COVID-19 Business Assistance Resources

Waunakee Area Chamber of Commerce

During COVID Outbreak, Keep our Local Restaurants Busy! This list includes Village of Waunakee establishments, plus those who are outside the Village but members of the Waunakee Area Chamber of Commerce. If we are missing anyone or updates are needed, please contact Diane Anderson at the Waunakee Chamber office - (608) 849-5977 or diane@waunakeechamber.com  

Restaurant Listings as of 3/24/2020

Below is a link to COVID-19 Resources posted by the Waunakee Area Chamber of Commerce:

http://www.waunakeechamber.com/covid-info 

Small Business Administration Low-Interest Federal Disaster Loans

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. 

For more details please read the following forms: 

SBA Disaster Assistance Handout

How to Request a SBA EIDL Declaration

EIDL Frequently Asked Questions

The disaster loan application portal (www.sba.gov/disaster) is open to all Wisconsin businesses. A recent press release from Governor Evers provides a great deal of information on the process and the assistance available: https://content.govdelivery.com/accounts/WIGOV/bulletins/28264fd

To assist the business community in regards to the loan program, Wisconsin’s SBA office is offering daily webinars to answer your questions:

Non Profit Agency Emergency Funding – Application opens Friday, March 27, 2020

United Way of Dane County and other partners created a new fund for COVID 19 called the Emergency and Recovery Fund for emergency housing and other needs, such as food, child care, and elder needs. They have raised close to one million dollars.

Non-profit agencies can apply for upto $25,000 per agency starting Friday, March 27th. Find out about the fund here, and how to apply. Applications due April 10, 2020. Notification May 4, 2020.

WI Economic Development Commission - COVID Response Report

WEDC’s Errin Welty and the WEDC Downtown Development Team have compiled a document for consideration for small businesses to pivot and thrive during these times. Please Click Here to view this document.

Wisconsin Economic Development Corporation (WEDC), SB 20/20 Program

In another step toward assisting small businesses that suffer losses related to the COVID-19 health emergency, the Wisconsin Economic Development Corporation (WEDC) is creating a program to provide grants to targeted businesses throughout the state, WEDC Secretary and CEO Missy Hughes announced today.

The WEDC Board of Directors on Tuesday approved $5 million in funding for the program, which will be known as Small Business 20/20 (SB20/20). SB20/20 will provide grants of up to $20,000 to targeted businesses with no more than 20 employees to cover rent and to meet payroll expenses, including paid leave (including sick, family and other leave related to COVID-19).This program makes up to $5M (total) available to selected Community Development Financial Institutions (CDFI’s) to make grants up to $20,000 each to existing loan clients.

Eligible grant recipients include:

  • Current CDFI loan recipients in good standing as of 3/1/2020
  • 20 or fewer part-time and full-time employees
  • Less than $2 Million in annual revenue
  • Preference will be given to service and retail businesses

For more information please head to the following website: https://wedc.org/programs-and-resources/small-business-2020/

Kiva Loans

Kiva is an international nonprofit with a mission to expand financial access to help under served communities thrive. Kiva lenders have shown their commitment to providing financial assistance to all by making 0% interest loans to entrepreneurs in the U.S. on Kiva.org for the last 10 years. In today’s difficult circumstances, we’d like to make it as easy and impactful as possible for small businesses in the U.S. to have access to affordable capital on the Kiva platform—capital that may be the difference between shutting down and keeping their doors open. Follow the link for more information https://www.kiva.org/blog/support-local-businesses-during-the-coronavirus-pandemic

Hmong Wisconsin Chamber of Commerce (HWCC), Emergency Loan Fund (COVID-19)

This program makes loans between $5,000 and $10,000 for working capital to cover rent, payroll and other fixed expenses for businesses adversely affected by the COVID-19 emergency. Loan application materials can be found on the Chamber’s website.

Eligible Applicants:

  • A for-profit business located in a low to moderate-income census tract or a minority owned business located in Wisconsin.
  • An existing business in operation for a minimum of two years
  • A business with less than 500 employees
  • Interest: Prime (5.50%) plus 1.5% to 5.5% depending upon underwriting
  • Terms: Interest only payment for the first three months; maximum amortization period subject to negotiation

Loan Package:

  • Loan application
  • Two years of Tax Returns (personal and business)
  • Year-end financials for 2019 requested, but not required

For more information please contact HWCC Operations Manager, Ger Thao: ger@hmongchamber.org or Learn More Here

Capitol Bank Coronavirus Relief Program

Capitol Bank has enacted a Coronavirus Relief Program, effective immediately. Their goal is to alleviate some of the financial stress and uncertainty you may be facing at this time, whether a result of illness or employment status changes. To address these hardships, thier program includes the following for eligible customers:

  • The suspension of late fees on past due loans for the next 60 days.
  • Upon request, deferred loan payments for up to 90 days on consumer, home and
    business loans.
  • Lines of credit for businesses that have been negatively impacted.
  • SBA Loans for businesses that have been negatively impacted.
  • Debt restructuring options for businesses that have been negatively impacted.
  • The suspension of any foreclosure activity on homes for the next 90 days.
  • Actively working with borrowers to determine eligibility for loan modification.

 For more information and helpful links to additional resources, please visit Capitol Banks Coronavirus Resource Center.

Essential Business Designations

Here is a copy of the "Safer at Home" order if you have not yet seen it: https://wedc.org/wp-content/uploads/2020/03/Health-Order-12-Safer-At-Home.pdf

Here is more guidance from the Wisconsin Economic Development Corporation (WEDC) regarding “essential businesses” who have some exception under the order. https://wedc.org/essentialbusiness/ . There is a form on the WEDC site for businesses to receive designation if they do not fall within the identified categories on the WEDC website.

COVID-19: International Downtown Association (IDA) Community Discussion - Communications

Every Friday, IDA will be holding a web-based open discussion with leading IDA member subject matter experts about how their city and their organization is responding to the outbreak. The quickly evolving impacts of the novel coronavirus on downtowns, center cities and neighborhood districts have all IDA members reacting in real-time. The next webinar will be this Friday, March 27, 2020 on the topic of Communications. To register for this webinar Click Here

Every Monday, IDA will also hold virtual community discussions aimed at supporting CEOs during the COVID-19 crisis.

Visit the IDA resources page that has been developed to summarize and equip members with current information and best practices in preparing for and responding to the COVID-19 in urban place management districts. Click Here to learn more.

COVID-19 (CORONAVIRUS) – Resources for Manufacturers

Wisconsin Manufacturing Extension Partnership (WMEP) Manufacturing Solutions has compiled this partial list of resources and information to help keep yourself, employees and communities safer. There are also links for information designed support economic retention and recovery related to COVID-19 Coronavirus.

Below is a link to their page with resources that may help you as you make decisions regarding your employees, business management, supply chain and customers.

https://www.wmep.org/covid-19-coronavirus-resources/ 

Additional Resources & Information