MONDAY 3/23/2020 6:49 a.m.
MADISON, Wis. (WFRV) – The U.S. Small Business Administration has approved Wisconsin’s request for small businesses affected by the coronavirus pandemic, according to Governor Tony Evers, allowing access to low-interest federal disaster loans.
“This is very good news for Wisconsin businesses that have already suffered financial losses due to the COVID-19 outbreak,” he said. “With the SBA loans now available to our state, small businesses, and their employees have a little more certainty over their financial futures. This is another step in providing much-needed assistance to Wisconsin’s small businesses.”
Wisconsin’s SBA district director Eric Ness says processing the applications may be delayed due to the unprecedented demand for the loans nationwide.
“We are encouraging business owners to reach out to SBA’s partners and to SBA’s offices with their questions to help the loan application process go as smoothly as possible,” said Wisconsin’s SBA district director, Eric Ness.
Under the Economic Injury Disaster Loan (EIDL) program, businesses and non-profits 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.
To begin their loan applications, businesses and non-profits are invited to visit SBA’s website. The Wisconsin Small Business Development (SBDC) Network and its partners are assisting small businesses to apply for federal disaster loans to mitigate the substantial economic injury as a result of the coronavirus pandemic. A web page, which can be found here, is available to help business owners understand the qualifications and application process.
WISCONSIN CORONAVIRUS COVERAGE
Original Story: Gov. Evers requests loan assistance for small businesses
WEDNESDAY 3/18/2020 12:09 p.m.
MADISON, Wis. (WFRV) – Governor Tony Evers has submitted a request to the U.S. Small Business Administration for Economic Injury Disaster Loan assistance for small Wisconsin businesses and private, non-profit organizations to help alleviate the economic impacts of the coronavirus outbreak.
“Social distancing and self-isolation are critical steps in reducing and preventing the spread of this virus in our communities, but it comes at an economic cost to our local businesses,” said Gov. Evers. “The loan assistance from SBA will help alleviate some of the financial burden and stress on our small businesses during this public health crisis. We will continue to work with our federal partners, state officials, and stakeholders to ensure we are improving public safety and health while protecting our state economy.”
Gov. Evers’ office says surveys of businesses over the past several days, and inquires into the Joint Incident Command, show the coronavirus outbreak has had a significant impact on a variety of businesses across the state. The impact is most notable for a variety of businesses, including hospitality, event hosting and support, and small retail businesses dependent on daily traffic.
Five businesses highlighted include Kobussen Buses Ltd., Country Kitchen Café, Common Man Tap & Table, Kugels Cheese Mart, and Earth Rider Brewery.
On Tuesday, March 17, Gov. Evers issued an order prohibiting gatherings of more than 10 people, causing many businesses to temporarily close.