This email provides you with a recap of the currently available local, statewide, and federal loan and grant programs as of April 9, 2020.

Also, scroll to the bottom for an overview of many of the largest federal programs and how they interact with each other. This guide was compiled by our partners at Neider & Boucher.
Local Lending and Grant Programs
Dane Buy Local & Dane County Small Business Pandemic Support Grant Program
The Dane County Small Business Pandemic Support Grant Program, administered by Dane Buy Local, is available for small businesses experiencing financial difficulties as a result of the COVID-19 outbreak. Through this grant program, businesses will be able to apply for funding to help stay afloat and retain employees.

This loan program initially had $250,000 in available funding to support Dane County locally-owned small businesses. That amount has now increased to a total of $800,000 .
WWBIC COVID-19 Fast-Track Loan Program
This program is focused on existing businesses looking for business financing during COVID-19. Owners have two options to pick from depending on their needs: a line of credit or a term loan.

  • Term Loans can range up to $15,000 with a term of up 60 months
  • Line of credit available up to $10,000 with a term of up to 12 months
  • No collateral. No open judgments/ collections unless on payment plan
Kiva Loans
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 the application is posted online for a public fundraising period.
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 website .
Statewide Programs
Wisconsin Economic Development Corporation Business 20/20
The program 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.
Federal Programs
SBA Programs
Economic Injury Disaster Loans (EIDL)
The SBA’s 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.

Economic Injury Forgiveness/Advance
These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19. To access the advance, you first apply for an EIDL -  directly through the SBA  - and then request the advance. If you applied for an EIDL before Monday, March 30, you must resubmit your application through the new application portal to be eligible for the $10,000 Advance.

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).

CARES Act: Paycheck Protection Program
The goal of this  program  is to help business owners keep their workers employed by providing loans for 8 weeks of payroll (see payroll calculation information below) and certain overhead. These loans will be forgiven as long as the funds are used to keep employees on the payroll and their use is properly documented. Applicants apply through SBA lenders.
Internal Revenue Service (IRS)
Employee Retention Tax Credit: The Treasury Department and the Internal Revenue Service has launched the Employee Retention Credit (under the CARES Act), designed to encourage businesses to keep employees on their payroll. This refundable tax credit is worth 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
Other Assistance
Restaurant Employee Relief Fund
The National Restaurant Association Educational Foundation (NRAEF) has set up the Restaurant Employee Relief Fund to help restaurant industry employees experiencing hardship in the wake of the COVID-19 outbreak.
The fund provides $500 grants to restaurant industry employees who have been financially impacted by COVID-19 through lower wages or lost employment. Funds are disbursed on a first-come, first-serve basis, subject to availability.
Key criteria for applicants to the fund include demonstrating they worked in the restaurant industry full- or part-time for at least 90 days in the past year; have had a primary source of income in the restaurant industry for the last year; and have experienced a decrease in wages or loss of job on or after March 10, 2020. The program opens weekly for new applicants.
Verizon Small Business Recovery Fund
Verizon has invested $2.5 million for grants to help small businesses fill urgent financial gaps.

Who is eligible?
These grants of up to $10,000 are for businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities.
How can the money be used?
  • Paying rent and utilities
  • Meeting payroll
  • Paying outstanding debt to vendors
  • Other immediate operational costs

The application period for Round 1 is closed; interested applicants can register on the website for the next round of funding, beginning mid-April.
Neider & Boucher Compiles Program Overview
We are grateful to our partners at Neider & Boucher for compiling this resource explaining the basics of a variety of available COVID-19 programs and how they interact together. Included in this document are details of:
  • CARES Act: Personal payments, enhanced unemployment benefits, Paycheck Protection Program, Employee Retention Credit
  • Delay of Payment of Employer Payroll Taxes
  • Families First Coronavirus Response Act (FFCRA)
  • Economic Injury Disaster Loan (EIDL)
  • Workplace Reduction and employer considerations
The Wisconsin SBDC Network is a proud part of the  Institute for Business & Entrepreneurship  in the  University of Wisconsin System . It is funded in part through a Cooperative Agreement with the  U.S. Small Business Administration.