Pandemic Resource Update 6-16-20
Good afternoon clients,
Quite a bit of useful/new information today on funding and assistance opportunities! Please take a scroll and also let me know if you have questions…
EIDL – Economic Injury Disaster Loan (and “Advance” grant) Application – OPEN AGAIN – APPLY NOW
Please note:
To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today.
If you did not apply previously before the application was closed, you have the opportunity now.
If you have questions about how the Advance portion works with PPP forgiveness, please let me know.
WEDC We’re All In Grant – Get Your Applications in this Week
Please note:
Application link: https://wedc.org/programs-and-resources/wai-small-business-grant/
Applications will be accepted through 11:59pm on 6/23.
It is intentionally not first come first serve, so there is no scoring advantage in getting your application in sooner rather than closer to the deadline (although I do not recommend that you wait until the last minute).
Applications will be scored to determine the greatest need to determine who will receive funds.
It appears that ALL documentation has to be submitted at the same time otherwise it is not accepted. There is no ability to save and it does not appear that one can add a letter later … at least easily. So take care to prepare the required documents before you begin the application.
PPP Loan Application Deadline Approaching
Please note:
PPP funds are still available for small businesses, sole proprietors, independent contractors, nonprofits and tribal businesses whose operations were impacted by the Coronavirus outbreak.
With the enactment of the Paycheck Protection Program Flexibility Act, there is more flexibility, such as the extension of time to spend loan proceeds from eight weeks to 24 weeks, the expansion in the percentage of funds that can be used for non-payroll expenses, and eligibility of those with felonies. Read more in this joint statement from SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin.
I think this Fundera article is a great resource for understanding the changes to PPP loans through the PPPFA: https://www.fundera.com/blog/paycheck-protection-program-flexibility-act
The last day a PPP loan application can be approved is June 30, 2020.
There is still $129 billion in funding available.
If you haven’t applied, but are considering; now is (most likely) your last chance. Please let me know if you have any questions.
If you know another business owner (not a WWBIC client), you can refer them to WWBIC to apply. (If you let me know, I can send you an email to forward to another business.) And keep in mind, time is of the essence!
Dane County Grant – Administered by Dane Buy Local – Funds Still Available
Please note:
There is still grant funding available
If you applied and were denied originally (before the amount was increased from $250K to $10M), you may re-apply
If you’ve applied, and are unsure of the status of your application; you may email Colin Murray <colin@danebuylocal.com>. Be sure to include your business name in the subject of the email.
I have been told that it is currently taking 4-6 weeks to process applications. I’ve also heard that it takes about 4 weeks to receive the funding (if your application is approved).
Dane County (residential) Rental Assistance Available
Dane County has rental assistance funds available:
Dane County has allocated $10 million in CARES act funding for the Dane County CARES Eviction Prevention Fund. These funds can provide up to 4 months of rental assistance for renters facing economic hardships due to COVID-19.
The Tenant Resource Center administers the program for tenants and property owners in Dane County (including the City of Middleton).
For more information, to see if you are eligible, and to make an application, go to: https://www.tenantresourcecenter.org/danecountycares.
The Dane County program is separate from the Wisconsin Rental Assistance Program (WRAP) announced previously. That WRAP program can be accessed at: https://www.cacscw.org/wrap/.
Both programs are open for renters and property owners in Dane County.
Pandemic Unemployment Assistance (PUA) for Small Business Owners
Exciting news! At least one of your fellow clients has now received PUA. (Please do let me know if you receive yours and feel free to update me on how this is going.)
Last week, Dane Buy Local held a webinar with Secretary Frostman of WI Dept of Workforce Development.
Following the webinar, Secretary Frostman gave the following numbers to use should you need to reach out to the Department of Workforce Development regarding your PUA claim: (414) 435-7069 or toll-free at (844) 910-3661.
Kimberly Clark “Poise” Grant Opportunity
To help female entrepreneurs bounce back from financial hardships they’ve experienced as a result of the COVID-19 pandemic, our Poise®️ Brand is awarding 30 individual grants of $15,000, 10 of which have already been filled. Now through June 30, Poise Brand is accepting applications for 20 additional grants supporting woman-owned businesses. Read more about the program, how to apply and the businesses that have received grants so far: http://spr.ly/6186GynKj
Other than being a female-owned business, I don’t see much other criteria listed here for applicants. However, I would recommend that you review the profiles of the 10 businesses that have already been awarded this grant to get a sense of whether or not it makes sense for your business to apply for this opportunity.