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April 2, 2020

SPECIAL NEWSLETTER UPDATE
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Southwest Wisconsin
Serving: Crawford, Grant, Green, Iowa, Lafayette, and Richland Counties
You are not alone.
They say that it's lonely at the top. It's also pretty lonely when you work by yourself. This email is super long. Sorry about that. Just trying to get all of the information as best as we know.
 
Know that you are never truly alone. Jason and Kristi are always here for you. We're business owners ourselves - we know what you are going through and we're here to help you navigate all of the options and provide you with information to make the decisions that are right for you.

The Wisconsin SBCD has a dedicated website that is updated often as information become available. https://wisconsinsbdc.org/services/covid-19/

Financial Support
 
There is financial assistance available to help you get through this crisis and keep your business thriving in the months to come.
At the moment, we are aware of three main funding options:
  • Small Business Administration (SBA) Disaster Loans
  • Paycheck Protection Program Loans
  • Unemployment payments for the self-employed
See the sections below for more infomation about each option. Please note - details and application processes are subject to change. Some of the information we told you last week has already changed. We will continue to tell you what we know as we know it, and provide updates as we can.
SBA Disaster Loans - with $10,000 Grant
 
Important note: if you completed an application for the SBA Disaster loan before Monday, March 30, please fill out this new form as well.

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

Kristi 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

A few key notes:
  • The loan application now includes an option to request a $10,000 loan advance, and for these funds to be directly deposited into your bank account within 3 days. If awarded, the $10,000 is a GRANT and does not need to be repaid. See this document for more information: CARES Act Info
  • The interest rate on the loan is 3.75%, the term is up to 30 years (if offered a loan, you will be told the term before you accept it).
  • You don't ask for a specific loan amount. The SBA will review your application (and may ask for more information) and will decide how much to offer you. Loan amounts can be up to $2 million, but most businesses will be offered much lower amounts. The intention of the loan is to help you pay ordinary business expenses (rent, mortgage, utilities, monthly loan payments) it is not intended to refinance current loans or to help with business expansion.
  • If you receive a loan offer, you do not need to accept the loan. We are encouraging everyone to apply for this loan. If you later determine you don't need the money or you get a better offer with another program, you can decline the loan without penalty.

Paycheck Protection Program
 
This program was just authorized by the CARES Act on Friday, March 27 - the details are still being defined. Applications cannot be submitted until at least April 3.

Applications will be processed by local banks - the bankers have not yet received training on this process, so please be very patient. Start preparing your information, and hang on to it while we let the bankers get things up and running. This is a loan program, and all or part of the loan may be forgiven.
Unemployment
 
The CARES Act provides funding for small business owners to potentially receive unemployment support. The details are not yet available. Stay tuned and consider looking at Wisconsin Department of Workforce Development website for updates: https://dwd.wisconsin.gov/uiben/
 
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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