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.

Payment Protection Program (PPP) - Updated 4/7
+  Paycheck Protection Program Resources
The CARES Act - Updated 4/7
+  Paycheck Protection Program
+  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
+  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:

 

+  Economic Injury Disaster Loans (EIDL) - Updated 4/1

The SBA is now providing Wisconsin and Minnesota small businesses with financial assistance through their Economic Injury Disaster Loan Program (EIDL). Eligible entities may qualify for loans up to $2 million to be used to pay fixed debits, payroll, accounts payable and other bills as needed. 

 

  • For more information on SBA Disaster Loans, click here.
  • To view the SBA's latest newsletter, which provides more detailed information on small business assistance, click here.
  • The SBA has released an EIDL video to help meet demand and give access to materials 24/7. To access this video, go here.

 

The CARES Act provides additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This is only available to those who have and will be applying for an EIDL. This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

 

If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

 

+  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/

+  Rural Development Programs

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

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 4/7
  • The SBA has released more details and a Q&A for lenders about the Paycheck Protection Program - view it here.
  • Click here to access the SBA's Interim Final Rule on the Paycheck Protection Program.
+  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