What's Happening Now?

The SBA will soon be providing Wisconsin small business assistance through its disaster loan program. Governor Evers has already submitted the declaration request, thanks to an easing of requirements by the SBA Administrator yesterday and we expect approval very soon. 

 While no one can apply for a loan until the declaration is approved, you can get started right now with forms you'll need and be ready to go when the portal opens.

• Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates.
• Complete copies of the most recent Federal Income Tax Return.
• Schedule of Liabilities (SBA Form 2202).
• Personal Financial Statement (SBA Form 413).
• Profit and loss statements
• Monthly sales figures (SBA Form 1368)

For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus.

We know that Wisconsin's 452,000 small businesses are concerned about staying healthy, taking care of themselves and their families, and staying in business during this unprecedented situation. 

Find SBA assistance near you

• .  Most of our partners are working by phone or by video conference. 
  • Small Business Development Centers and the Institute for Business and Entrepreneurship  have created a page to connect you with local assistance and other resources. Reach their Answerline at 800-940-7232.
  • The Wisconsin Women's Business Initiative Corporation has seven locations statewide, is moving some classes online, and is responding to inquiries. Call the location near you first before visiting. 
  • SCORE Southeast Wisconsin is available by phone and by e-mail for advising, and SCORE Madison can be reached by email.  Or visit www.score.org to find an advisor. 

SBA-backed loans

• Small businesses with SBA-backed micro-loans, 7(a) loans, and 504 loans can request deferrals of three-six months. Contact your lender for details.  

Other Federal and state resources

• The IRS has established a web page to help taxpayers, businesses and others affected by the coronavirus.
• The U.S. Department of Labor has resources to help workers and employers prepare for the COVID-19 virus, including use of Family Medical Leave
• New guidance outlines flexibilities that states have in administering their unemployment insurance programs to help Americans affected by coronavirus.
• Wisconsin Economic Development Corporation has announced a grant program to defray payroll and other costs for small businesses with no more than 20 employees.  More detail.

Steps for Government Contractors

If a situation occurs that will prevent small businesses with federal government contracts from successfully performing, they should reach out to their contracting officer and seek extensions before they receive cure notices or threats of termination. SBA’s Lead Business Opportunity Specialist Shane Mahaffy can help affected small businesses engage with their contracting officer.

Cancelled or Postponed Events

The SCORE/SBA Awards Breakfast planned for May 8 and National Small Business Week May 3-9 have been postponed--new dates will be announced when available. The Boots to Business: Reboot scheduled for March 27 in Stevens Point has been cancelled. Due to CDC and Wisconsin Department of Health Services guidance, most events have been cancelled,  postponed, or moved online.  When in doubt, check with the host organization. 

Want More Updates?

If someone forwarded you this newsletter, you can sign up at www.sba.gov/updates--be sure to include your zip code to get news customized for Wisconsin and your area.  You can also follow us on Twitter at @SBA_WIsconsin.

SBA Wisconsin District Office

310 West Wisconsin Avenue, Suite 580W
Milwaukee, WI 53203
Phone: 414-297-3941

740 Regent Street, Suite 100

Madison, WI 53715

608-441-5263

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