Pandemic Resource Update 4-14-20
Dear clients,
I have a few updates for you today…
There does seem to be some promising news showing that we are a little bit closer to relief on the horizon.
PPP Loans and EIDL Advance/Loan
We have clients who have now received PPP loan funds (through a bank) and the SBA Economic Injury Disaster Loan (EIDL) advance.
Additionally clients have received emails from SBA asking them to set-up an account for EIDL Loan.
We assume the SBA will now start gathering information for underwriting the EIDL Loans.
Here is a link to a video with SBA Wisconsin Director, Eric Ness, talking about PPP loans (and EIDL loans): https://agreatermadison.wistia.com/medias/yzgb6hil5b
Pandemic Unemployment Assistance (PUA) and Federal Pandemic Unemployment Compensation (FPUC) program
The following information was taken from an email received from Caleb Frostman, Secretary of WI DWD:
Pandemic Unemployment Assistance (PUA)
We expect to take applications for the Pandemic Unemployment Assistance (PUA) program the week of April 21, 2020. PUA temporarily expands UI eligibility to those who are otherwise ineligible for state UI benefits, including those who are self-employed, free lancers, independent contractors, and part-time workers impacted by COVID-19. Workers will be eligible for retroactive benefits (as far back as Feb. 2, 2020) and can receive benefits for up to 39 weeks. The PUA benefit amount is calculated as 1% of last year's total income earned, with weekly minimum and maximum benefit rates of $163 and $370, respectively.
Federal Pandemic Unemployment Compensation (FPUC) program
The CARES Act also created the Federal Pandemic Unemployment Compensation (FPUC) program, which provides an additional $600 per week through July 31, 2020 to those who are eligible for UI or PUA benefits. Wisconsin hopes to take initial claims the week of April 21, 2020 and start making these payments the week of April 26, 2020.
WEDC 20/20 Small Business Program Grant Applications
If you applied for the WEDC 20/20 grant through WWBIC, please check your email for a separate email today with more information on the application process and timeline.
Resources from UW Extension for Food Carts and Farmers Market Vendors
Covid-19 Resource Guide for Licensed Food Cart & Food Truck Vendors in Wisconsin
Covid-19 Strategies for Farmers Markets
https://fyi.extension.wisc.edu/covid19/files/2020/04/FM-Covid19-updated-4920.pdf