SBA Economic Injury Disaster Loans now available!


The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for businesses dealing with losses during the coronavirus pandemic. The SBA loans would offer up to $2 million per business to help overcome the temporary loss of revenue.

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.


Click here to apply


[SBA COVID-19 Financial Resources Page]

[Upcoming Webinars]


Economic Injury Disaster Loan (EIDL) Advance – The EIDL Advance provides economic relief to businesses that are currently experiencing temporary difficulties. This program is available directly from the SBA: www.sba.gov

 

QUESTIONS:
 For specific questions, you can reach out to the following contacts:
  • • WCEDA
  • • Business Answer line at (800) 940-7232
  • SCORE Southeast Wisconsin is available by phone at (414) 297-3942, or visit www.score.org
  • • WWBIC Especialista Comunitario de Empresas Latinas: Lily Alvarado, Consultora Bilingue de Pequeños Negocios, (414) 395-4536, Lily.alvarado@wwbic.com
COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION

Paycheck Protection Program Loan


The Paycheck Protection Program (PPP) Loan provides a direct incentive to small businesses to keep their workers on the payroll. Click here for more information. On April 3, banks started taking applications. Contact your bank for details.

Small business grant program


The Wisconsin Economic Development Corporation announced it is launching a $5 million targeted grant program to help businesses with no more than 20 employees affected by the coronavirus crisis to cover rent and payroll expenses. It’s called the Small Business 20/20 or SB20/20. Grants of up to $20,000 will be given to qualifying businesses. Click HERE for more on this program.

SB20/20

Local banks

 

Talk with your local banks to see how they can assist you. Some have developed special programs and are deferring payments. Watch for details in the next few days.

East Troy Banks:

Associated Bank

Citizens Bank

First Citizens State Bank-East Troy Branch
 

Unemployment benefits available?


Unemployment benefits are available through the Wisconsin Department of Workforce Development.

Apply for Benefits Online

Work-Share


Work-Share avoids layoffs, allowing workers to remain employed & employers to retain trained staff during times of reduced business activity. This is designed for 20 positions or 10 percent of a work unit. For more information, click here.

Work-Share