COVID-19: Small Business Resources

 

We know small businesses are facing challenges on a daily basis due to the COVID-19 pandemic. In addition to our deferment program specifically for WBD business borrowers, we offer this resource page for business borrowers to access financial aid information from state and federal programs. Please note - the programs listed on this page are currently operational with regulations that are now implemented. It will be updated as new programs and regulations become available.

Paycheck Protection Program (PPP) - Updated 5/22
+  Paycheck Protection Program Resources

The SBA is now accepting applications for the Paycheck Protection Program. Please see the information below. You will need to submit your application with a SBA lender.

 

  • The SBA has released a FAQ about the Paycheck Protection Plan - view it here
  • View the PPP application here
  • For a list of SBA lenders, click here
  • How to calculate PPP loan amounts, click here
  • For affiliation rules applicable to the PPP, click here
  • To see the Interim Final Rule for Applicable Affiliation Rules for the PPP, click here
  • For an FAQ for Faith-Based Organizations Participating in PPP and the EIDL, click here

 

Click to access the SBA's Paycheck Protection Program (PPP) Loan Forgiveness Application.

 

The WBA has created a PPP forgiveness calculation tool here.

The CARES Act - Updated 5/22
+  Paycheck Protection Program - Updated 5/22

The SBA is now accepting applications for the Paycheck Protection Program. Please see the information below. You will need to submit your application with a SBA lender.

 

  • The SBA has released a FAQ about the Paycheck Protection Plan - view it here
  • View the PPP application here
  • For a list of SBA lenders, click here
  • How to calculate PPP loan amounts, click here
  • For affiliation rules applicable to the PPP, click here
  • To see the Interim Final Rule for Applicable Affiliation Rules for the PPP, click here
  • For an FAQ for Faith-Based Organizations Participating in PPP and the EIDL, click here

 

Click to access the SBA's Paycheck Protection Program (PPP) Loan Forgiveness Application.

 

The WBA has created a PPP forgiveness calculation tool here.

+  Small Business Owner's Guide

Click here to access this guide that provides information about SBA programs and initiatives, including the Paycheck Protection Program.

Business Loans and Grant Information - Updated 5/22
+  Dane County Small Business Pandemic Support Grant Program

The Dane County Small Business Pandemic Support Grant Program, administered by Dane Buy Local, is available for small businesses experiencing financial difficulties as a result of the COVID-19 outbreak.

By creating this grant program, Dane County and Dane Buy Local hope to help local businesses survive the COIVD-19 public health crisis, which has caused many to temporarily close their doors. Through this grant program, businesses will be able to apply for funding to help stay afloat and retain employees. We encourage small business owners throughout our community to apply.

There is $10.8 million of available funding to support Dane County locally-owned small businesses with employee retention and to mitigate losses from the COVID-19 pandemic. Grant awards will range from $1,000 to $50,000.

 

For more details and an application, click here.

+  Economic Injury Disaster Loans (EIDL) - Updated 5/4

The SBA is currently accepting applications for only agricultural businesses due to limitations in funding availability and the unprecedented submission of applications already received. The application is available here.

 

Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture and all other farming and agricultural related industries.

 

  • SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to being preparing their business financial information needed for their application.
  • Please note: the SBA has resumed processing EIDL applications that were submitted before the portal stopped accepting new applications on April 15 and will be processed on a first-come, first served basis.
  • For ag businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.

 

+  LISC Small Business Relief Grant - Updated 5/21

The Local Initiatives Support Corporation, with help from funders like Verizon and Sam's Club, are providing grants to small businesses to help keep them functioning and remain vital facets of their local economies.

 

LISC Grants are available up to $10,000. To learn more, click here.

 

Update: Applications are currently not being accepted. Please check back for updates on when/if grant applications will again be accepted.

+  Rural Development Programs - Updated 4/13/20

The U.S. Secretary of Agriculture unveiled a one-stop shop of federal programs that can be used by rural communities, organizations and individuals by the COVID-19 pandemic. For more information on funding and partnership opportunities to help address this pandemic, see the COVID-19 Federal Rural Resource Guide.

 

Click here for programs available to USDA B&I and REAP borrowers/lenders

+  WWBIC Fast Track Loan and Line of Credit Program

The Wisconsin Women's Business Initiative Corporation (WWBIC) is introducing two loan options for existing business owners available during COVID-19. The program is now offered through June 30, 2020. Borrowers can choose from a term loan or a line of credit. To learn more about these Fast Track Loan Programs, click here. If you're looking for information specifically on their Fast Track Line of Credit, click here

+  Wisconsin Small Business Development Center (SBDC)

The SBDC provides a comprehensive list of resources for business owners during these unprecedented times. They're here to help you find the assistance you need to keep your business going during COVID-19.

 

The SBDC has detailed information on the SBA Economic Injury Disaster Loan, including instructions for how to apply, and FAQ and the ability to speak with their staff if you have questions. Follow the links below to find the information you need:

 

+  WEDC Small Business 20/20 Program

The WEDC now offers their Small Business 20/20 Program designed to provide immediate grant assistance to small businesses in Wisconsin impacted by COVID-19. This program will provide funds to Wisconsin-based Community Development Financial Institutions (CDFIs) to make grants of up to $20,000 to targeted businesses with no more than 20 employees to cover rent and to meet payroll expenses, including paid leave (including sick, family and other leave related to COVID-19).

 

Please note, WBD Advantage Fund is no longer a CDFI. For more details on this program, visit wedc.org/sb2020. For a full list of business resources that the WEDC offers, visit https://wedc.org/programs-and-resources/covid-19-response/.

+  SBA Express Bridge Loan (EBL)
  • The EBL Program is designed to supplement the Agency's disaster loan capabilities and authorizes SBA Express Lenders to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts of up to $25,000 for disaster related purposes to small businesses who may be awaiting long-term financing, including EIDLs.
  • Please note: EBL loans can only be made by SBA Express Lenders that had a valid SBA Form 2424 in effect as of the date of the applicable disaster.
  • SBA Express Lenders may only make EBL loans to eligible small businesses with which the Lender had an existing banking relationship on or before the date of the applicable disaster.
  • For more information on Express Bridge Loans, click here.

 

+  Otto Bremer Trust Fund - Updated 3/26

In response to COVID-19, the Otto Bremer Trust (OBT) has established a $50 million emergency fund through its Community Benefit Financial Company (CBFC) subsidiary to provide financial support to Minnesota, Wisconsin, North Dakota, and Montana nonprofits and other community organizations impacted by and responding to the pandemic - https://ottobremer.org/emergency-fund/

Business Development Partners
+  Wisconsin Organizations Providing Assistance

SBDC and WBD have partnered with various Wisconsin organizations that are committed to offering assistance for small businesses during the current pandemic. Click the organization name below to be redirected to their websites:

 

Federal And Government Information
+  Beware of Scams and Fraud Schemes

The Office of Inspector General has asked that business owners and borrowers be on the lookout for scams and fraud schemes related to economic stimulus programs offered by the SBA in response to COVID-19. To find out more and how to spot potential fraud, go here.

+  Federal and Government Resources
  • For information on all federal programs, visit www.usa.gov/coronavirus
  • The U.S. Department of Treasury offers information you may find useful - https://home.treasury.gov/coronavirus
  • The Small Business Administration and Wisconsin Procurement Institute are offering webinars that focus on providing up-to-date information relevant to businesses with government contracts. These webinars are offered three times a week, Monday, Wednesday and Friday at 11:00. Go here to see upcoming dates and to register.
Employer Resources
+  Tax Credit Info and Other Resources
Tax Deferral
+  IRS Tax Deferral Information

The IRS announced on Saturday March 21:
1. Filing deadline extended to July 15, 2020. No need to file Form 4868 or 7004.


This applies to all tax returns due on April 15, 2020. For example:
• Form 1040, 1120, estate, or trust, etc.


What is NOT extended:
• This does not apply to partnership and S-corporation returns that were due on 3-16-2020. Those needed to be filed or extended.
• Form 941 (employment tax) is still due on 4-30-2020.
• W-2’s, 1099’s, 1095’s, etc: “No extension is provided in this notice for the filing of any Federal information return.”
• Each state is making their own decision. The IRS urges taxpayers to check with their state tax agencies for those details.


1. Payment deadline extended to July 15, 2020 with no limitation on amount


Which payments?


• Form 1040 for 2019 balance due payments normally due on 4-15-2020 are now due on 7-15-2020.
• Form 1040 estimated tax payments for 2020 normally due on 4-15-2020 are now due on 7-15-2020.
• This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.


What is NOT extended:
Form 1040 Estimated tax payment due on 6-15-2020. Those payments are still due on 6-15-2020. No extension is provided in this notice for the payment or deposit of any other type of Federal tax


More Info: News Release and Notice 2020-18
Please continue to check the Coronavirus Tax Relief page on IRS.gov.

Lender Resources
+  Paycheck Protection Program - Updated 5/22

The SBA is now accepting applications for the Paycheck Protection Program. Please see the information below. You will need to submit your application with a SBA lender.

 

  • The SBA has released a FAQ about the Paycheck Protection Plan - view it here
  • View the PPP application here
  • For a list of SBA lenders, click here
  • How to calculate PPP loan amounts, click here
  • For affiliation rules applicable to the PPP, click here
  • To see the Interim Final Rule for Applicable Affiliation Rules for the PPP, click here
  • For an FAQ for Faith-Based Organizations Participating in PPP and the EIDL, click here

 

Click to access the SBA's Paycheck Protection Program (PPP) Loan Forgiveness Application.

 

The WBA has created a PPP forgiveness calculation tool here.

+  SBA Express Bridge Loan (EBL) - Updated 3/26
  • The EBL Program is designed to supplement the Agency's disaster loan capabilities and authorizes SBA Express Lenders to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts of up to $25,000 for disaster related purposes to small businesses who may be awaiting long-term financing, including EIDLs.
  • Please note: EBL loans can only be made by SBA Express Lenders that had a valid SBA Form 2424 in effect as of the date of the applicable disaster.
  • SBA Express Lenders may only make EBL loans to eligible small businesses with which the Lender had an existing banking relationship on or before the date of the applicable disaster.
  • For more information on Express Bridge Loans, click here.

 

+  Rural Development Program

Click here for programs available to USDA B&I and REAP borrowers/lenders