Join Login COVID-19 Updates

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Small Business Resources

SBA ECONOMIC INJURY DISASTER LOANS
As of Friday, March 20, 2020 at 10 p.m., the U.S. Small Business Administration (SBA) has made available Economic Injury Disaster Loans (EIDLs) to assist businesses in Wisconsin affected by the COVID-19 outbreak, following a request from Gov. Tony Evers. The loans offer up to $2 million in assistance and can provide vital economic support to small businesses to pay fixed debts, payroll, accounts payable and other bills. These loans are not intended to make up for lost profits or to be used for expansion. 

For eligibility guidelines, application guidance, options for application assistance and answers to frequently asked questions, see this document from Wisconsin’s SBA Office.

The SBA recommends prospective applicants assemble their documents required for the loan application to get a head start on “step two” in the loan review process. Below is the list of nine documents applicants should assemble and scan to prepare for uploading them into the EIDL website, in addition to fillable PDF forms required by SBA.

  1. Corporate governance documents; e.g., Articles of Incorporation, Articles of Organization (for LLC), or Registration of Sole Proprietorship
  2. Written statement justifying the nature and scope of economic injury and how/why nature of business was adversely impacted by the Coronavirus (one page/no more than two), such as loss of revenues, cancelled contracts, interrupted supply chain, etc., that resulted in economic injury
  3. Current Accounts Payable and Accounts Receivable Aging as of date of filing for the loan
  4. Three (3) years’ 1040 Federal Income Tax Returns for the business & owners
  5. Three (3) years’ company FYE Income Statement and Balance Sheet and latest YTD Financial Statements (Company prepared is acceptable)
  6. Company and Owners’ Debt Schedule Tables [e.g., Lender, original loan amt., date, current balance, interest rate, collateral, purpose of loan, guarantors, status (e.g., current or past due with explanation) per row in table]
  7. Monthly two (2) years’ cash flow projections
  8. Three (3) years’ Monthly Sales History up to date of filing for loan
  9. Current copies of owners’ credit reports from the three (3) credit bureaus with explanations for any negative reports

Required SBA Forms:

The deadline to apply for an EIDL is Dec. 21, 2020.

For additional assistance, contact the SBA’s helpline at 800-659-2955 from 6 a.m. to 8 p.m. CT seven days a week or by email at disastercustomerservice@sba.gov. You can also visit their website at sba.gov/disaster.

SBA REGIONAL RESOURCES
If you are looking to connect with someone from the SBA’s regional office, you can send them an email at wisconsin@sba.gov. Their general mailbox is being monitored regularly to field questions.

You can sign up for their newsletter at www.sba.gov/updates; make sure to include your zip code to receive Wisconsin-related updates. The SBA will issue updates as new programs become available and new webinars are scheduled.

WEDC SMALL BUSINESS 20/20 PROGRAM
The Wisconsin Economic Development Corporation (WEDC) has approved Small Business 20/20, a $5 million grant program designed to support small businesses and micro-enterprises impacted by COVID-19. Find out more here.

KIVA GREATER MADISON
Kiva Greater Madison provides zero percent interest capital to local small businesses with no fee. For businesses that need $15,000 or less immediately, Kiva is a no-cost option with an easy, low-barrier-to-entry application process. Learn more at us.kiva.org/greatermadison.

WWBIC VIRTUAL CLASSES
The Wisconsin Women’s Business Initiative Corporation (WWBIC) is transitioning to all-virtual classes through April. WWBIC offers classes in Greater Madison and statewide for new entrepreneurs, seasoned business owners and anyone looking to improve their financial health.

For a full list of WWBIC classes in Greater Madison, click here. For more information regarding cancellations and date changes, contact their Madison office at 608-257-5450.

ADDITIONAL RESOURCES

U.S. Small Business Administration (SBA)
Disaster Assistance in Response to COVID-19

Wisconsin Economic Development Corporation (WEDC)
Navigating Through COVID-19 in Wisconsin