COVID-19 Financial Assistance Programs
Information Provided by: Waukesha Co. Business Alliance
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. Programs that are or will be available soon, are noted here:
Federal CARES Act: was signed into law on March 27. The $2.2 trillion stimulus plan provides several programs for small businesses. The Paycheck Protection Program (PPP) provides loans of up to $10 million for small businesses at 4% interest for up to 10 years, with portions of the loan being forgivable based on retention of some or all of a business’s employees. Detailed information can be found on the Wisconsin SBDC website.
Paycheck Protection Program: The CARES Act allocated $350 billion to help small businesses keep workers employed. The Paycheck Protection Program provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. (4/1/20)
The State of Wisconsin is eligible for 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 and 2.75% for eligible non-profits, 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.
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. Governor Evers and WEDC have indicated this is an important “first step” and additional programs may be forthcoming.