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April 7, 2020

SPECIAL NEWSLETTER UPDATE
Newsletter reprinted from
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Southwest Wisconsin
Serving: Crawford, Grant, Green, Iowa, Lafayette, and Richland Counties
Financial Support
 
Question: Which program should I apply forĀ­ -  the Disaster Loan (EIDL), the Paycheck Protection Program (PPP) or Unemployment?

Answer: Right now, we are recommending that you apply to all three. Each one is slightly different and has slightly different rules. Once you receive funding offers, then we can discuss the implications of accepting one over the other and how it fits for your particular situation. In the meantime, you can't accept something you didn't apply for, so please consider applying for everything. Not all applications are ready at this time. Please see updates below.
 
 
SBA Disaster Loans - Please Be Patient
 
If you have already applied and have an application number:
  • We have not heard of anyone receiving follow up information or funding yet from this program. If you received any communication from the SBA, please contact Kristi at 608-287-9464.
  • We understand that over a million applications were filed last week. Under normal circumstances (and I think we can agree now is not normal) it takes 3 weeks to process disaster funding requests. Please do not call or e-mail the SBA to check on your application status. If you have an application number, you are in the system.
  • You may have heard that funding would be available in 3 business days - this has been clarified - 3 business days from when your application is approved, not from when it was completed.
Important note: if you completed an application for the SBA Disaster loan before Monday, March 30, please fill out this new form as well.

If you have not yet applied:

The SBA Disaster Loan program provides an online application: https://covid19relief.sba.gov/#/ that takes about 20 minutes to complete.

We recorded an instructional video to help you understand the questions and the loan process. You can watch the video at any time by clicking on this link: https://www.youtube.com/watch?v=TiX_kaTs1xA&feature=youtu.be
 
Paycheck Protection Program
The Paycheck Protection Program is authorized by the federal government, but administered through local banks.

If your business has employees, the application process for you opened on April 3.

If you do not have employees the application process for you starts on April 10. We are not sure at this time if there will be a different application form available then.
To verify if your bank is participating, please visit https://www.sba.gov/paycheckprotection/find

Ask your participating bank for an application.

We made a video explaining the application process and the documentation you may need to provide. Please click here to understand more about the Paycheck Protection Program application:
https://www.youtube.com/watch?v=9O5Hy7YSYwY
Unemployment
 
The Cares Act provides funding for small business owners to potentially receive unemployment support. The details are not yet available. As of this morning, the Wisconsin Department of Workforce Development's website says:

If you were not eligible for unemployment before the CARES Act (Federal Stimulus Bill) was passedwe are asking you to wait*to file because our system is not yet set up to accept your application. We are waiting on additional guidance from USDOL. We expect those changes to be complete by mid-to late-April. We understand how important it is to get these payments to you as quickly as possible, and we are doing everything we can to get you the help you need.

*It is important to note that benefits will start from the time you became eligible for unemployment, not from the time your application is submitted or approved.

Please continue to monitor the Wisconsin Department of Workforce Development website for updates: https://dwd.wisconsin.gov/uiben/caresact/

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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