Federal loans available for small Wisconsin businesses impacted by COVID-19

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MADISON, Wis. (WMTV) -- Small businesses are now able to get a low-interest federal disaster loan through the U.S. Small Business Administration after being economically impacted by the coronavirus.

The SBA approved Gov. Tony Evers’ request the agency announced on Monday.

The declaration provides assistance to Wisconsin and surrounding counties in Illinois, Michigan, and Minnesota.

“SBA is strongly committed to providing the most effective and customer-focused response possible to assist Wisconsin small businesses with federal disaster loans,” said SBA Administrator Jovita Carranza. “We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19).”

Small businesses, private non-profits, small agricultural cooperatives and small aquaculture businesses impacted by the virus since Jan. 31 could qualify for Economic Injury Disaster Loans of up to $2 million.

The loans will be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid.

The interest rate is 3.75 percent for small businesses, ad 2.75 percent for private non-profit groups.

The deadline to apply is Dec. 21.

Applicants interested in receiving assistance can apply online at <"a href=https://disasterloan.sba.gov/ela">https://disasterloan.sba.gov/ela. They can also call the SBA customer service center at 1-800-659-2955 or email disastercustomerservice@sba.gov.

The Wisconsin Small Business Development Center is also helping businesses mitigate the loan process.

The Wisconsin SBDC is a resource partner of the SBA. The center has been hosted by the University of Wisconsin System since 1980.

“Business owners face devastating, unprecedented challenges as cash flow and everyday lives are severely disrupted,” said Bon Wikenheiser, state director. “They need expert advice they can trust now more than ever.”

CLICK HERE TO ACCESS SBDC SITE

Consultants are at the network's 13 locations and can be reached by phone or email and clients can access virtual tools.