The country has been waiting all week for the passage of the Coronavirus Aid, Relief and Economic Security Act (
$2.2 trillion stimulus package that has now been signed by the President. Because this legislation is brand new, support agencies like ours are still waiting on additional details of the application process. We expect that these processes may take a few days.
In the meantime, make sure to get your financial documents in order and review our
Wisconsin SBDC COVID-19 page
to help you get started. This website also includes information about the loans that are currently available. We have included a recap of these loans below.
SBA Express Bridge Loan Program
A Bridge Loan authorizes SBA Express Lenders to provide expedited, emergency SBA-guaranteed financing for amounts up to $25,000. Businesses must already have an existing banking relationship with an SBA Express Lender to qualify. The purpose of these loans is to keep small businesses bridge the gap while they apply for and await long-term financing (including through SBA’s direct Disaster Loan Program).
It is the lender's responsibility to document the existing banking relationship through acceptable documentation, including: a copy of a current bank statement, an existing Note, or other official bank documents that reference the applicant’s business address.
- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
SBA Economic Injury Disaster Loans
Economic Injury Disaster Loan
program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Guidance on the SBA Loan Application Process
Kiva is an online crowdfunding program that provides 0% interest loans to entrepreneurs and start-up businesses. Kiva loans include a private fundraising period, after which he application is posted online for a public fundraising period.
- To apply: kiva.org/borrow
- For help: kivaushub.org/application
- Contact: firstname.lastname@example.org
Hmong Wisconsin Chamber of Commerce Emergency Loan Fund
This emergency loan fund provides loans between $5,000 and $10,000 for working capital to cover rent, payroll and other fixed expenses for businesses adversely affected by the COVID-19 emergency. Loan application materials can be found on the Chamber’s
- Business must be located in a low to moderate-income tract or be a minority-owned business located in Wisconsin.
- Must provide at least two years of Tax Returns (personal and business)
Wisconsin Economic Development Corporation Business 20/20
provides funds to Wisconsin-based Community Development Financial Institutions (CDFIs) to make grants available to existing loan clients. The purpose of these grants is to mitigate short-term cash flow issues and protect jobs and public health in response to the COVID-19 outbreak.
Submit Your Questions
The Madison Chamber is using a platform called
to enable local business owners to ask questions.
- To submit or vote up questions, visit Slido.com and enter the event code ASK4BIZ (not case-sensitive), or send an email with your question to email@example.com
- The Chamber has compiled a group of experts to answer these questions; answers will be posted on their FAQ page. SBDC staff will be one of the experts contributing content to the page.