Business Disaster Relief Resources
Bank of Sun Prairie is providing this resource list as a service to our customers. Let us know if and how we may help you during this time. You can reach us at 608.837.4511. To find one of our business bankers directly, click here.
U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP)
***MAY 4TH UPDATE***
SBA announced on May 4, 2021, the PPP funding has been exhausted. SBA is no longer accepting applications for PPP funds. Bank of Sun Prairie has closed our application portal for new PPP applications due to this news from SBA.
U.S. Small Business Administration (SBA) Restaurant Revitalization Fund (RRF)
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
When and How To Apply
SBA began registrations on Friday, April 30, 2021, at 8 a.m. Central time and open applications on Monday, May 3, 2021, at 11 a.m. Central time. The online application will remain open to any eligible establishment until all funds are exhausted.
You can apply through SBA-recognized Point of Sale (POS) vendors or directly via SBA in a forthcoming online application portal: https://restaurants.sba.gov. Participating POS providers include Square, Toast, Clover, NCR Corporation (Aloha).
In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:
- Registering for an account in advance at restaurants.sba.gov starting Friday, April 30, 2021, at 8 a.m. Central time.
- Reviewing the official guidance, including program guide, frequently asked questions, and application sample available on SBA’s website www.sba.gov/restaurants.
- Preparing the required documentation.
- Working with a point-of-sale vendor or visiting restaurants.sba.gov to submit an application when the application portal opens. [Note: If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.]
Full program details can be found at www.sba.gov/restaurants
U.S. Small Business Administration (SBA) Shuttered Venue Operators Grant (SVOG)
The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes more than $16 billion in grants to shuttered venues and administered by SBA’s Office of Disaster Assistance. The grant provides emergency assistance for eligible venues affected by COVID-19. This program is administered directly through the SBA.
Eligible applicants may qualify for grants equal to 45% of their gross-earned revenue with the maximum amount available for a single grant award of $10 million. Two billion dollars is reserved for eligible applications with up to 50 full-time employees.
For eligibility requirements and further program details, visit www.sba.gov/svogrant.
SBA began accepting applications Thursday, April 8 at the above website.
U.S. Small Business Administration (SBA) Economic Injury Disaster Loans and Advance
SBA’s EIDL program offers long-term, low-interest assistance for a small business or nonprofit. These loans can provide vital economic support to help alleviate the temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses. This program is administered directly through the SBA.
- The SBA is offering low-interest federal disaster loans for working capital to small businesses and nonprofit organizations that are suffering substantial economic injury as a result of COVID-19 in all U.S. states, Washington D.C., and territories.
- These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The interest rate for nonprofits is 2.75%.
- To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.
Additionally, on March 5, 2021, SBA announced they would be launching a new round of EIDL Advances – called Targeted EIDL Advances – which provide eligible businesses with up to $10,000 in total grant assistance. Advance funds will be available to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding. Applicants do not need to take any action at this time. SBA will reach out to those who qualify.
For more info and to apply, visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/covid-19-economic-injury-disaster-loans
Dane County Small Business Grant Program
The Dane County Small Business Pandemic Support Grant Program, administered by Dane Buy Local, is available for small businesses experiencing financial difficulties as a result of the COVID-19 outbreak.
On March 25, Dane County announced a new round of grant funds would be available for local businesses. The applications opened on May 10, 2021. Apply here: https://fs20.formsite.com/1vKMWv/onekpc9ucl/index.html
Priority will be considered for businesses who have experienced a loss of 30% or more in revenue in 2020 vs 2019.
Priority will be considered for businesses in the following industries: Restaurant, Retail, Independent Contractor, Gym or Fitness Center, Lodging, and the Service Industry.
Funding is available for other industries as available.
Grants will be issued between $1,000 and $50,000.
Only one grant in this Round will be issued per FEIN, ITIN, or SSN.
A website or social media account will be used to verify your business.
Nonprofits do not qualify for this program.
The application must be completely and correctly filled out. Please proofread for typos, especially in emails, phone numbers and the name of the business. Grants are intended to assist with the next 3 months of business expenses. Business must have been open prior to March 15, 2020. Assistance is available in completing the application by contacting Colin at [email protected]
Applications will be accepted until funds run out. Updates can be found at www.danebuylocal.com.
Kiva Greater Madison
Kiva Greater Madison provides zero-percent interest capital to local small businesses with no fee. For businesses that need $15,000 or less immediately, Kiva is a no-cost option with an easy, low-barrier-to-entry application process. Learn more at www.kivaushub.org/madison.
WWBIC Fast Track Loans
The Wisconsin Women’s Business Initiative Corporation (WWBIC) has created a new Fast Track loan program focused on existing businesses looking for financing during the COVID-19 outbreak. Business owners can choose either a line of credit or a term loan, depending on their needs.
The line of credit is for between $5,000 and $10,000 for a 12-month term with a 9.25 percent interest rate. The term loan is for between $5,000 and $15,000 for a 60-month term with an interest rate of 4.5 or 5 percent. There is no collateral needed to qualify for either option.
You can find additional details and the application here.
Disclaimer: This list is not definitive, more funds and resources are becoming available all the time. We will do our best to update this list as more information becomes available. Bank of Sun Prairie makes no representation regarding the likelihood of success in receiving any of the funds or loans listed above, and for full application material, conditions, and eligibility you must check and apply directly with the organizations providing the resources.