COVID-19 Financial Assistance Programs
The Waukesha County Center for Growth is working with our partners in economic development and local, state and federal government to stay current on the programs that are being approved and implemented to assist businesses as we move toward recovery. We want to provide information about the financial assistance programs that are being developed in response to the COVID-19 impact and will share information as it becomes available.
We will be providing updated information as programs are approved and become available.
Paycheck Protection Program: The Paycheck Protection Program is an SBA loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities.
Businesses that received funds under the first round of We’re All In Grants, as well as the Ethnic Minority Emergency Grant program, are also eligible for the second round. Priority will be given to businesses that have not previously received funds from either of the first two programs, those with ethnically diverse ownership, and those in the hardest-hit sectors, such as restaurants and taverns, hair and nail salons and barber shops, and other services. Learn More
NOTICE: The SBA has reopened applications for the Paycheck Protection Program, Jan. 11 for First Draw PPP Loans and Jan. 13 for Second Draw PPP Loans, initially only to community financial institutions. (See news release.)
Economic Injury Disaster Loans: The U.S. Small Business Administration’s Economic Injury Disaster Loans (EIDL) are available to small businesses via funding from the federal Coronavirus Aid Relief and Economic Security (CARES) Act. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. EIDL applications will be processed on a first-come, first-served basis; contact SBA disaster customer service if you have a question about your loan status. Click here for more information.
The SBA has 2 other coronavirus relief measures in place. SBA Express Bridge Loans allow small businesses that currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. Through the SBA Debt Relief, the SBA will automatically pay the principal, interest, and fees of 7(a), 504, and microloans for a period of six months.
Notice: The deadline for Economic Injury Disaster Loan (EIDL) applications has been extended to Dec. 31, 2021.