The Ladysmith Common Council approved a local COVID-19 Micro Business Emergency Relief Fund program at a special meeting on Monday, May 4. Applications will be available at city hall starting on Monday, May 11 with a 2-week window to apply. Eligible businesses can receive reimbursement for 3 months’ of qualifying expenses for the period of March 1, 2020-May 31, 2020, up to a 3 month total of $6,000.
Funds made available through this program will be limited to those accrued in Tax Incremental District 8 and any participation by the Ladysmith Industrial Development Corporation. It may be possible for other city TIDs to contribute to the program. No city-wide property tax or personal property tax will be used for this program. Currently, eligible businesses are limited to those within TID 8 (green on the attached map) and those within the TID 8 halo zone (yellow on the attached map).
Funds may be used to cover, and are limited to mortgage payments, rent payments, utilities, and insurance. Funds may be used to cover the cost of security measures if they have been deemed necessary to protect the premises or business locations. Funds may not be used to cover delinquent property or personal taxes, special assessments, or other obligations to the city, state or federal government. Prior to loan forgiveness, cost obligations commensurate with the fund provided, may be requested by the funding agent.
Funds will be made available as a no-interest loan, with no payments due until after affected operations are legally allowed to resume by state or federal decree. Business must show a good effort and a meaningful intent to resume operations at that time. If these conditions are met, the loan will assume grant status with no repayment required. Businesses are expected to seek further assistance through its bank, the SBA, or other source if necessary, to cover other personal and sundry expenses, unless such expenses are reviewed and approved on a case by case basis, through the fund agent, Ladysmith Community Development Committee. Full program guidelines will also be available with the application.
Applications will be available starting this Monday, May 11 at Ladysmith City Hall and online at www.cityofladysmithwi.com . Applications received by Friday, May 15 will be reviewed by the Community Development Committee on Monday, May 18. Applications received by Friday, May 22 will be reviewed Tuesday, May 26. Applications are to be submitted through the City Administrator via the City Hall dropbox, by mail at PO BOX 431 Ladysmith, WI 54848 or by e-mail at email@example.com