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Economic Development Administration (EDA) CARES Act Funding Announced
The U.S. Economic Development Administration (EDA) recently announced funding opportunities for the $1.5 billion in supplemental funding they received from the CARES act. This funding is provided to help communities and regions respond to, and recover from, the impacts of the COVID-19 pandemic. As the designated Economic Development District (EDD) for west central Wisconsin, the West Central Wisconsin Regional Planning Commission (WCWRPC) is prepared to assist the region in submitting requests for some of these available dollars. See the EDA CARES Act Recovery Assistance Program flyer for details.
Please contact Lynn Nelson, WCWRPC Executive Director, at lnelson@wcwrpc.org or by phone at (715) 456-7291 with any questions or to discuss potential projects.
Wisconsin Granted Federal Disaster Declaration Due to COVID-19 Pandemic
https://content.govdelivery.com/accounts/WIGOV/bulletins/284ebcc
Economic Impact Survey
Business Economic Impact Survey
https://uwosh.edu/ccrs/covid-19-survey/
WEDC, working with UW Oshkosh Center for Customized Research and other economic development organizations recently completed a Business Economic Impact Survey. Click the link above for survey information and research results.
Business Resources
Financial Assistance Programs (click here for PDF version)
Federal Reserve's Main Street Lending Program (anticipated to start at the end of May)
https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm
This program is established to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. See the program webpage for specific details.
U.S. Chamber of Commerce: Guide to the Main Street Lending Program: (click here)
City of River Falls Recovery Revolving Loan Program
https://www.rfcity.org/580/Revolving-Loan-Program
The City of River Falls has created a $500,000 revolving loan fund to assist local businesses negatively impacted by the COVID-19 pandemic. The program is intended to be used in conjunction with other financing, including, but not limited to, bank loans and Small Business Administration (SBA) financing programs. River Falls businesses can request loan amount of $5,000 or $10,000. Deadline to apply is June 5, 2020 at 5:00 p.m. Guidelines, loan details, and application can be found on the City’s loan fund program webpage.
U.S. Department of Agriculture Business & Industry (B&I) CARES Act Program
https://www.rd.usda.gov/programs-services/business-and-industry-cares-act-program
USDA is making available up to $1 billion in loan guarantees to help rural businesses meet their working capital needs during the coronavirus pandemic. This program is available to rural businesses and agricultural producers that are not eligible for USDA Farm Service Agency loans. See program webpage for additional details.
Wisconsin's We're All In Grant Program
https://wedc.org/programs-and-resources/wai-small-business-grant/
The State of Wisconsin is using a portion of the funding received under the CARES Act to establish the We're All In Initiative, which includes a $75 million grant program. Under this program, grants in the amount of $2,500 will be available to small businesses with 20 or fewer FTEs impacted by COVID-19. Up to 30,000 businesses may receive grants. The online grant application will be accessible starting 8 a.m. Monday, June 15 through 11:59 p.m. Sunday, June 21. See program website for details.
SBA Economic Injury Disaster Loan Assistance (EIDL)
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
The U.S. Small Business Administration (SBA) has approved Wisconsin for an initial grant of up to $10,000 and low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19.
Additional Funding Notice from SBA: With the additional funding provided by the Phase 3.5 Stimulus Bill, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis. SBA will begin accepting new EIDL and EIDL Advance applications on a limited basis to provide relief to U.S. agricultural businesses.
SBA Economic Injury Disaster Loan (EIDL) Application Walk Through:
https://www.youtube.com/watch?v=TiX_kaTs1xA&feature=youtu.be
SBA Paycheck Protection Program
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
The Paycheck Protection Plan (PPP) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. Businesses apply through a participating lending institution.
Additional Funding Notice from SBA: The SBA will resume accepting Paycheck Protection Program applications from participation lenders on Monday, April 27, 2020 at 9:30 a.m. CT.
SBA Debt Relief Program
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief
Under this program the SBA will assist with principal and interest payments for SBA 7(a) loans issued prior to September 27, 2020.
SBA Express Bridge Loan Program
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans
This program allows small businesses who currently have a business relationship with an SBA Express Lender to access financing quickly. These loans can provide economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bring the gap while applying for an SBA EIDL loan.
WEDC Small Business 20/20 Program
https://wedc.org/programs-and-resources/small-business-2020/
The Wisconsin Economic Development Corporation (WEDC) Small Business 20/20 Program provides grant funds to approved Community Development Financial Institutions (CDFIs) who will then award grants of up to $20,000 to their existing loan clients to assist with cash-flow challenges resulting from COVID-19. (Note: In the West Central Wisconsin Region, the only eligible CDFI for this program is Impact Seven, Inc.)
Regional Business Fund, Inc. Micro Loan Fund
https://www.rbfinc.org/micro-loan-fund
The Micro Loan Fund Program provides small loans to startup or newly established small businesses two years of age or less who are unable to access traditional financing (bank or credit union).
Regional Business Fund, Inc. Growth Loan Fund
https://www.rbfinc.org/growth-loan-fund
The Growth Loan Fund is for established companies that have financing needs that cannot be met by traditional lending institutions. Eligible businesses have been operating for more than two years and have at least $100K in sales within the last 12 months.
Non-Governmental Financial Assistance Resources (Note: this list is not exhaustive of all potential non-governmental assistance programs.)
Technical Assistance
FastTrac Online Business Accelerator Course
https://ic.successfulbusiness.org/events.aspx
In response to the impact COVID-19 has had on the local economy, anyone interested in starting their own business, becoming self-employed or taking a new product to market can attend the Kauffman FastTrac free 10-week online course.
Community Resources (Forthcoming upon learning more about available funding programs (EDA, CDBG, etc.))
"Routes to Recovery: Local Government Aid Grants" Program
(Click here for program link)
On Wednesday, May 27th, Governor Evers announced the Routes to Recovery Local Governments Aid Grants Progarm aimed at helping the state's local governments address some of their most urgent COVID-19 recovery needs. The program is funded with $200 million in federal dollars under the CARES ACT. See program page for funding allocations and program details.
USDA Distance Learning & Telemedicine Grant
https://www.rd.usda.gov/programs-services/distance-learning-telemedicine-grants
State Trust Fund Loan Program
https://bcpl.wisconsin.gov/Pages/LoanProgramHomePage.aspx
Alchemy Community Transformations - Funding Resources for Rural Communitieshttps://alchemycommunities.com/funding-resources/
USDA COVID-19 Federal Resource Guide
https://www.rd.usda.gov/sites/default/files/USDA_COVID-19_Fed_Rural_Resource_Guide.pdf
League of Wisconsin Municipalities - COVID-19 Resources
https://lwm-info.org/1575/COVID-19---Coronavirus-Resources
Wisconsin Towns Association Resources
https://www.wisctowns.com/resources/clerk-town-resources/
Data Resource - EMSI Job Posting Dashboard
https://www.economicmodeling.com/job-posting-dashboard/
FEMA Public Assistance Grant Program
Protective Measures Page
Coronavirus Pandemic: Public Assistance Simplified Application
Simplified Application.pdf
Coronavirus Pandemic: Eligible Emergency Protective Measures
Protective Measures Fact Sheet.pdf
Residential Assistance Programs
WHEDA
https://www.wheda.com/COVID-19-FAQ/
USDA Rural Development & Summary of Program Actions
https://www.rd.usda.gov/coronavirus
Summary of Program Actions PDF
Wisconsin Rental Assistance Program (W.R.A.P)
https://doa.wi.gov/Pages/LocalGovtsGrants/COVID-Grants.aspx
Utilizing funding from the CARES Act, the Department of Administration will partner with the Wisconsin Community Action Program Association to administer the Wisconsin Rental Assistance Program. The $25 million dollars of funding will be allocated to agencies across the state for residents to apply that meet income and need eligibility.
Resources for Farmers
U.S. Department of Agriculture Business & Industry (B&I) CARES Act Program
https://www.rd.usda.gov/programs-services/business-and-industry-cares-act-program
USDA is making available up to $1 billion in loan guarantees to help rural businesses meet their working capital needs during the coronavirus pandemic. This program is available to rural businesses and agricultural producers that are not eligible for USDA Farm Service Agency loans. See program webpage for additional details.
Wisconsin Farm Support Program
https://content.govdelivery.com/accounts/WIGOV/bulletins/28c99f5
This initiative is a $50 million investment to provide direct payments to Wisconsin farmers in support of the agricultural sector during the COVID-19 pandemic. It also includes a $15 million Food Security Initiative to combat hunger throughout the State. According to the program announcement, eligible farmers will be asked to apply for aid through the Wisconsin Department of Revenue and payments could begin arriving as early as June.
American Farmland Trust Farmer Relief Fund
https://farmland.org/farmer-relief-fund/
Wisconsin DATCP Resources
https://datcp.wi.gov/Pages/News_Media/Covid19.aspx
USDA Coronavirus Food Assistance Program
www.usda.gov
USDA Farm Service Agencies
www.usda.gov
UW Extension
https://farms.extension.wisc.edu/coronavirus/
National Sustainable Agriculture Coalition
https://sustainableagriculture.net/blog/closer-look-farmer-relief-senate-pandemic-package/
Farm AID
www.farmaid.org
Resources for Non-Profit Organizations
FEMA Public Assistance Programs
https://www.fema.gov/news-release/2020/04/02/coronavirus-covid19-pandemic-private-nonprofit-organizations
National Council of Non Profits
https://www.councilofnonprofits.org/nonprofits-and-coronavirus-covid-19
Area Specific Resources
Community Foundation of Chippewa County - Response Recovery Rebuild Fund
https://www.yourlegacyforever.org/funds/response-recovery-rebuild-fund.phtml
Eau Claire Community Foundation Quick Response Community Fund
https://eccfwi.org/funds/quick-response-community-fund/
Chippewa Valley Business Community COVID-19 Resource Facebook Group
https://www.facebook.com/groups/504041823806583/
Other Resources
Pandemic Unemployment Assistance Program
Self-employed business owners may qualify for unemployment through the Pandemic Unemployment Assistance (PUA) Program.
https://dwd.wisconsin.gov/uiben/pua/
Additional Resources/Agencies
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