COVID-19 Financial Resources
This page is meant to direct business owners affected by COVID-19 to available financial resources. Please check back regularly as resources will continue to be made available to Wisconsin’s valuable business community. If you have any questions about these resources or want to know how to get started, please contact a BLP staff member.
SBA 504 and Revolving loan fund deferments
BLP — Given the current impact with COVID-19 on local businesses, loan deferrals are being considered on SBA 504 loans and Revolving Loan Funds (RLF). Deferrals of principal or principal and interest up to six months can be requested. The total amount requested to be deferred cannot exceed 20% of the original loan amount. Please recognize that time is needed to process these requests so please work with Business Lending Partners staff directly with any questions or concerns.
TARGETED GRANTS FOR SMALL BUSINESSES AFFECTED BY CORONAVIRUS
WEDC announces targeted grants to small businesses suffering losses due to coronavirus emergency
WEDC — In another step toward assisting small businesses that suffer losses related to the COVID-19 health emergency, the Wisconsin Economic Development Corporation (WEDC) created a program to provide grants to targeted businesses throughout the state.
The WEDC Board of Directors approved $5 million in funding for the program, which is known as Small Business 20/20 (SB20/20).
Economic Injury Disaster Loans (EIDLs)
The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.
Small Business Administration – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, an Economic Injury Disaster Loan declaration.
City of Racine Small Business Emergency Fund
City of Racine — In response to the economic hardships resulting from the COVID-19 pandemic, the City of Racine launched the 2020 Small Business Financial Assistance Program in an effort to retain jobs and stabilize local businesses.
The Department of City Development modified existing economic development programs to create a combined funding mechanism that serves businesses with up to 10 employees at the time of application with up to $15,000 in forgivable loan funding.
RESOURCES TO HELP YOUR SMALL BUSINESS SURVIVE THE CORONAVIRUS
U.S. Chamber of Commerce — The coronavirus is causing financial difficulties for businesses across the U.S. Here are five resources that can help you navigate this difficult situation.
- The Coronavirus Response Toolkit
- SBA Disaster Assistance Loans
- State-wide Initiatives to Help Small Businesses
- Assistance from Banks & Credit Card Companies
- Federal Small Business Assistance