Recovery Financing Tools
Small Business Administration Paycheck Protection Program Round #2
The Small Business Administration (SBA) reopened the Paycheck Protection Program (PPP) loan portal for the financial assistance loan program designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
Interested business can begin preparing an application by downloading the following PPP borrower application forms to see the information that will be requested when applying with a lender:
Main Street Relief Fund for Bars, Clubs, Restaurants, and Music Venus
Small business that hosted live music up through February 2020 are eligible to apply for the round 2 grants from the Main Street Relief Fund. Created in partnership with Crown Royal, awards of $10,000 will be granted to small business restaurants, bars and live music venues. For this round of funding, priority will be given to businesses that are owned by people of color or women and have not received other forms of financial assistance, however, all small businesses in these industries are encouraged to apply by the February 5, 2021 deadline. The application and more information can be found at the Main Street Alliance website by clicking here.
Main Street Lending Program
The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF). Term sheets for each facility and information regarding eligibility and conditions can be found by clicking here.
WWBIC COVID-19 Fast Track Loan Program
This new WWBIC program is focused on existing businesses looking for business financing during COVID-19. Business owners have two options to pick from depending on their needs: a line of credit up to $10,000 or a term loan up to $15,000. Click here for more information, eligibility requirements, and the application.
Kiva has expanded lending terms and eligibility to help small businesses impacted by the pandemic. Downtown businesses in our communities that are women-, minority- and/or veteran-owned are also eligible for a 50% match from WEDC to expedite their loan. Encourage your businesses to apply, and/or sign up to be a lender yourself here.
Wisconsin Department of Workforce Development
Unemployment COVID-19 Public Information for the Wisconsin Department of Workforce Development. Click here for more info or apply for benefits online here.
For those that are temporarily unemployed because of the coronavirus, consider applying to the following positions: