COVID – 19
March 18, 2020: Greater Oshkosh Revolving Loan Fund suspends all loan payments
Effective immediately, the Greater Oshkosh Economic Development Corporation Revolving Loan Fund Committee has approved the suspension of all principal and interest payments for current loan recipients through the Greater Oshkosh Revolving Loan Fund and Greater Oshkosh Capital Catalyst Fund for a minimum of three months. The situation will continue to be evaluated monthly, and additional suspensions may occur.
These funds exist to fill lending gaps for established businesses and startups in the greater Oshkosh region and are managed by the Greater Oshkosh EDC on behalf of the City of Oshkosh.
“During this time, our companies are going to be challenged financially in ways that none of us expected,” said Jason White, CEO. “We have the ability to give them a little breathing room through this and we are going to do everything we can, both with our funding programs and other avenues, to help them ride this out.”
The Greater Oshkosh team is continuing to work diligently to find additional ways to assist our local businesses and will continue to advocate for any government interventions possible.
March 18, 2020: WEDC announces targeted grants to small businesses suffering losses due to coronavirus emergency
Wisconsin Economic Development Corporation is taking steps to create a funding assistance program, Small Business 20/20 (SB20/20) providing grants up to $20,000 to businesses with 20 or fewer employees. In an effort to help businesses already operating on narrow margins, these grants will go towards paying rent, payroll expenses, and paid leave.
Applications for business assistance must be processed through the CDFIs and not WEDC. WEDC plans to identify the participating CDFIs within the next two weeks.
March 17, 2020: Greater Oshkosh Companies Advocate to Congress for COVID-19 Assistance
Greater Oshkosh companies are advocating for state and federal action during this difficult time. Businesses are facing rapidly declining demand while facing job cuts, and workforce layoffs are likely on the horizon. Current legislation requires companies and business owners to provide two (2) weeks of “mandated payroll” and possible extended FMLA benefits. The following suggestions may ease the financial blow on these businesses and allow them to remain open, in effect, preserving more jobs in the local market:
- Suspending this year’s tax deadline
- Allowing local or state access to SBA disaster lending
- Suspending business loan payments
- Creating a payroll tax holiday
- Removing the one (1) week waiting period for unemployment benefits
Please contact your local representatives to show your support for these actions:
Senator Ron Johnson (920) 230-7250 Oshkosh (202) 224-5323 Washington, D.C Email Johnson
Senator Tammy Baldwin (609) 264-5338 Madison (202) 224-5653 Washington, D.C Email Baldwin
Congressman Mike Gallagher (920) 301-4500 De Pere (202) 225-5665 Washington, D.C. Email Gallagher
Congressman Glen Grothman (920) 907-0624 Fond du Lac (202) 225-2476 Washington, D.C. Email Grothman
March 16, 2020: Governor Evers Wants to Hear From Greater Oshkosh Business Owners
Prior to declaring a statewide disaster, Governor Evers is collecting additional information about how COVID-19 has impacted businesses. The prevailing belief is that Economic Injury Disaster Loans will become available for small businesses and nonprofit entities once a Wisconsin disaster declaration is made. If you, as a small business owner, feel that your business has been negatively impacted by COVID-19, please email Greater Oshkosh EDC at email@example.com or firstname.lastname@example.org. Include your business name, address, phone number, email, and information on how your business has or will be impacted.
We’ve been trying to get Gov. Tony Evers to declare a state of emergency for Wisconsin. There are certain federal programs on the table to help businesses. We need your help to access some of those, however! See below from the State (LONG, but important – and URGENT!) Feel free to email email@example.com or call 920-230-3322
– Jason White
Earlier today you emailed Barb and I noting that it sounded like the Governor’s office would need to make a disaster declaration in order for businesses to apply for the SBA disaster loans for coronavirus impact, but that the Governor wants to hear from affected businesses first. You asked how do we communicate those concerns?
Here’s how. According to the SBA . . .
“The federal Coronavirus Preparedness and Response Supplemental Appropriations Act 2020 (H.R. 6074) expanded the Small Business Act’s definition of a disaster to include Coronavirus (COVID-19). As a result, the SBA will be able to provide Economic Injury Disaster Loans (EIDLs) under a Governor’s Certification Disaster Declaration. In order for SBA to issue an EIDL declaration, the Governor must submit a written request to SBA with supporting economic injury loss information that certifies at least five (5) small businesses in a disaster area have suffered substantial economic injury as a result of the disaster. “
In order to allow access to the federal SBA funding for all Wisconsin businesses, we need to collect the attached form from 13 of the 72 counties in the State of Wisconsin. If a business in one county provides a form, all contiguous counties touching that county, are grandfathered in. Winnebago County is one of the 13 counties needed to grandfather in all 72 counties.
The SBA Estimated Disaster Economic Injury disaster declaration form is attached. Please share the Estimated Economic Injury form with a for-profit or private non-profit entity and get back to me as soon as you can. While many entities in your county will be impacted, at this time, we only need a form from One (1) entity.
ASK OF THE ENTITY:
• Ask them if they would complete the form, sign and return to you as soon as possible. The entity can be a small restaurant, tourism company, private non-profit such as a performing arts center, or a small or large business. We just need one from your county.
• This is for economic injury only – not physical damage. Substantial economic injury occurs when a business concern is unable to meet its obligations or pay its ordinary and necessary operating expenses. Economic injury is determined by a comparison between the financial information from the period in the prior year to the injury period of the current year.
• For purposes of this form, the Start Period has been deemed by SBA to be 1/31/2020. For example, the business entity can show they had revenues of $x from 1/31/19 to (estimate out 2-3 months or whatever the company is projecting as a result of COVID-19) and then list expected revenues for the same period in 2020 so 1/31/2020 to (same estimated period).
• Please emphasize that this form is not a loan application for SBA funds; rather they are helping to qualify the state to have access to the loan funds. Once the declaration is approved by SBA, they will be able to access the SBA portal to apply for the loan.
• Once you receive the complete form, please return the form to me as soon as you can. (to Jon Bartz at firstname.lastname@example.org)
Once the required forms from the designated counties are received, the State of Wisconsin Emergency team will work with SBA and get a letter of declaration for the Governor to sign. Once that letter goes to SBA, the SBA portal for Wisconsin will open and businesses will be able to apply for low-interest loans up to $2 million.
There is no minimum loan requirement. (for additional loan terms you will need to refer to the SBA website – https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-provide-disaster-assistance-loans-small-businesses-impacted-coronavirus-covid-19).
Governor Tony Evers