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June 12, 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
We're All in Small Business Grant - Apply Next Week
 
Please visit the Wisconsin SBDC's dedicated Covid 19 site for all of the latest updates: https://wisconsinsbdc.org/services/covid-19/
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Funded by the federal Coronavirus Aid, Relief and Economic Security (CARES) Act, theWe’re All InSmall 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 online grant application will be accessible for one week from 8 a.m. Monday, June 15, through 11:59 p.m. Tuesday, June 23.
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/
Paycheck Protection Loan Forgiveness Changes
 
As a result of the legislative changes to the Paycheck Protection program that were signed last week, the SBA, in consultation with Treasury, will issue rules and guidance, a modified borrower application form,and a modified loan forgiveness application.These modifications will implement the following important changes:
  • Extend the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement.
  • Lowertherequired percentage of loan proceeds that must be used for payroll costs or spent on payroll costs during the forgiveness period.
  • Provide two safe harbors from reductions in loan forgiveness based on reductions in full-time equivalent employees and for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020.
  • Increase to five years the maturity of PPP loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020.
  • Extend the deferral period for borrower payments of principal, interest, and fees on PPP loans.
  • In addition, the new rules will confirm that June 30, 2020, remains the last date on which a PPP loan application can be approved.
For more detail, read the full statement here.
Are you planning to start or expand your business?
$500,000 in New Revolving Loan Funds Coming to the Region:
The Southwestern Wisconsin Business Development Fund (SWWBDF) has been around for decades and has provided nearly $900,000 in low interest loans to businesses across Grant, Green, Iowa, Lafayette and Richland counties. This has helped more than a dozen businesses with the gap funding that is needed to get started or to take that next step in business expansion.

The current fund of $230,000 is about to get a cash influx of another $500,000 which will help new and existing businesses and non-profits open up or expand. The existing fund has $50,000 that are available immediately and the additional funds will be available as early as August 2020. The interest rates will be 2% on average.

Visit https://www.swwrpc.org/services/economic-development/Regional-Revolving-Loan-Fund to see if you qualify. The pre-application is a single page of information making it very easy to get started.
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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