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June 18, 2020
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SPECIAL NEWSLETTER UPDATE
Newsletter reprinted from
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Southwest Wisconsin
Serving: Crawford, Grant, Green, Iowa, Lafayette, and Richland Counties
 
Please visit the Wisconsin SBDC's dedicated Covid 19 site for all of the latest updates: https://wisconsinsbdc.org/services/covid-19/
SBA Reopens Economic Injury Disaster Loan (EIDL) Program
The U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19. This includes small businesses, farms, agribusinesses and nonprofit organizations.
  • These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
  • To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.
  • In addition, small businesses and non-profits may request, as part of their loan application, an EIDL Advance of up to $10,000. The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.
If you already applied for the EIDL and have questions about the status of your application, please contact the SBA Disaster Customer Service: 800-659-2955.
If you missed the earlier opportunity to apply and would like to know more about the application, watch our step-by-step video: https://www.youtube.com/watch?v=TiX_kaTs1xA

Please note: farms and agricultural businesses are eligible to apply for the EIDL. The program was expanded to include additional industries after we made the recorded video.
We're All In Small Business Grant - Do you need a letter? We can help.
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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 costs of business interruption or for health and safety improvements, wages and salaries, rent, mortgages and inventory.
A business may apply if it fits the following criteria:
  • The business is Wisconsin-based and for profit;
  • The business employs 20 or fewer full-time equivalent (FTE) employees, including the owner;
  • The business has greater than $0 but less than $1 million in annual revenues; and
  • The business was still in business in February 2020 and filed 2019 or 2018 taxes.
  • The business must not be part of a national chain, unless the business is a third-party franchise;
  • Industries covered by other Wisconsin CARES Act Coronavirus Relief Fund programs are ineligible for this program. These are:
    • Crop Production
    • Animal Production or Aquaculture
    • Lessors of Residential Buildings and Dwellings
The applications are considered based on industry, geography and other factors, and are not first-come-first-served. To learn more about the program and the documents that are required, please visit: https://wedc.org/programs-and-resources/wai-small-business-grant/

Each application requires a letter of support - from a local chamber of commerce, main street program, bank, economic development office, or from the SBDC. If you would like us to send a letter to you, please complete this form: https://wisconsinsbdc.org/wedc-were-all-in-small-business-grant-letter-of-acknowledgment-request/

Green County Development Corporation is happy to provide a letter of support. Email gcdc@tds.net or call 608.328.9452.
 
Paycheck Protection Loan - Last Call!
 
Banks participating in the Paycheck Protection Program are still accepting applications. The SBA needs all applications to be submitted by June 30th, so if you are still considering applying, you have time, but the door is closing!

Small businesses, non-profits and sole proprietors who do not have employees are eligible.

If you have already received a PPP loan and have questions about forgiveness, please contact your lender. The SBA is still working to finalize changes to the program that were authorized by Congress. We are anticipating a new "easy" PPP forgiveness application form and hope to have new details soon
Farm Support Program
The Wisconsin Department of Revenue is currently accepting applications for The Wisconsin Farm Support Program. This is a federally funded program that will provide $50 million of relief to farmers that suffered economic damages in 2020 as a result of the COVID-19 pandemic.

You must apply online at https://tap.revenue.wi.gov/farm/. If you cannot apply online, you may request assistance by calling (608) 266-2772.

For more information, please visit:
GCDC HAS BUSINESS RESOURCES ONLINE
Green County Development Corporation is continually compiling links to
websites with information specifically aimed at helping businesses
navigate COVID-19's impact.

Click here for those resources



Green County Development is a 501c3 non-profit organization building the economic future of Green County Wisconsin's communities and businesses through public-private partnerships.
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