Sun Prairie Emergency Loan Fund adjusts criteria to help local small businesses
SUN PRAIRIE, Wis. — The oversight committee for the Sun Prairie Emergency Loan Fund expanded eligibility criteria to help local businesses in the area impacted by COVID-19.
A release said the criteria now includes salaries, wages and benefits not covered or awarded through other grant and loan programs. It also includes third party fees for point of sale systems for ordering or delivery like DoorDash, EatStreet, Uber Eats and Grubhub.
“The Loan Oversight Committee is continuing to monitor the ongoing impacts of COVID-19 on our small business community, and continues to evaluate our program guidelines in an effort to match current economic conditions. We will be coordinating with each of our funding sources as necessary on any prospective additional changes to the program over the next couple of months. We want to ensure the funds are easily accessible by qualified small businesses, and that the funds can be invested in ways that can make the most impact,” said chair of the committee and Economic Development Director Neil Stechschulte.
The fund totaling $170,000 was created to support local small businesses impacted by the pandemic.
The loan consists of funds from city and community organizations. To qualify for the funds, the release said business applicants must have less than 26 employees and prove they have been impacted by COVID-19. They must also prove that they have not been able to cover operating costs despite previously applying for the Paycheck Protection Program funds and that they were viable before the start of the pandemic.
Businesses can get up to $5,000 and are a loan to be paid back monthly.
COPYRIGHT 2020 BY CHANNEL 3000. ALL RIGHTS RESERVED. THIS MATERIAL MAY NOT BE PUBLISHED, BROADCAST, REWRITTEN OR REDISTRIBUTED.