Governor Mark Gordon moved $10 million from the Mitigation Fund into the Relief Fund on Aug. 10, in order to keep up with the high demand for financial assistance tied to revenue loss and COVID-19 expenses.
According to a Wyoming Business Council press release, 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.
In May, the Wyoming Legislature 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 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, according to the release.
The Business Council along with the Secretary of State’s and State Auditor’s offices are 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.”
To apply for the programs, visit https://www.wyobizrelief.org/.