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.
- 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.
- 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 firstname.lastname@example.org. 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: