Wisconsin small businesses are eligible apply for low interest coronavirus relief loans from the SBA worth up to $2 million.
Small businesses taking a hit from the coronavirus outbreak in Wisconsin can now apply for relief loans from the Small Business Administration. The SBA has declared the entire state eligible for the low-interest loans.
Previously, certain businesses in counties that neighbored other eligible states were able to apply. But the new declaration provides eligibility statewide.
That’s the result of a recent change in policy the SBA put in place specifically for dealing with the coronavirus outbreak. The relaxed policy allows governors to seek statewide eligibility for coronavirus loans rather than for individual counties.
This relaxed policy could also help mitigate confusion over how to apply for the loans.
Wisconsin small businesses that have experienced losses can apply for up to $2 million with interest rates of 2.75% for nonprofits and 3.75% for small businesses. Repayment plans can be as long as 30 years.
Wisconsin joins a growing list of approved states and counties for coronavirus relief loans.
The SBA said that small businesses can apply for the loans directly on their website at www.sba.gov/disaster. Business owners can call the disaster customer service center at 800-659-2955, or email [email protected]. The deaf and hearing impaired may call 800-877-8339.
Editor’s Note: Neither Workest or Zenefits is affiliated with the Small Business Administration (SBA) or a lending organization. This article is intended for informational purposes only.