyopen.gov/wbc and the council will provide a full program recap once everything is wrapped up on the three funds.