The COVID-19 virus has slowed the world’s economy to a standstill and Southeastern Wisconsin is experiencing the same financial difficulties and economic hardships. Everyone’s top priority during this global health crisis should be staying safe and healthy. However, maintaining your business’s health is also a top priority. Take advantage of the following resources so you can stay informed, access additional funding and lessen the impact of the crisis on your business.
U.S. Small Business Administration – https://www.sba.gov/disaster
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Wisconsin Economic Development Corporation – wedc.org/sb2020
$5 million funding program made up of targeted grants to small businesses suffering losses due to coronavirus emergency.
City of Racine Emergency Fund – https://www.cityofracine.org/CDV/RFP/
In response to the economic hardships experienced by small businesses resulting from the COVID-19 pandemic, the City of Racine is making Federal CDBG funds available for small businesses to remain in operation and retain employees during this emergency.
Facebook Small Business Grants Program – https://www.facebook.com/business/boost/grants
Facebook is issuing up to $100 million in cash grants and ad certificates to help small businesses experiencing disruptions resulting from the COVID-19 outbreak.
Kiva Loans – kiva.org/borrow
Kiva lenders are providing expanded financial assistance in the wake of Covid-19. They are expanding eligibility, increasing loan sizes and offering additional flexibility and grace periods to lenders.
JBF Relief Fund – https://www.jamesbeard.org/relief
The James Beard Foundation recognizes the dire situation the food and beverage community is in due to the COVID-19 pandemic. The Foundation launched a fund that will be gathering support from corporate, foundation, and individual donors to provide micro-grants to independent food and beverage businesses in need.
The Main Street Emergency Grant Program – https://www.murphy.senate.gov/download/emergency-grant
More information is coming, but this proposal by U.S. Senators Chris Murphy, Jeff Merkley and Chris Van Hollen, will allow small businesses to apply and receive grants quickly through the Treasury Department.
Wisconsin Business Lending Partners – https://blp504.org/covid-19-financial-resources/
Visit the Wisconsin BLP resource center for more information on SBA 504 and RLF loan deferments.
For TAG™, this is our area of expertise and you can rely on us to answer any questions or concerns that you have about the financial impacts on your business. Let our team help you better understand and manage this process by visiting us at simplyfaster.com or contact Andrew Strozinsky at astrozinsky@simplyfaster.com for more information.
Stay informed, stay connected and stay safe. We are all in this together.
