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FINANCIAL DISASTER ASSISTANCE
SBA Loan Options
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Here are a few key points of the program, but be sure to familiarize yourself with the PPP Borrowers Fact Sheet for all the details.
The loan amounts will be forgiven as long as:
- The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the eight-week period after the loan is made; and
- Employee and compensation levels are maintained.
How much of my loan will be forgiven?
- You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan; and
- Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
All payments are deferred for 6 months; however, interest will continue to accrue over this period, and the loan will come due in two years.
When can I apply?
- Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.
How can I apply?
You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation to an approved lender that is available to process your application by June 30, 2020.
- Contact your bank
- Contact the SBA at 800-659-2955 or firstname.lastname@example.org
- Contact WCEDA for direction at email@example.com
Find the full details of this program by clicking on the following links.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- Notes: We are being told that applications will take 2-3 weeks for approval and funds will be received 30-45 days from the time you submit your application. Some banks will be offering bridge loans, if you verify that you have submitted an SBA application or show an approved SBA application. All businesses can apply for a loan. You do not have to prove that you are eligible for a loan from a bank.
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
- Small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
- This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.
- The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
In response to the COVID-19 crisis, WWBIC is offering 2 fast-track options – one loan that is up to $15,000 and one line of credit up to $10,000 that may not need collateral to obtain. They are also offering PPP loans for businesses that were unable to obtain one from their current bank. WWBIC’s interest rate is higher than a traditional bank loan; however, all loan grantees have access to business consultants that can help guide businesses through a multitude of challenges. These loans also have no pre-payment penalties, so if you are able to refinance with a lower-interest loan, you can do so at any time.
- Heather Lux: 262-925-2840, firstname.lastname@example.org
Heather is receiving a high volume of calls and emails. So, be patient but also be persistent in following up with her.
Kiva is a partner with WWBIC and is increasing its loan amount to $15,000. Kiva.org is a crowd-funding resource that issues loans with no interest payments. How this works is that a business sets up a profile and shares it with friends, family, and acquaintances through social media. Once approximately 10-15 % of the funds are raised, other partners in the Kiva network generally start to contribute to the campaign. If the goal is not met within the specified time, the funds are returned to the contributors. First-time users of this platform are advised to have a smaller goal. Once loans are paid back successfully, a user can do an additional loan campaign and raise the goal amount.
- Amy Narr, Capital Access Manager for Kiva – Wisconsin, email@example.com
- Heather Lux: 262-925-2840, firstname.lastname@example.org
Contact Heather about WWBIC endorsing your business for a Kiva loan, which will improve your chance of having a successful Kiva campaign.
This grant is available to businesses that have received loans from the CDFI organizations on this list. If you have a loan from one of these organizations, you may qualify for a grant for up to $20,000.
- [SB2020 Website] QUESTIONS?
- WCEDA: 262-741-8527 (voicemail), email@example.com
- Fill out the WEDC contact form here.