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COVID-19 Resources For Your Business

There are many different funding options available for businesses, we encourage you to review this cross-eligibility chart to decide which program(s) may work best for you.

Bank First is here to help! Contact a Relationship Manager at your local office if you have questions about the options available for you and your business.

Paycheck Protection Program (PPP) - Round 2

As of Tuesday, May 4, 2021, the Small Business Administration (SBA) has announced that the Paycheck Protection Program (PPP) funding has been exhausted for all institutions except community financial development institutions (CFDIs) and minority depository institutions (MDIs). Bank First customers who have applied for Round 2 and have not yet received confirmation, your Relationship Manager will be contacting you soon with a status update and next steps.

FIRST DRAW LOANS

SECOND DRAW LOANS

ADDITIONAL RESOURCES

PPP LOAN FORGIVENESS - Round 1 & 2

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. 

The forgiveness portion of PPP Round 2 became available through our online portal on May 4, 2021. Bank First customers who have completed their Round 2 applications and have met the minimum covered period of 56 days (8 weeks) will receive an email with information and further instructions.

PPP Forgiveness for Loans of $150,000 and Under Streamlined

The SBA released a streamlined loan forgiveness application for PPP loans totaling $150,000 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. 

Additional tools you can use:

ADDITIONAL SBA LOAN ASSISTANCE OPTIONS

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

RESTAURANT REVITALIZATION FUND

The American Rescue Act established $28.6 billion as part of the "Restaurant Revitalization Fund" (RRF) within the SBA. The purpose of the RRF is to support the restaurant industry by providing funding to those that have suffered significant pandemic-related revenue loss.

RRF registration now available through the SBA's application portal. The online application will remain open to eligible businesses until the funds are exhausted.

The SBA hosted webinars to help businesses better understand the fund eligibility requirements and maximums, eligible use of funds, how the use of other SBA relief programs affect eligibility, and more. Visit the SBA's YouTube page for recordings of the RRF Webinar and SBA RRF Application Portal Training Webinar.

RRF Webinar hosted by the Milwaukee Independent Restaurant Coalition, Lazy Susan MKE, and the Ethnic & Divers Business Coalition
May 13 from 8:00-10:00am

SHUTTERED VENUE OPERATORS GRANT

The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.

COVID-19 ECONOMIC INJURY DISASTER LOANS (EIDL)

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).  Learn More.


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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