WEDC working to secure federal small business disaster loans for Wisconsin
Once approved by U.S. Small Business Administration, state companies will be able to access low-interest loans to cover losses
MADISON, WI. March 17, 2020 – WEDC and Wisconsin Emergency Management (WEM) officials are working with the Wisconsin office of the Small Business Association to unlock federal Economic Impact Disaster Loans for businesses impacted by the COVID-19 outbreak.
“We know the outbreak of COVID-19 is causing considerable uncertainty for businesses not only in Wisconsin but throughout the world,” said Governor Tony Evers. “Our application for federal disaster loans is just the first step to address the needs of Wisconsin businesses and their employees during the emergency.”
WEDC Secretary and CEO Missy Hughes added, “WEDC is in regular communication with businesses of every size and type across the state as they face this emergency. We are committed to ensuring that businesses get the assistance they need so they can weather this difficult period.”
The federal SBA is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). SBA’s Economic Injury Disaster Loans offer up to $2 million per business in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
As in the case of past emergencies, state and local officials must provide evidence of losses to the federal SBA in order to qualify for the program. Because Wisconsin is seeking to unlock the loans on a statewide basis, it must provide evidence of losses in each county.
WEDC officials anticipate they will first finish compiling data on these losses; the state will then submit its application to the SBA, which has promised to expedite the approval process.
For more information on the SBA loans, please visit https://www.sba.gov/coronavirus, sign up for updates at www.sba.gov/updates and follow SBA Wisconsin on Twitter at @SBA_Wisconsin. For more information about WEDC’s support for Wisconsin businesses, please visit wedc.org.
- WI Daily: Wisconsin Reports Biggest One-Day COVID-19 Case Increase - Jeramey Jannene - Jul 4th, 2020
- Beware of Contact Tracing Scams - Bridgit Bowden - Jul 4th, 2020
- WI Daily: COVID-19 Spread Keeps Accelerating in Wisconsin - Jeramey Jannene - Jul 3rd, 2020
- Milwaukee Moves Backward In Fight Against COVID-19 - Jeramey Jannene - Jul 3rd, 2020
- State Unemployment Insurance System Failing Many - Bram Sable-Smith - Jul 3rd, 2020
- Racial Disparities Found in Safer-At-Home Arrests - Edgar Mendez - Jul 3rd, 2020
- Johnson Discusses Small Business Recovery at Axios Virtual Event - U.S. Sen. Ron Johnson - Jul 3rd, 2020
- The City of Milwaukee Phase 4 Assessment Update - City of Milwaukee Health Department - Jul 3rd, 2020
- WI Daily: 14-Day Positive Case Rate Continues Upward Climb - Jeramey Jannene - Jul 2nd, 2020
- City Hall: What Should Or Shouldn’t Be in Milwaukee Mask Mandate? - Jeramey Jannene - Jul 2nd, 2020
Read more about Coronavirus Pandemic here
Recent Press Releases by Wisconsin Economic Development Corporation
City of Beaver Dam receives $106,000 state grant to support redevelopment of vacant downtown propertyJun 24th, 2020 by Wisconsin Economic Development Corporation
WEDC investment to help fund renovation of vacant building into a Great Harvest Café and Bakery
StartupBlink annual report shows momentum for entrepreneurism building in state
$2,000 grants available to ethnically diverse microbusinesses