On Mar. 3, WY LEG enacted bill on small business emergency loans.
WY LEG enacted bill SF 195 relating to emergency bridge loan programs, establishing emergency bridge loan program for small businesses during declared natural disasters.
Loan Program
Established small business emergency bridge loan program, to provide short-term bridge loans to Wyoming businesses after declared natural disasters by the governor.
Governor must declare natural disaster occurred and must designate the counties.
May do so upon failure of infrastructure, including bridges, dams and irrigation.
Upon declaration, businesses located in the designated counties in which the natural disaster has been declared may apply for emergency bridge loans under program.
Emergency bridge loans made only to businesses that physically located and doing business in Wyoming, physically located within area declared natural disaster occurred.
Business must have been established, in operation before natural disaster occurred.
Not be engaged in business of loan packaging, offering or providing short-term rentals, speculation, multi-sales distribution, gaming, investment/lending, activity violates law.
Loan Specifications
Emergency bridge loans issued must require origination fee of 2% of loan amount.
Not exceed $750,000 for each business applying; secured by insurance proceeds or other anticipated funds that the business will receive as a result of the natural disaster.
For business purposes only, not to expand business's operations or purchase additional property or equipment that the business did not have before he natural disaster.
Legislative History
On Jan. 28, 2025, bill introduced into Senate; on Feb. 12, 2025, bill passed Senate.
On Feb. 13, 2025, bill introduced into House; on Feb. 25, 2025, bill passed the House.
On Feb. 25, 2025, Senate received bill; on Feb. 26, 2025, Senate concurred changes.
On Mar. 3, 2025, became law without signature, Ch. 103; on Mar. 4, 2025, gov signed.
Effectiveness
Act becomes effective Jul. 1, 2025; Sections 2 and 3 of act effective immediately upon completion of all acts necessary for bill to become law as provided by WY Constitution.
