COVID-19 Financial Assistance Guide
Below is a compilation of programs currently providing financial assistance to small businesses and non-profits.
Each business should contact their accountant, lender, or business banker to be sure to collect the correct documents in order to apply for financial assistance programming.
Economic Injury Disaster Loan (EIDL)
US Small Business Administration
Economic Injury Disaster Loans
This loan provides economic relief to small businesses, non-profits, and agricultural businesses with working capital funds.
This week, SBA announced that the deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan has been extended to December 31, 2021.
To date, SBA has approved $197 billion in low-interest loans, which provide U.S. small businesses, non-profits, and agricultural businesses working capital funds. Economic Injury Disaster Loan applications will continue to be accepted through December 2021, pending the availability of funds.
Loans are offered at affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. All eligible small businesses and nonprofits are encouraged to apply
PPP Re-Opened Friday, January 15, 2021 at 9 a.m. ET
US Small Business Administration
Payroll Protection Plan (PPP) Re-Opened Friday, January 15, 2021 at 9 a.m. ET
|The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET. The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
Earlier in the week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.
On Friday, SBA will continue its emphasis on reaching smaller lenders and businesses by opening to approximately 5,000 more lenders, including community banks, credit unions, and farm credit institutions. Moreover, the agency also plans to have dedicated service hours for these smaller lenders after the portal fully re-opens next week.
We’re All In For Restaurants
Gov. Evers Announces $45 Million in Targeted Assistance for Restaurants Impacted by the COVID-19 Pandemic
Eligible businesses will receive $20,000 grant by year-end
MADISON – Gov. Tony Evers announced today with the Wisconsin Economic Development Corporation (WEDC) that restaurants and other targeted small businesses affected by the COVID-19 pandemic will receive $45 million in assistance, bringing the total assistance distributed to Wisconsin businesses this year to more than $220 million.
The program, We’re All In For Restaurants, is aimed at businesses throughout Wisconsin that, as gathering places, have been challenged from the beginning of the pandemic, and are incredibly important employers and community members.
“Restaurants and other venues have been among the businesses hit hardest by the COVID-19 pandemic,” Gov. Evers said. “They’ve made the tough decisions to keep employees and customers safe by restricting indoor seating, offering delivery and curbside pick-up, and providing outdoor tables. We greatly appreciate the changes they’ve made to prioritize the health and safety of our communities, but now with winter coming, we are glad to provide this support at a critical time.”
The program will be administered by the Department of Revenue (DOR) in collaboration with WEDC. Unlike previous We’re All In grants, businesses will not have to apply for the grants, but will be identified and contacted directly by the DOR based on the businesses’ state tax records.
Wisconsin Rental Assistance Program (WRAP)
On May 20, 2020 Gov. Tony Evers announced the launch of a $25 million Wisconsin Rental Assistance Program for Wisconsinites who have experienced income loss as a result of the COVID-19 pandemic. Administered by the Department of Administration (DOA), the Wisconsin Rental Assistance Program will provide direct financial assistance for owed rent, security deposits, and wrap around services for program eligible individuals.
The effort is funded by $25 million in federal Coronavirus Aid, Relief, and Economic Security (CARES) Act dollars.
Residents of Waupaca, Outagamie, Portage, Waushara, and Marquette counties may find more find more information and apply here.
Unemployment Benefits Related to COVID-19
Changes to regular unemployment benefits may occur under the Relief for Workers Affected by Coronavirus Act. Check the Department of Workforce Development (DWD) website often for the most up-to-date information.
The Pandemic Unemployment Assistance is a new temporary federal program that provides unemployment benefits to individuals who are not typically eligible, such as self employed individuals, consultants, and certain independent contractors. These individuals will be able to start filing applications on April 21, according to Secretary Caleb Frostman of the Wisconsin Department of Workforce Development (DWD).
The Work-Share Program avoids layoffs, allowing workers to remain employed & employers to retain trained staff during times of reduced business activity. Under the CARES Act, once your plan is approved, the federal government will pay for 100% of the unemployment benefits paid through the Work-Share plan.
Click here for frequently asked questions about COVID-19 and Wisconsin unemployment benefits for employees and employers.
Finding Help with Programming Assistance
Our local Small Business Development Center at UWSP is here to help, and offers free & confidential business services, access to free webinars, help with questions about assistance programs, and many additional services. Contact: firstname.lastname@example.org and Follow on Facebook.
The Waupaca County Economic Development Corporation provides assistance to both private businesses and public sector organizations, in an effort to strengthen the local economy and enhance the quality of life for all the citizens of Waupaca County. WCEDC is more than willing to discuss which assistance options may be the best for your business. Please send a request to email@example.com, or call (920) 982-1582.
ThedaCare COVID-19 Hotline
Community members can call (920) 830-6877 or (800) 236-2236 to speak with resource representatives and nurses who will answer medically-related COVID-19 questions or direct patients to the appropriate locations for care.
At this time, the federal COVID-19 surge testing site at ThedaCare Physicians-Neenah continues to operate. Testing is free. Individuals can make an appointment on doineedacovid19test.com or register onsite.
COVID-19 Vaccine Scams
At the New London Area Chamber of Commerce, our goal is to remain united through the hardship and uncertainty caused by the COVID-19 outbreak, and continue to support member businesses and organizations. We have been changing our approach daily as the situation rapidly evolves, in order to offer the most effective forms of support. The Chamber office is currently open to the public, and our operations will remain the same. We greatly appreciate your patience and consideration as we navigate through this process. Please keep in touch and let us know how we can help you.
Call our office at (920) 982-5822 with any inquires.