The Oconto County Economic Development Corporation has created this page to anchor important information for our businesses amid quickly changing conditions and unprecedented measures put into place during the COVID-19 pandemic.
Supporting small business owners is what we do, and that is more critical than ever at this time. Below you can find information and resources that could be useful.
1. Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
- PPP loans have an interest rate of 1%.
- Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
- Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
- No collateral or personal guarantees are required.
- Neither the government nor lenders will charge small businesses any fees.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
If you wish to begin preparing your application, you can download the following PPP borrower application forms to see the information that will be requested from you when you apply with a lender:
- Paycheck Protection Program First Draw Borrower Application Form (revised 01-08-21)
- Paycheck Protection Program Second Draw Borrower Application Form (01-08-21)
2. Economic Injury Disaster Loan
In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19).
3. Small Business Relief Grant
Who is eligible?
Only small businesses located in rural communities are eligible at this time. Rural communities are defined as having a population of 50,000 or less. A community is defined as the city/town/village where your business address is located. If the business is mobile (a food truck, fishing boat, ride share driver, etc) please use the address where your vehicle is stored during non-business hours.
All potential applicants are encouraged to review our FAQ and grant information before applying.
Non-profit organizations are ineligible for the relief funding program at this time, but may be eligible for later rounds of funding.
How it works
Applications are being accepted in “rounds”. You must submit a new application for each round in order to be considered for funding in that round. Below are the dates of upcoming rounds:
Applications will be reviewed based on criteria designed to prioritize particularly challenged businesses, and the final grantees will be randomly selected from the top scoring applicants.
4. Wisconsin Unemployment
If you have become unemployed or partially unemployed, you may apply for unemployment benefits online. File weekly claims to receive benefit payments after requirements are met.
As a result of Governor Evers Emergency order you do not need to do a work search during the Governor's declared emergency. The Department is in the process of making the necessary updates. No action is needed on your part regarding the work search.
Unemployment COVID-19 Public Information - FAQS
5. Wisconsin Economic Development Corporation
COVID-19 Business Resources
The COVID-19 pandemic poses unprecedented challenges to all types of Wisconsin businesses whose operations are impacted by disruptions to their supply chains, withering demand for their products and worker unavailability resulting from sustained social distancing.
We are here to provide the latest, best information to our clients and the citizens of Wisconsin on resources aimed at maintaining the vitality of the companies upon which our economy depends. As the volume of inquiries through our phone lines and website prevents us from responding individually to people as we would like, we invite you to visit our website regularly. We plan to update the directory as new information and resources become available.
Included are resources available to Wisconsin businesses from WEDC and other local, state and federal agencies.
Small business owners are encouraged to work with their lenders to address the financial challenges they are facing as a result of COVID-19.
6. Reopen Guidelines for Businesses
Wisconsin businesses look forward to a future when they can return to providing the products and services their customers need and crave, unencumbered by threats to the health of their employees and those they serve. Working toward that future will require the gradual adoption of new business practices that reflect the evolving reality of the COVID-19 pandemic and our success in mitigating the effects of this unprecedented global health emergency.
With input from national and state health and industry experts and in partnership with the Wisconsin Department of Health Services, the Wisconsin Department of Agriculture, Trade and Consumer Protection, the Wisconsin Department of Tourism and our regional economic development partners, WEDC has compiled a series of industry-specific documents to help you get back to business while taking the necessary precautions to maximize safety. Following these guidelines will help us all get Wisconsin’s economy back on track.
You are encouraged to bookmark this page and check back regularly for updates to guidelines and the addition of new industry documents.
Additional Resources: Wisconsin State Agencies