According to recent data from the United States Census Bureau, the total business applications in the US, or organizations that filed for Employer Identification Number (EIN), increased by 4,144 between August and September, from 421,597 to 425,741. Of these applications the Census Bureau is projecting that 30,935 new business startups with tax liabilities will be created within 4 quarters of their application date.
Here in Wisconsin, business applications increased by 1.5 percent to a total of 5,508 business applications in September. Of the applications within the state, 378 new businesses are expected to form within the next four quarters.
As businesses continue to form across the state, increased funding and support has aided in the sustainability of these organizations. Recently, the state approved 6,600 new small businesses and nonprofits for Main Street Bounceback Grants which will help these organizations recover from pandemic economic losses. The Center on Budget and Policy Priorities found that Wisconsin leads the country in directing allocations of the American Rescue Plan Act to small businesses.
The application for these grants is available until December 31, 2022.