Skip to main content Go to Online Banking
ONLINE BANKING

COVID-19 Lending Resources for Businesses

WISCONSIN'S 'WE'RE ALL IN' INITIATIVE

Gov. Evers announced on May 18, 2020, that $75 million in grants have been created for small businesses impacted by the coronavirus pandemic. These grants will provide small businesses with 20 or fewer full time employees a $2,500 grant to those who have not already received relief from Wisconsin Economic Development Corporation (WEDC). These grants will be available for up to 30,000 small businesses in the State of Wisconsin.

Details about the program are now available! https://wedc.org/programs-and-resources/wai-small-business-grant/

The U.S. Small Business Administration (SBA) has published details on temporary funding programs in the CARES Act. Please know that Bank First is a Preferred SBA Lender and we are prepared to assist you!

PAYCHECK PROTECTION PROGRAM

The Senate passed an additional $310 billion to be added to the Paycheck Protection Program on April 23, 2020. It is unknown how long these funds will last; however, you can be assured that Bank First is fully equipped and prepared to submit additional applications into the program. If you have questions, we encourage you to contact your Bank First relationship manager to discuss if this program may be a fit for your business.

Applying
We understand you may have questions as you navigate through the details of this program. Please know our team is working diligently around the clock to serve our customers, and we are here to help. Please contact your local office or relationship manager, and they will assist with any questions or concerns you may have.

PPP LOAN FORGIVENESS

If you’ve participated in PPP, you may be wondering how to determine how much of your loan will be forgiven. Bank First is still awaiting further guidance from the SBA, however we have created a loan forgiveness checklist, loan forgiveness calculator, FTE calculator, and a compensation reduction calculator for you to utilize: 

 

In addition to the Paycheck Protection Program, there are several other loan programs available that your business may qualify for, if needed. Below is a brief outline of each program, along with a resource link for more information.

ADDITIONAL SBA LOAN ASSISTANCE OPTIONS

The Small Business Administration is offering additional loan options your business may qualify for, including:

EIDL LOAN ADVANCE PROGRAM.

  • This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Learn More and determine if your business qualifies.

SBA EXPRESS BRIDGE LOANS.

  • Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. Learn More and determine if your business qualifies.

SBA DEBT RELIEF.

  • The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. Learn More and determine if your business qualifies.

FEDERAL RESERVE LOAN PROGRAMS

The Federal Reserve has announced a Main Street Lending Program to support lending to small and medium-sized businesses that were in good financial standing before the onset of the COVID-19 pandemic. There are two programs currently being offered:

MAIN STREET NEW LOAN FACILITY (MSNLF)

  • Eligible Borrowers are businesses with up to 10,000 employees or up to $2.5 billion in 2019 annual revenues. The minimum loan amount is $1,000,000. Each Eligible Borrower must be a business that is created or organized in the United States or under the laws of the United States with significant operations in and a majority of its employees based in the United States. Eligible Borrowers that participate in the Facility may not also participate in the MSELF or the Primary Market Corporate Credit Facility. View Term Sheet

MAIN STREET EXPANDED LOAN FACILITY (MSELF)

  • Eligible Borrowers are businesses with up to 10,000 employees or up to $2.5 billion in 2019 annual revenues. The minimum loan amount is $1,000,000. Each Eligible Borrower must be a business that is created or organized in the United States or under the laws of the United States with significant operations in and a majority of its employees based in the United States. Eligible Borrowers that participate in the Facility may not also participate in the MSNLF or the Primary Market Corporate Credit Facility. View Term Sheet

PRIMARY MARKET CORPORATE CREDIT FACILITY (PMCCF)

  • The PMCCF provides companies access to credit so they are better able to maintain business operations and capacity during the period of dislocations related to the pandemic. This facility is open to investment grade companies, as well as certain companies that were investment grade as of March 22, 2020. View Term Sheet

USDA RURAL DEVELOPMENT PROGRAMS

USDA Rural Development has taken a number of immediate actions to help rural residents, businesses, and communities affected by the COVID-19 outbreak. Learn more.

  • Borrowers may receive a 180-day loan payment deferral without prior agency approval for Business and Industry Loan Guarantees, Rural Energy for America Program Loan Guarantees, Community Facilities Loan Guarantees, and Water and Waste Disposal Loan Guarantees.

WWBIC COVID-19 FAST TRACK LOAN PROGRAM

WWBIC is a leading innovative statewide economic development corporation that’s been “Putting Dreams to Work” since 1987. The COVID-19 Fast Track Loan Program is focused on existing businesses looking for business financing during COVID-19. Business owners have two options from which to pick depending on their needs: a line of credit or a term loan. Learn more.

In addition to the aforementioned lending resources, Bank First may also be able to assist your business with other loan options. Please contact your Bank First relationship manager to discuss which options are the best fit for your individual business. As always, thank you for choosing Bank First!

Additional Resources:

Top
Some content requires Adobe Acrobat Reader to view.