COVID-19: Small Business Resources
Please check this page regularly as it may be updated frequently as we receive updated information.
Loan and Grant Opportunties
- Loans up to $2 Million to be used for working capital to keep operations going; can be used for fixed-debt, payroll, operating expenses, etc. for small businesses and non-profits
- Loan requirements: good standing credit history; ability to repay the loan; collateral for loans greater than $25,000. Loans less than $25K do not require collateral. Must qualify as a small business per SBA criteria.
- There is a 12-month deferment period for repayment of loan; interest will accrue from date of award at a simple, fixed rate (3.75% for businesses, 2.75% for non-profits)
- If you currently have a Disaster Loan through SBA (possibly from past flooding, for example), these loan repayments can potentially be deferred for a period of time as well. Contact your loan representative if you currently have such a loan
- Loans come directly from the US Treasury
Tips when applying for this loan:
- The application site is extremely busy at this time; suggestion is to apply at less busy times such as after 7pm and before 7am
- Save your work as you go as the webpage will periodically time out and you will have to log on again
- Keep your log on information. SBA cannot send it to you. If you lose your log on information, you will need to start over
- Keep track of your application number
- Have any forms ready before you apply online. Forms needed include (see SBA webpage for detailed information):
- completed SBA loan application (SBA Form 5)
- Tax Information Authorization (IRS Form 4506T)
- Copies of most recent tax return (if you have not filed for 2019, include a year-end profit & loss statement and balance sheet)
- Schedule of Liabilities (SBA Form 2202)
- Personal Financial Statement (SBA Form 413)
- Additional Filing Requirements (SBA Form 1368)
- Intended for small businesses with 20 or fewer full-time or part-time employees and having less than $2 Million in annual revenue
- Preference is given to service and retail business
- Max awards are $20,000 and can be used to cover rent and payroll expenses including paid sick leave, family and other leave related to COVID-19
- Grant awards are dispersed through Community Development Financial Institutions (CDFI) and grant recipients must have a current, existing relationship (such as a loan) with a CDFI. A list of CDFIs in Wisconsin can be found here. In our area, there are two: Northwoods Community Credit Union and Impact Seven.
- Through the Duluth Superior Area Community Foundation
- Grants to nonprofit organizations on the front lines of the COVID-19 response in Ashland, Bayfield, and Douglas Counties
Payroll and Tax Information
Employers can find information on Unemployment Insurance at:
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available.
Wisconsin has extended the tax deadline until July 15, 2020. See their webpage for other information and announcements related to COVID-19.
Other Business Resources
- Arts Wisconsin’s Information and Resources for the Creative Sector re COVID-19
- Arts Wisconsin’s Legislative Action Center for advocacy actions.
- WisARTS@nullgroups.io list serve for arts sector connections, questions, information
- Wisconsin Arts Board’s COVID-19 and the arts in Wisconsin
- Americans for the Arts’ COVID-19 Research and Response Center