To help businesses address the current pandemic, the Wyoming State Legislature held a special session in May to allocated federal funds to help jobs and businesses in Wyoming. A special session in June is planned for additional legislation that continues to address issues related to the pandemic and the budget crisis.
The May special session was a 36-hour marathon for the Legislature to set the path for Wyoming to help the economy re-emerge along with help for landlords, renters, and homeowners. The state wants to move quickly in distributing up to $450 million of federal money to businesses.
Wyoming has been allocated $1.25 billion from the CARES Act to offset COVID-19 impacts. After the special session, the money has been earmarked for $450 million to be used immediately, another $400 million starting July 15 and $400 million starting Sept. 15.
Small businesses that did not qualify to receive federal funding from the Paycheck Protection Program money will be given priority under the state’s new program. The rapid response that is hoped to begin June 1 has up to $325 million available for:
- $50 million for small businesses with 50 or fewer employees, which will get up to $50,000 each
- $225 million for businesses with 51-100 employees, which can get up to $300,000 each
- $50 million for larger employers
The Wyoming Business Council is spearheading the creation of the relief programs. The Council’s financing experts are working hard with Wyoming businesses and associations to better understand how to address specific needs. They expect to launch the first portion of the grant program the beginning of June.