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 or via [email protected]. To find one of our business bankers directly, click here.
U.S. Small Business Administration (SBA) Small Business Paycheck Protection Program
The Paycheck Protection Program (“PPP”) authorizes forgivable loans to small businesses to keep their workers on payroll during the COVID-19 crisis. Funds can also be used to pay interest on mortgages, rent, and utilities. The loan is done through the Bank of Sun Prairie with the SBA providing a 100% guaranty and means of forgiveness.
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (at least 60% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veteran organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.
When to Apply
Deadline extension for applications is August 8, 2020.
How to Apply
Contact a Bank of Sun Prairie Business Banker for a copy of the application and list of items needed.
More information can be found here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
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 done 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.
For more info and to apply, visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
Dane County Small Business Pandemic Support 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.
By creating this grant program, Dane County and Dane Buy Local hope to help local businesses survive the COVID-19 public health crisis, which has caused many to temporarily close their doors. Through this grant program, businesses can apply for funding to help stay afloat and retain employees. We encourage small business owners throughout our community to apply.
There is $10.8 million of available funding to support Dane County locally owned small businesses with employee retention and to mitigate losses from the COVID-19 pandemic. Grant awards range from $1,000 to $50,000.
To apply, visit https://fs27.formsite.com/wwbic/bgbnbsl5as/index.html
Sun Prairie Small Business Emergency Loan Fund
The Sun Prairie Small Business Emergency Loan Fund is designed to provide critical financial assistance to qualified small businesses that have been negatively impacted by the COVID-19 pandemic. Funds from the City of Sun Prairie, the Sun Prairie Chamber of Commerce, the Sun Prairie Business Improvement District and Bank of Sun Prairie have been pooled to create this fund. It is specifically meant to be leveraged with other federal and local programs.
Eligible applicants include private, for-profit small businesses of 25 or fewer employees. Businesses must demonstrate that 1) the business was financially viable before Coronavirus, 2) that Coronavirus has directly impacted the business, and 3) that this assistance is likely to keep the business solvent.
Eligible Uses of Funds:
- Rent costs not covered by PPP
- Utilities cost not covered by PPP
- Other Business-Related Loan Payments or Leases not covered by PPP
- Personal Protective Equipment
- Cleaning Supplies
- Lost Inventory
- Other operating costs directly related to the business may be considered by the oversight committee at their sole discretion depending upon the number of applications received, the purpose of requested funds, and the availability of funds.
- Loan amount up to $5,000
- Interest rate fixed at Prime at time of approval
- Payment period begins 90 to 180 days after loan approval; monthly payments for one to two years thereafter
- No prepayment penalty
For more information, application and submission instructions, visit https://cityofsunprairie.com/1325/Small-Business-Emergency-Loan-Fund
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.