The application period for the Wyoming Business Relief Funds has now closed and successful applicants will be receiving funds in the coming weeks, with many already in receipt of theirs.
There are a few items to note pertaining to the grants:
The grant funds must be declared as taxable income on your federal tax return. The state will be sending out the appropriate tax documents early in 2021.
The funds should be used to offset normal revenue that would have been realized were it not for COVID-19 or to cover general operating expenses.
For extraordinary expenses claimed in your application, you will be required to report how those funds were used and provide information detailing those COVID-19 related expenses.
Any funds not used or meeting the criteria of "extraordinary COVID-19 expenses" will have to be paid back with a two percent penalty.
Applicants should maintain good records of how application amounts were calculated and how Relief or Mitigation funds were spent, especially the extraordinary expenditure. All applicants may be subject to random or targeted audits per U.S. Treasury guidelines and state legislation.
For any questions or help recording your funds, please contact the team at Handle It, email@example.com or at 833-202-7676