GUIDE TO SMALL BUSINESS COVID-19 EMERGENCY LOANS
What Small Businesses Need to Know About the New Pandemic Relief Package
Plus - Changes to PPP and More *
As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and creates a "Second Draw" PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans.
Congress has also made changes to other programs - including Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs - that will benefit small businesses. Full details can be found at the link below.
* Provided by the U S Chamber of Commerce.
Resource Center for Businesses Impacted By the Corona Virus COVID-19
Follow the links to learn about resources and funding available to help your business weather the current crisis.
Get The Latest Developments Including Guidelines and Applications Here:
The U.S. Department of Treasury issued additional guidance yesterday regarding the Paycheck Protection Program.
Links to the resources provided by Treasury can be found, or on their Webpage https://home.treasury.gov/cares
- A top-line overview of the program can be found here:
- If you’re a lender, more information can be found here:
- If you’re a borrower, more information can be found here:
- The application for borrowers can be found here:
U.S. Department of Labor
Families First Coronavirus Response Act: Questions and Answers
Corona Virus Emergency Loans Small Business Guide & Checklist
Prepared By the U.S. Chamber of Commerce
Download the Guide & Checklist below:
The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses in Wisconsin suffering substantial economic loss as a result of the Coronavirus (COVID-19). Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 % with long-term repayments to keep payments affordable. Terms up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
- Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.
- Applicants may call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance.
- Individuals who are deaf or hard of hearing may call (800) 877-8339. For complete details on SBA, visit www.sba.gov.