|NOTE: Updated to include a more comprehensive list of SBA lenders, along with contact information.
The Chamber has launched a virtual portal for employers to submit questions relating to COVID-19 and its impact on business. Responses are posted at madisonbiz.com/covid19faq.
Submit questions about the CARES Act, Gov. Evers' "Safer at Home" order, availability of assistance for your business and more by visiting Slido.com and entering the event code #ASK4BIZ (or simply click here to go directly to the page). Questions can also be submitted via email at email@example.com.
Good evening --
Here are the latest updates on the COVID-19 outbreak and our organizational efforts to inform and ensure an effective community response:
This Thursday, April 2, from 12:15-1:00 p.m., get the latest updates and information from Madison Mayor Satya Rhodes-Conway regarding the COVID-19 community response during the first edition of Lunch(UP)date, the Chamber's new weekly virtual lunch meeting.
Sign up here to attend. If you have questions for the Mayor or the Chamber, you can submit them in advance to firstname.lastname@example.org.
ECONOMIC INJURY DISASTER LOANS
The U.S. Small Business Administration (SBA) has made available a new, streamlined application for Wisconsin businesses affected by the COVID-19 outbreak to receive Economic Injury Disaster Loans (EIDLs).
The new application can be found here. For a list of recommended documents and required forms as part of the application process, click here.
These loans offer up to $2 million in assistance and can provide vital economic support to small businesses to pay fixed debts, payroll, accounts payable and other bills. These loans are not intended to make up for lost profits or to be used for expansion.
The CARES Act affords the opportunity to get up to a $10,000 advance on an EIDL. This advance may be available even if your application was declined or is still pending, and it will be forgiven.
YOU MUST SUBMIT THE NEW APPLICATION TO QUALIFY FOR AN ADVANCE, even if you previously submitted an EIDL application.
General SBA guidance for small businesses impacted by COVID-19 is available here.
For additional assistance, contact the SBA’s helpline at 800-659-2955 from 6 a.m. to 8 p.m. CT seven days a week or by email at email@example.com. You can also visit their website at sba.gov/disaster.
PAYCHECK PROTECTION PROGRAM
Enacted as part of the CARES Act, the Paycheck Protection Program (PPP) is a $350 billion lending program designed to incentivize small businesses to keep their workers on payroll by providing loans of up to $10 million for payroll and certain other expenses.
PPP is modeled on the existing Small Business Administration (SBA) 7(a) program, with a 100 percent government guarantee. Employers are able to apply through current 7(a) lenders, and additional lenders will be approved for participation.
To be eligible, you must be a small business as defined by the SBA (typically fewer than 500 employees, but varies by business sector), a 501 (c)(3) non-profit with fewer than 500 employees, or be a sole proprietor, self-employed or an independent contractor.
The PPP loan application can be found here, and applications can be submitted starting this Friday, April 3.
For additional information about the PPP, check out this guide from the SBA or this FAQ document from the U.S. Senate Committee on Small Business & Entrepreneurship.
For a full archive of previously shared resources, visit madisonbiz.com/covid19.
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