COVID-19 Business Resources

The COVID-19 pandemic poses unprecedented challenges to all types of Wisconsin businesses whose operations are impacted by disruptions to their supply chains, withering demand for their products and worker unavailability resulting from sustained social distancing.

This page is designed to provide the latest, best information to our clients and the citizens of Wisconsin on resources aimed at maintaining the vitality of the companies upon which our economy depends. As the volume of inquiries through our phone lines and website prevents us from responding individually to people as we would like, we invite you to visit this page regularly. We plan to update this directory as new information and resources become available.

Included on this page are resources available to Wisconsin businesses from WEDC and other local, state and federal agencies.

Small business owners are encouraged to work with their lenders to address the financial challenges they are facing as a result of COVID-19.

If you are looking for information on whether Governor Evers’ Essential Business Declaration applies to your company, please visit this page.

Updates

March 20:

  • ‘Small Business 20/20 Program FAQs’ added to WEDC Resources
  • ‘Wisconsin Emergency Response Program’ added to Other Wisconsin Resources
  • Additional resources and information regarding SBA Disaster Loans added to WEDC Resources
  • Additional resources including assistance opportunities added to Other Wisconsin Resources

March 23:

  • Added ‘Hmong COC Emergency Loan’ Information to Other Wisconsin Resources
  • Daily SBA webinars and contact info added to Federal Resources

March 29

  • ‘Wisconsin Department of Revenue’ information added to State of Wisconsin Resources
  • ‘CARES Act’ added to Federal Resources
  • ‘U.S. Small Business Administration Express Bridge Loans’ added to Federal Resources

March 31

  • ‘U.S. Small Business Administration Advance on Disaster Loans’ added to Federal Resources

Small Business Administration
The U.S. Small Business Administration (SBA) has approved Wisconsin’s request for small businesses affected by the COVID-19 pandemic to access low-interest federal disaster loans. Under the Economic Injury Disaster Loan (EIDL) program, businesses may qualify for up to $2 million in loans to cover losses resulting from the pandemic. The interest rate on the loans is 3.75% for for-profit businesses and 2.75% for nonprofits. Participants may be able to extend payments for up to 30 years.

Businesses will be asked to supply the following information as part of the application process:

  • Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates.
  • Complete copies of the most recent Federal Income Tax Return.
  • Schedule of Liabilities (SBA Form 2202).
  • Personal Financial Statement (SBA Form 413).
  • Profit and loss statements
  • Monthly sales figures (SBA Form 1368)

The Wisconsin Small Business Development (SBDC) Network and its partners are helping small businesses apply for federal disaster loans to mitigate the substantial economic injury as a result of the coronavirus (COVID-19) pandemic. The Wisconsin SBDC, a resource partner of the SBA, has created a web page to help business owners understand the qualifications and application process. Consultants across the network’s 13 locations are working remotely via phone, email and virtual tools to assist clients. The Wisconsin SBA and its other SBA resource partners,— including WWBICWestern Wisconsin Women’s Business Center, SCORE, and Veterans Business Outreach Center — are also working to assist their clients.

If you have more questions, view this FAQ page on the EIDL program.

Small Business 20/20 Program
The Small Business 20/20 Program provides grant funds to approved community development financial institutions (CDFIs). Approved CDFIs will award grants of up to $20,000 to their existing loan clients to assist with cash-flow challenges resulting from COVID-19.
Businesses that are not currently CDFI clients are not eligible to access these funds, but WEDC will work to expand access to funding through other programs as more resources become available. If you have more questions, view this FAQ page on SB20/20.

Strategies for Small Businesses to Navigate COVID-19 Challenges
Downtown District and Business Coronavirus Response: Ideas and Resources

Coronavirus Information for Partners
Answers to frequently asked questions by the Wisconsin Department of Workforce Development.

COVID-19: How we can help businesses
The Small Business Development Center-Institute for Business & Entrepreneurship has created a page with important information for its clients amid quickly changing conditions and unprecedented measures put into place during the COVID-19 pandemic.

SBA Economic Injury Disaster Loan Assistance
The Wisconsin SBDC, a resource partner of the SBA, has created a web page to help business owners understand the qualifications and application process for the Economic Injury Disaster Loan (EIDL) program. Consultants across the network’s 13 locations are working remotely via phone, email and virtual tools to assist clients.

Wisconsin Department of Revenue
The Wisconsin Department of Revenue is providing immediate help for small businesses on sales taxes and taking other steps to help taxpayers in response to COVID-19

Coronavirus Resources for Municipalities
The Wisconsin League of Municipalities’ COVID-19 page contains information that will help you navigate the pandemic.

Kiva Loans
Kiva has expanded small business lending on its online platform to include a larger list of eligible businesses, the possibility for larger loans, and a grace period for repayment.  Learn more here (or visit the dedicated pages for applicants in Milwaukee or applicants in Madison).

Small business owners affiliated with the African American Chamber of Commerce of Wisconsin, the Hispanic Chamber of Commerce of Wisconsin, the American Indian Chamber of Commerce of Wisconsin, and the Hmong Wisconsin Chamber of Commerce can contact these chambers directly for assistance.

SBA Economic Injury Disaster Loan Assistance

The following organizations stand ready to help their clients apply for this federal aid:

Wisconsin Emergency Response Program
gener8tor is hosting emergency one-week virtual programs for small businesses affected by the COVID-19 outbreak. These programs will feature daily webinars designed to identify, understand and help small businesses secure resources to withstand the current crisis. One-on-one office hours will also be available.

WWBIC Classes
WWBIC has moved all its business and financial educational programming on-line and on-demand.

Hmong Wisconsin Chamber of Commerce Emergency Loan Fund
The Hmong Wisconsin Chamber of Commerce (HWCC) has announced a new Emergency Loan Fund (COVID-19) in response to the negative impact that Coronavirus (COVID-19) has had on the Wisconsin business community. These funds are primarily used for working capital to cover rent, payroll, and other fixed expenses. This loan fund is similar to HWCC’s existing Revolving Loan Fund (RLF) Small Loan programs but with a slightly lower rate and an interest-only option for the first 3 months. Loans from $5,000 and up to $10,000. For more information about terms and interest rates, please contact HWCC Operations Manager, Ger Thao: ger@hmongchamber.org.

CARES Act
The U.S. Chamber of Commerce summarizes the aid made available by the $2 trillion federal coronavirus response bill, with special attention to what small businesses need to know.

Coronavirus Tax Relief
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus.

Coronavirus Resources
The U.S. Department of Labor has resources to help workers and employers prepare for the COVID-19 virus (also known as novel coronavirus).

Coronavirus: Resources, Updates, and What You Should Know
The U.S. Treasury Department is supporting American workers and businesses who are impacted by the coronavirus.

U.S. Small Business Administration Advance on Disaster Loans
On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

U.S. Small Business Administration Disaster Assistance
The U.S. Small Business Administration (SBA) has approved Wisconsin’s request for small businesses affected by the COVID-19 pandemic to access low-interest federal disaster loans. Under the Economic Injury Disaster Loan (EIDL) program, businesses may qualify for up to $2 million in loans to cover losses resulting from the pandemic. The interest rate on the loans is 3.75% for for-profit businesses and 2.75% for nonprofits. Participants may be able to extend payments for up to 30 years.

Businesses will be asked to supply the following information as part of the application process:

  • Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates.
  • Complete copies of the most recent Federal Income Tax Return.
  • Schedule of Liabilities (SBA Form 2202).
  • Personal Financial Statement (SBA Form 413).
  • Profit and loss statements
  • Monthly sales figures (SBA Form 1368)

The Wisconsin Small Business Development (SBDC) Network and its partners are helping small businesses apply for federal disaster loans to mitigate the substantial economic injury as a result of the coronavirus (COVID-19) pandemic. The Wisconsin SBDC, a resource partner of the SBA, has created a web page to help business owners understand the qualifications and application process. Consultants across the network’s 13 locations are working remotely via phone, email and virtual tools to assist clients. The Wisconsin SBA and its other SBA resource partners,— including WWBICWestern Wisconsin Women’s Business Center, SCORE, and Veterans Business Outreach Center — are also working to assist their clients.

If you have more questions, view this FAQ page on the EIDL program.

SBA offices will also offer daily webinars to answer questions. Please register here.

For assistance, contact the SBA’s helpline at (800) 659-2955 7:00 a.m. to 9:00 p.m. ET seven days a week or by email disastercustomerservice@sba.gov. Website: www.sba.gov/disaster.

U.S. Small Business Administration Express Bridge Loans
The 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 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

Find an Express Bridge Loan Lender via SBA’s Lender Match Tool or by connecting with your local SBA District Office.

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