Important information for Wisconsin Small Businesses
COVID-19 SBA Loan Assistance
At Monona Bank we are committed to helping our community's small businesses keep their doors open and workers on the payroll. We truly believe that our small businesses are the backbone of our economy. By offering a variety of loan options, backed by the Small Business Administration (SBA), we can help your business navigate these unprecedented times. Together we will get through this!
Paycheck Protection Program
The Small Business Administration (SBA) just released another round of the Paycheck Protection Program (PPP), designed to help small businesses keep workers employed amid the current COVID-19 crisis and economic downturn. The Paycheck Protection Program provides 100% federally guaranteed loans to small businesses who qualify. More importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payroll after the crisis is over.
For additional information about this program, and how the loans can be forgiven, please see the links below.
Paycheck Protection Program Information Sheet
Paycheck Protection Program - Loan Forgiveness Information Sheet
Please note that we are happy to assist non-clients in submitting their PPP application to the SBA, however, non-clients will need to begin a business relationship with Monona Bank in order for us to submit your application. This is a requirement that was implemented by the SBA.
This as been a highly sought-after loan program; therefore, we have created a streamlined process to expedite all applications. To start the application process please follow the steps below:
- Complete the PPP Application
- Begin collecting your businesses necessary documents.
- Payroll information from 2019. A report from your payroll provider will be a good start.
- IRS Form 941 or 944
If you are not yet a client or do not have a business banker you work with, you can contact our Paycheck Protection Group by email at PaycheckProtection@mononabank.com or by phone at (608) 310-1245. This specialized team will help you to submit your application and work through the process, including opening the required accounts, in order to get your loan funded.
SBA Economic Injury Disaster Loans Now Available in Wisconsin!
As your businesses financial partner, our team of experienced Business Bankers are continually keeping our eye out for ways we can help your business get through these trying times. Thanks to the continued effort by the State of Wisconsin and the U.S. Small Business Administration, Wisconsin small businesses and private non-profits are now eligible for SBA's Economic Injury Disaster Loans.
- Loans are available for up to $2 million.
- These loans can provide working capital to meet the needs of payroll, accounts payable, and fixed debt payments until the situation improves.
- Interest rates are 3.75% for small businesses and 2.75% for non-profits.
How you can apply for these loans
- Apply Online at SBA.gov/disaster
- Need help? Access these step-by-step online instructions
- Like to speak to someone? Call 800-659-2955 between 7am - 9pm ET Mon-Sunday
- Individuals who suffer from hearing loss or are hard-of-hearing can call 800-877-8339
- For additional information on SBA programs involving COVID-19, please visit www.sba.gov/coronavirus.
Find SBA Assistance with Disaster Loans Near You
SBA partners are working by phone or video conference to help assist you with the SBA Economic Injury Disaster Loan application process.
- Small Business Development Centers and the Institute for Business and Entrepreneurship have created a page to connect you with local assistance and other resources. You can also reach their Answerline at 800-940-7232 for any questions.
- The Wisconsin Women's Business Initiative Corporation has seven locations available statewide. You can reach them by email at info@wwbic.com for assistance.
- Western Wisconsin Women's Business Center is currently working remotely. Click the link for a list of emails you can contact for assistance.
- SCORE Southeast Wisconsin is available by phone or e-mail to help provide assistance to you, and SCORE Madison and SCORE Marshfield can be reached by email. Or visit www.score.org to submit a mentor request.
- For Douglas County only: Entrepreneur Fund has COVID-19 Updates & Resources and offering 30-minute consultation, by phone or email, with a Lender or Advisor.
Other Federal and State Resources
- The IRS has established a web page to help taxpayers, businesses and others affected by the COVID-19.
- 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 what states have when administering their unemployment insurance programs to help Americans affected by COVID-19.
- 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.
- Small businesses should ensure that anyone promising assistance is legitimate. The FTC has this page to help businesses protect against scams: www.ftc.gov/coronavirus. More resources for cyber scams can be found here: https://www.us-cert.gov/ncas/current-activity/2020/03/06/defending-against-covid-19-cyber-scams
SBA-Backed Loans
Small businesses with SBA-backed micro-loans, 7(a) loans, and 504 loans can request deferrals of three to six months. Please contact your Business Banker for additional details.
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.
Want More Updates?
Want to receive more information from the U.S. Small Business Association (SBA)? 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 them on Twitter at @SBA_WIsconsin.