COVID-19 SBA Loan Assistance
The Small Business Administration (SBA) just released 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.
As your financial partner, Monona Bank is committed to helping you with your application and have attached the necessary application and an Information Sheet at the bottom of this email. Please note:
The SBA is still writing the Standard Operating Procedures for this loan program. Once complete, it will provide clear instructions on how to complete your application, how to calculate your maximum loan amount, where to submit the application, the documentation required, when the funds will be available after loan approval, etc.
We anticipate this will be a highly sought-after loan program; therefore, we are creating a streamlined process to expedite all applications. In the meantime, we encourage you start collecting the following information now to get ready to submit your application:
For your convenience we have included links to more detailed information about the PPP program, as well as a link to the application below.
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.