CAP Services: Choosing an option that fits.
- Paycheck Protection Program (PPP) FAQs
- PPP – How to calculate maximum loan amounts by business type
- SBDC’s Step-by-step instructional video
U.S. President signs Paycheck Protection Program and Health Care Enhancement Act
On April 23, 2020, President Trump signs the Paycheck Protection Program and Health Care Enhancement Act.
The Act provides $310 billion in additional funding for the Paycheck Protection Program (PPP) and $10 billion for the Economic Injury Disaster Loan (EIDL) program. It also provides funding for other critical needs, such as reimbursing healthcare providers and manufacturing COVID-19 tests.
SBA lenders are expected to have the ability to process and submit loan applications within the next few days.
U.S. Small Business Administration (SBA)
Economic Injury Disaster Loan Assistance (EIDL)
Do I qualify?
Yes, if you have suffered substantial economic injury, are a small business, small agricultural cooperative, or a private nonprofit organization.
Loan amounts and uses:
EIDLS provide the necessary working capital to help small businesses survive until normal operations resume after a disaster.
Up to $2 million can be provided to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. Your loan amount will be based on your actual economic injury and your company’s financial needs.
Other Business Resources:
> Small Business Development Center COVID-19 Resources
> SBA Express Bridge Loan
> SBA Fact Sheet – Economic Injury Disaster Loans
Wisconsin Economic Development Corporation (WEDC)
Other Funding Programs and Resources:
Small Business 20/20 (SB20/20) Program:
The Small Business 20/20 Program provides grant funds to approved community development financial institutions (CDFIs). Approved CDFIs will award grants of up to $20,000 to their existing loan clients to assist with cash-flow challenges resulting from COVID-19.
There are 22 community development financial institutions in Wisconsin. A list can be found here.
Wisconsin Economic Development Corporation’s New Ethnic Minority Emergency Grant offering a Grant of $2000 (May 18-24, 2020)
- Kiva US Business Small Loans – KIVA is a 501(c)3 non-profit organization that aims to expand access to capital for small businesses. Kiva is offering 0% interest loans of up to $15,000 with grace periods of 1-6 months.
- Wisconsin Women’s Business Initiative Corporation (WWBIC) – open for business virtually to all! For current and new small business clients, they are offering fast track loans up to $25,000. Please contact Michael Hetzel, Director of Lending for more details.
- Facebook – Facebook is offering $100 million in grants to support over 30,000 small businesses in over 30 countries. Facebook will be accepting applications for grants in the coming weeks.
- LISC Small Business Grant Program – Third round of grants for small businesses up to $10,000 opening May 14.
- Wisconsin Humanities CARES Relief Grant – Wisconsin Humanities Council is providing rapid-response funding to nonprofit humanities and cultural organizations that are facing financial hardship resulting from the COVID-19 crisis. These grants are funded by the federal CARES Act via the National Endowment for the Humanities.