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COVID-19 Resources For Your Business

PPP LOAN FORGIVENESS

The U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:

The EZ application requires fewer calculations and less documentation for eligible borrowers.  Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. 

Both applications give borrowers the option of using the original 8-week covered period (if the loan was made before June 5, 2020) or an extended 24-week covered period.  These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. 


PPP Forgiveness for Loans of $50,000 and Under Streamlined

On October 8, 2020, the SBA released a streamlined loan forgiveness application for PPP loans totaling $50,000 or less. The new, simplified Form 3508S includes certifications from the borrower but does not require calculations to be submitted with the application. Applicants still must submit documentation verifying forgivable payroll and non-payroll expenses. Borrowers are further required to retain the documentation supporting their certifications for six years, but do not need to submit it. 

A borrower that uses SBA Form 3508S is exempt from any reductions in the borrower’s loan forgiveness amount based on reductions in full-time equivalent (FTE) employees (section 1106(d)(2) of the CARES Act) or reductions in employee salary or wages (section 1106(d)(3) of the CARES Act) that would otherwise apply. 

Links to the form, instructions, as well as the interim final rule are included here:


Additional tools you can use: 


Thursday, September 3, Webinar


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.

WISCONSIN'S "WE'RE ALL IN" SMALL BUSINESS GRANT OPPORTUNITY

On October 6, Governor Evers announced more than $100 million will be invested in Wisconsin small businesses and community venues; $50 million of which to be provided through the Wisconsin Economic Development Corporation’s (WEDC’s) We’re All In Small Business Grant – Phase 2.

Applications will be accepted from Monday, October 19 to Monday, November 2, 2020. Bank First encourages businesses to learn more about Phase 2 of the grant program by visiting www.wedc.org.  

ADDITIONAL SBA LOAN ASSISTANCE OPTIONS

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

EIDL LOAN ADVANCE PROGRAM.

SBA EXPRESS BRIDGE LOANS.

SBA DEBT RELIEF.


FEDERAL RESERVE LOAN PROGRAMS

The Federal Reserve established the Main Street Lending Program to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF).

Main Street Lending Program Frequently Asked Questions


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.


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:

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