Business

Resources for Our Business Customers

***PLEASE VISIT THIS PAGE REGULARLY – INFORMATION IS CHANGING AND WE WILL MAKE UPDATES AS APPROPRIATE***

 

State Bank of Cross Plains CARES about its business customers – always has, always will. We realize that the challenges posed by the onset of the coronavirus pandemic have been as disruptive to your operation as they have been unanticipated, and we want to make sure that you’re aware of all the tools that you have at your disposal, to support your business and your employees.

We're committed to being your primary resource for support, helping you navigate through this crisis every step of the way. If they haven’t been already, our bankers will be in touch to discuss your situation and walk you through options to mitigate the negative impact that the pandemic has had on your business. Given our size, network, and capabilities, State Bank of Cross Plains is well positioned to assist. As a Preferred Lending Partner of the U.S. Small Business Administration (SBA), we can facilitate processes to help you get loans done quicker.

Every business is unique, so finding the program best suited to helping yours will depend on a number of factors.

Click here for a chart that presents details on the various loan types and programs offered by the SBA.

PLEASE BE AWARE: BUSINESSES MAY APPLY FOR ONLY ONE FEDERAL COVID-19 RELIEF PROGRAM, SO PLEASE PROCEED WITH DISCRETION.


Resources

Details regarding some of the available assistance programs presently available can be found by clicking the links below:

Paycheck Protection Program (PPP)

Key Point: The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided $350 billion of small business “paycheck protection” loans through the SBA 7(a) program. The Paycheck Protection Program and Healthcare Enhancement Act of 2020 provides a second chance for relief to borrowers who were unable to secure loans before funding of the initial program was exhausted

The maximum loan size is $10 million. Loan payments are deferred for six months. Loan proceeds must be used for payroll, mortgage interest, rent, and utilities for up to an 8-week period and are forgiven. Click here for a summary of the program.

  • The SBA system will allow us to begin submitting applications on Monday, April 27, 2020, but you can submit your application NOW
  • We will continue to accept and process applications until the funds are announced to have been exhausted; if this affects your application, you will be notified so that you might consider your alternatives
  • Please complete and verify ALL fields BEFORE submitting
  • After submitting the application, you will be redirected to a separate web page
  • Applications will be reviewed and processed in the order in which they are received
    DUE TO CURRENT VOLUME, IT WILL TAKE US A MINIMUM OF 24-36 HOURS TO REVIEW ANY APPLICATIONS (BEGINNING MONDAY, APRIL 27, 2020)
  • You should expect to receive an email within 24-36 hours of submitting your application (beginning Monday, April 27, 2020)
    • If your application is complete, the email will include a secure link with a request for additional documentation
    • If your application is inaccurate or incomplete, you will be directed to reapply and resubmit 
      INCOMPLETE OR INACCURATE APPLICATIONS CANNOT BE PROCESSED AND YOU WILL RETURN TO THE "BACK OF THE LINE" WITH YOUR NEW SUBMISSION
  • At this time, we will not be accepting paper applications, nor applications from non-customers outside of the following Wisconsin counties: Dane, Green, Rock, Columbia, Dodge, Iowa, Jefferson, Sauk.
 

PPP Calculator

 

PPP VERIFICATION CHECKLIST   

 
  • Please use this checklist to begin assembling the necessary documentation.
  • Also - Use this Payroll Expense Worksheet to record payroll and include in your document checklist. 
 
  • Use this helpful tool to calculate the loan amount correctly by business type. 
PPP Loan FAQs  
 
  • Please use this document, provided by the SBA, as a reference for loan applications.

  • Please use this document (above) to learn more about loan forgiveness in regards to the Paycheck Protection Program. 
 
  • Please use this loan disbursement control sheet to keep track of your expenses. 

 

We understand this is a very difficult time for you and your business, and we strive to be as responsive as possible.

If you want to speak with someone, please contact Customer Support (608-798-2400 or 855-256-7328) and a representative will attempt to address your need(s) or otherwise direct you to the appropriate person or voicemail account. 

We appreciate your understanding that the information or party you are seeking may not immediately be available, and we will endeavor to get you the information or return your call as soon as we are able.

In the meantime, please continue to reference this page for application instructions, application submission, and required documentation.

SBA Economic Injury Disaster Loans 

 

Detailed on the SBA’s site here: https://disasterloan.sba.gov/ela/

Key Point: The SBA is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the coronavirus. 

  • How much are they for?
    SBA Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
  • What can they cover?
    These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
  • What are the terms?
    The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
  • Am I eligible?
    Businesses eligible for these loans include, but are not limited to, hospitality providers, recreational facilities, manufacturers, gyms, owners of rental property, restaurants, retailers, and wholesalers.
  • How do I get approved?
    Loan approval will be based on credit history and a determination by the SBA that the applicant business has the ability to repay the loan. The applicant business must be physically located in a declared county and have suffered working capital losses due to the declared disaster.
  • What’s the cost?
    Applications are free. Approval time depends on volume, but typically takes 2-3 weeks, and disbursement can take up to 5 days.

For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail  disastercustomerservice@sba.gov. For a comprehensive list of resources presented by the SBA, please visit www.sba.gov/coronavirus.

Click the links below for additional guidance on the following topics:

Wisconsin Business Development Corporation (WBD) 504 Loan Deferment

 

Detailed on the WBD’s site here: https://www.wbd.org/temporary-504-loan-deferment-information

Key Point: The WBD is offering the following options regarding 504 loan payment deferrals:

  1. No Payments: This will defer the monthly principal & interest payments and monthly servicing fees. You will make no payments during the 6-month deferral period.
  2. Pay Servicing Fees Only: This will defer both monthly principal & interest payments and should reduce your payments to be around 15% of your current monthly payment
  3. Pay Servicing Fees & Interest: This will defer the monthly principal payment, which should reduce your payment to about 40% of your current monthly payment.

To learn more, contact the WBD directly at WBDdefferal@wbd.org or by phone at (608) 819-0390.

Wisconsin Economic Development Corporation (WEDC) Small Business 20/20 Program

 

Detailed on the WEDC’s site here: https://wedc.org/programs-and-resources/small-business-2020/

Key Point: Through this program, the WEDC is providing grants to approved community development financial institutions (CDFIs), which will then up to $20,000 to existing loan clients to assist with cash-flow issues arising as a result of the coronavirus.

Dane County Small Business Pandemic Support Program

 

Detailed on the Dane Buy Local site here: https://www.danebuylocal.com/

Key Point: The program, administered by Dane Buy Local, awards grants ranging from $1,000 to $50,000 to small businesses experiencing financial difficulties as a result of the coronavirus outbreak.

There is $250,000 of available funding to support Dane County small businesses with employee retention and to mitigate losses from the pandemic.

Small business owners throughout the community are encouraged to submit applications. To apply, please click here.

Additional Resources

 

Here is a small list of additional resources that we feel might be of benefit to you.

5 Quick Tips for Keeping Your Business Healthy

 
  • Start gathering the documentation you might need to provide for a loan application (contact us if you are not sure what could be required).
  • Let us know if you are experiencing cash-flow/liquidity issues – we are here to help.
  • Do not draw on lines of credit unnecessarily. 
  • To the extent possible, forecast expenses for the next three to six months. 
  • Stay positive and check this page often for updates – program details and features are, in some cases, still being defined, and we will publish them here once they are.