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.
Please contact Lucy Waldhuetter, Business Consultant at firstname.lastname@example.org or Tim Casey, Director of Economic Development at email@example.com with any questions. We will be providing updated information as programs are approved and become available.
“We’re All In” Small Business Grants initiative through WEDC: Funded by the federal Coronavirus Aid, Relief and Economic Security (CARES) Act, the We’re All In Small Business Grant Program will provide $2,500 to 30,000 Wisconsin small businesses to assist with the cost of business interruption or for health and safety improvements, wages and salaries, rent, mortgages and inventory. To be eligible, a business must: be a Wisconsin-based, for-profit business; employ 20 or fewer full-time equivalent (FTE) employees, including the owner; earn greater than $0 but less than $1 million in annual revenues (gross sales and receipts); and have started operating prior to January 1, 2020, and have been in business in February 2020.
Notice: Applications closed on Tuesday, June 23 at 11:59 p.m.
The Payroll Protection Program Flexibility Act (PPPFA) was passed by Congress and signed by President Trump on June 5, 2020. Significant changes to the original Payroll Protection Program include:
- PPPFA changes the amount that can be forgiven based on payroll to 60% of the total loan.
- PPPFA extends the time period to use funds from 8 to 24 weeks.
- PPPFA pushes back a June 30, 2020 deadline to rehire workers to December 31, 2020.
- PPPFA eases rehire requirements.
- PPPFA extends the repayment term from 2 to 5 years.
The PPPFA law will ease many of the burdens placed on businesses that received PPP loans, and for many that may still apply for them. The SBA and the US Treasury Department will be issuing further guidance. Businesses that are interested in pursuing PPP loans can contact WI SBDC and their lender for additional information.
Paycheck Protection Program: The CARES ACT created the Paycheck Protection Program to provide 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.
- Guide to PPP Loan Forgiveness
- PPP Lender Look-Up (searchable by zip code)
- PPP Borrower Information
Economic Injury Disaster Loans: SBA Loans are available to assist businesses and private, non-profit organizations to help alleviate the economic impacts of COVID-19. Loans of up to $2 million are available to business with 500 employees or less. The loans are for working capital at a 3.75% interest rate for businesses with repayment terms of up to 30 years. Grants of $10,000 are available to cover urgent business needs. Applications are available online (and in print). The Wisconsin SBDC has established a COVID-19 page and portal to accept applications. Any business requiring assistance will be directed to the appropriate SBDC staff. The Center for Growth will assist through our Waukesha based staff and additional resources within the Wisconsin Small Business Development Center.
Notice: As of July 13, the U.S. Small Business Administration announced the conclusion and success of the Economic Injury Disaster Loan (EIDL) Advance program, which provided U.S. small businesses, non-profits and agricultural businesses a total of $20 billion in emergency funding.
The Wisconsin Economic Development Corporation (WEDC) approved $5 million in funding for the Small Business 20/20 (SB20/20) program. SB20/20 will provide 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 related to COVID-19. The grants will be deployed by partnering with community development financial institutions (CDFIs), which will provide the grants directly to their clients. Waukesha County Center for Growth works with MEDC, our CDFI partner on other programs. MEDC advises that this program is only available to existing clients. Click here for additional information. Click here for additional information.
The Main Street New Loan Facility, which has been authorized under section 13(3) of the Federal Reserve Act, is intended to facilitate lending to small and medium-sized businesses by Eligible Lenders. Eligible Borrowers are businesses with up to 10,000 employees or up to $2.5 billion in 2019 annual revenues. The Federal Reserve is currently working to create the program infrastructure. Click here for additional information.