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 email@example.com or Tim Casey, Director of Economic Development at firstname.lastname@example.org with any questions. We will be providing updated information as programs are approved and become available.
WEDC We’re All In Grants Program: The WEDC will provide a second round of We’re All In Small Business Grants to distribute an additional $50 million to small businesses hit hard by the COVID-19 pandemic. The new round aims to provide grants of $5,000 each to 10,000 additional businesses.
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: Applications for the grants will open at 8:00 a.m. on Monday, October 19 and close at 11:59 p.m. on Monday, November 2.
City of Waukesha Loan: Waukesha County has committed a portion of funds received through the CARES Act to provide grants to small businesses in the City of Waukesha.
The Community Development Block Grant Funds are targeted to micro-businesses with five or fewer employees, where the business owner meets certain income requirements. The program is being administered by the Wisconsin Women’s Business Initiative Corporation (WWBIC). Details are provided on the following flyer.
Notice: Grant applications will be accepted from Friday, September 4th at noon, until Friday, September 11 at noon.
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 SBA resumed accepting new EIDL applications on June 15. On July 11, the SBA announced the conclusion of EIDL Advance, which provided applicants $1,000 per employee up to a maximum of $10,000 because the funding was exhausted.
The Main Street New Loan Facility: The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic. Small and medium-sized businesses interested in the Program can apply for Program loans by contacting an eligible lender. More information for eligible borrowers, including a listing of registered lenders, who are accepting new customers and have elected to be listed, can be found on the Federal Reserve Bank of Boston Information for Borrowers website.