The information provided by these calculators is for illustrative purposes only and accuracy is not guaranteed. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a BLP financial professional prior to relying on the results.
This calculator does not have the ability to pre-qualify you for any loan program. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. This calculator does not calculate the Annual Percentage Rate or Average Prime Offer Rates. BLP does not guarantee any of the information obtained by this calculator.
CONTACT USU.S. Small Business Administration will begin registrations on Friday, April 30, 2021, at 9 a.m. EDT and open applications on Monday, May 3, 2021, at noon EDT for the Restaurant Revitalization Fund. The online application will remain open to any eligible establishment until all funds are exhausted.
In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:
RRF knowledge base support documentation
Call center support: 1-844-279-8898
For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
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 quickly.
The Small Business Administration and U.S. Treasury announced the Paycheck Protection Program (PPP) will re-open the week of January 11, for new borrowers and some existing PPP borrowers that qualify.
Only community financial institutions (defined as Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies and Microlender Intermediaries) will be able to make “First Draw” PPP loans on Monday, January 11th and “Second Draw” PPP loans on Wednesday, January 13th.
First Draw applications open: January 11, 2021
Second Draw applications open: January 13, 2021.
Key updates of PPP include:
Existing PPP borrowers that are eligible for a “Second Draw” PPP loan must:
For full guidance on the Paycheck Protection Program, please visit the U.S. Department of Treasury website.
PPP General Program Details:
$350 billion to support loans to small employers with more than one physical location that employees more than 500 employees in certain industries to be eligible and is below a gross annual receipts threshold plus those that meet the SBA size standards.
Loan size will equal 250% of an employer’s average monthly payroll with a maximum loan amount of $10 million.
Covered payroll costs include salary, wages, and payment of cash tips, employee group health care benefits (including insurance premiums, retirement contributions, and covered leave) in addition to mortgage, rent, and utility payments.
Loans will be available immediately through existing SBA-certified lenders.
The portion of the loan used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven.
Interest rates are fixed at 1%.
At least 60% of loan proceeds need to go to payroll expenses in order to maximize potential loan forgiveness. For full guidance on the Paycheck Protection Program, please feel free to visit the U.S. Department of Treasury website.
As part of the new COVID relief package passed at the end of 2020, the deadline for EIDL has been extended to December 31, 2021.
Racine County and Wisconsin small businesses impacted by COVID-19 can now seek individual small business loans with low interest rates up to $2 million as part of SBA’s Economic Injury Disaster Loan program to help finance operational costs. For more details on SBA Economic Injury Disaster Loans, visit the BLP’s website:
RCEDC was awarded $3.3 million to establish the ZERO Loan Program.
With ZERO interest for 2 years, ZERO closing fees and ZERO payments for up to 18 months, this program was designed to support Racine County businesses affected by COVID-19.
Great news for City of Racine Opportunity Zone investors, the Internal Revenue Service has released Notice 2021-10 Extension of Relief for Qualified Opportunity Funds and Investors Affected by Ongoing Coronavirus Disease 2019 Pandemic.
This notice addresses investment timelines, extension of 30-month substantial improvement requirement, extension of the 31-month working capital safe harbor, among others.
We encourage all opportunity zone investors to speak with their accountant regarding this extension of relief and contact Will Martin, City of Racine’s opportunity zone specialist at William.Martin@WIDiversified.com or 414-350-4207.
SBA Wisconsin will continue to share emerging details about economic aid being administered by the SBA for small businesses and other eligible organizations.
SBA Wisconsin is providing coronavirus relief information webinars to assist small businesses, nonprofits, and eligible recipients in recovering from the pandemic.