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!
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.
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:
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.
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.
SBA partners are working by phone or video conference to help assist you with the SBA Economic Injury Disaster Loan application process.
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.
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 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.