(PRESS RELEASE) WAUSAU — In an effort to support the region’s small businesses, the Greater Wausau Chamber of Commerce has assembled a guide to the U. S. Small Business Administration’s Economic Injury Disaster Loans for coronavirus-related economic disruptions. The SBA has approved Wisconsin’s request for small businesses affected by the COVID-19 pandemic to access low-interest federal disaster loans. Under the Economic Injury Disaster Loan (EIDL) program, businesses may qualify for up to $2 million in loans to cover losses resulting from the pandemic.
“We encourage our small business community to review the SBA program thoroughly to first understand the program.” said Dave Eckmann, President and CEO of the Chamber. “The SBA process is first-in, first-served. There are resources available and small businesses should engage now if they have an interest. As we learn more, we will provide updates to our small business community.”
The collection of resources offers answers to questions like:
What is an Economic Injury Disaster Loan?
What businesses are eligible to apply?
What is the criteria for a loan approval?
How much can I borrow?
How can I use the loan funds?
What kinds of small businesses can apply?
Wisconsin’s SBA office is offering daily webinars to answer your questions regarding the SBA’s Economic Injury Disaster Loans, for small businesses owners impacted by COVID-19. Registration links for the webinars to be held daily at 10 a.m. and at 2 p.m. can be found on WausauChamber.com.
The Wisconsin Small Business Development Network (SBDC), a resource partner of the SBA, is available to help small businesses apply for federal disaster loans to mitigate the substantial economic injury as a result of the COVID-19 pandemic. Please visit the Small Business Development Center website to connect with consultants ready to help business owners understand the qualifications and application process.
To view this information and other collected resources related to the coronavirus, visit WausauChamber.com.
