The outbreak of the coronavirus has brought business to a screeching halt in many part of the country, and Wisconsin is no different. The crippling effects of COVID-19 are likely to be felt for months and years from now.
In spite of all the challenges that lie ahead, the U.S. Small Business Administration (SBA) approved late Friday evening, Wisconsin’s request for small businesses affected by the pandemic to have access to low-interest federal disaster loans as of Friday evening.
While it’s very good news for small business owners across the state, Governor Tony Evers cautioned that, with unprecedented demand for the loans nationwide, processing of the applications may be delayed. Under the Economic Injury Disaster Loan (EIDL) program, businesses and non-profits may qualify for up to $2 million in loans to cover losses resulting from the pandemic.
The interest rate on the loans is 3.75% for for-profit businesses and 2.75% for nonprofits. Participants may be able to extend payments for up to 30 years, according to the federal approval.
You can start the loan application process by logging onto https://wisconsinsbdc.org/
The Wisconsin SBDC has also created a web page that will better explain to business owners the qualifications needed as well as the application process. That website is https://wisconsinsbdc.org/services/covid-19/disasterloans/.
There are 13 remote locations that are accessible by phone, email and assorted virtual tools, ready to assist business owner.