Program Details
WEDC's SB2020 Grant Program has $5 million in funding for small businesses. SB2020 will provide up to $20,000 to targeted businesses to help ease short-term cash flow challenges and protect jobs and public health in Wisconsin.
Funds can be used to help cover rent, payroll expenses, and paid leave for employees. This program can be used in conjunction with other state response programs.
The GRID is a collaborative economic development initiative focused on building a culture of innovation and entrepreneurship in northern Wisconsin. Partners include the Vilas County Economic Development Corporation (EDC), Oneida County EDC, Grow North Regional EDC, UW Extension–Oneida County, ArtStart/Create Northwoods, and Nicolet College.
We appreciate the significant uncertainty and concern facing Northwoods small businesses and your employees in the face of the current pandemic. We've created a webpage to serve as a repository of local, state, and national information, resources, and best practices to help your business survive and thrive in light of current and rapidly changing circumstances.
Small business owners in Wisconsin are currently eligible to apply for a low-interest federal loan for working capital from the U.S. Small Business Administration (SBA) due to the Coronavirus (COVID-19). These federal disaster loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of COVID-19’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. The SBA offers loans with long-term repayments, up to a maximum of 30 years, in order to keep payments affordable, with terms determined on a case-by-case basis, based upon each borrower’s ability to repay. These loan rates and others may change as a result of any new response from the federal government.
What businesses are eligible to apply?
SBA’s Economic Injury Disaster Loans (or working capital loans) are available to small businesses, small agricultural cooperatives, small aquaculture businesses, and most private non-profit organizations. The applicant business must have a physical presence in the declared disaster area.
What are the criteria for loan approval?
Credit History - Applicants must have a credit history acceptable to SBA.
Repayment - SBA must determine that the applicant's business has the ability to repay the SBA loan.
Eligibility - The applicant business must be physically located in a declared county and suffered working capital losses due to the declared disaster, not due to a downturn in the economy or other reasons.
What forms are needed to apply?
Tax Information Authorization (IRS Form 4506T) for the applicant, principals, and affiliates.
Complete copies of the most recent Federal Income Tax Return.
Schedule of Liabilities (SBA Form 2202).
Personal Financial Statement (SBA Form 413).
Profit and loss statements.
Monthly sales figures (SBA Form 1368).
Where do businesses apply?
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Paper loan applications can be downloaded from www.sba.gov/disaster. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955
(800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.'
HELP:
Disaster customer service - https://www.sba.gov/funding-programs/disaster-assistance
Disaster loan application – https://disasterloan.sba.gov/ela/
To determine your NAICS code – https://www.naics.com/naics-identification-help/
To determine your NAICS code small business eligibility – https://www.sba.gov/size
Upcoming Contracting webinars:
March 27 - https://www.wispro.org/event/contracting-and-disaster-loan-assistance-a-covid-19-webinar-3/
Or Talk to Our Local SBA Office For Help
Contact the SBDC at UW-Stevens Point
2100 Main Street, Room 032 Stevens Point, WI 54481
8:00AM-5:00PM Monday-Friday
(715) 346-3838
uwspce-bus@uwsp.edu
https://wisconsinsbdc.org/centers/stevenspoint/
Gov. Evers Issues Emergency Order on Unemployment Benefits
Governor Evers issued Emergency Order #7, directing the Department of Workforce development to loosen some requirements for unemployment insurance benefits during the public health emergency as declared by the Governor. The order is in place as long as there remains a public health emergency as declared by the Governor. See the full Emergency Order here.
The Wisconsin Women’s Business Initiative Corporation (WWBIC) is open for business virtually to all! For current and new small business clients, they are offering fast track loans up to $25,000! Please contact Michael Hetzel, Director of Lending: mhetzel@wwbic.com for more details.
More Information regarding the WWBIC Fast Track Loan will be available Friday, March 27.
Other Helpful Resources:
Wisconsin Economic Development Corporation (WEDC) and their COVID-19 Business Resources page:
https://wedc.org/programs-and-resources/covid-19-response/
Vilas County Economic Development Corporation:
https://www.vilascountyedc.org/covid-19-business-resources/
Oneida County Economic Development Corporation:
https://www.ocedc.org/
Application Deadlines Extended for Fast Forward and CDBG Programs
The Department of Workforce Development's Office of Skills Development (OSD) has announced that Wisconsin Fast Forward APPLICATION DEADLINES are EXTENDED to April 30, 2020 for "Industry Sectors Worker Training Grants" and "Technical Education Equipment Grants." All other application submission requirements remain unchanged. For more information and to apply to either grant program, please see the Grant Program Announcements summarizing program application requirements at http://wisconsinfastforward.com/wff_standard.htm
In response to meeting restrictions put in place related to COVID-19, the WI Department of Administration Division of Energy, Housing and Community Resources is extending the 2020 CDBG Public Facilities application deadline to June 25, 2020 at 4:00pm. DEHCR encourages applicants that are able to submit their application prior to the deadline to do so, as waiting until the new deadline is not required.This extension is made available to allow potential applicants time to adapt to disruptions to normal business activity caused by COVID-19. If you have any questions please don’t hesitate to contact us at DOADEHCRCommunityDevelopment@wisconsin.gov.
Tax Filing Deadline Extended The Treasury and IRS have extended the April 15, 2020 filing deadline by 90 days to July 15, 2020. We’re waiting on the IRS to release details and the specific guidance, and we will share that as soon as it is available.
