The Oshkosh City Council approved the addition, which is in addition to the $300,000 announced in late March. The additional funds were made available from a cash excess in a TIF account through the work of Community Development Director Allen Davis.
The original fund is available to the entire city of Oshkosh and the surrounding townships. The new addition will specifically be used for businesses within a half mile of the 100 block of Main Street and encompasses downtown Oshkosh businesses. All the money in the fund will aim to alleviate the financial strain that has been put onto businesses due to the COVID-19 pandemic.
“We are grateful for the foresight and vision of the city to make these funds available,” says Jason White, CEO of Greater Oshkosh Economic Development Corp. “We look forward to working with even more businesses in Oshkosh to be the solution for cashflow issues created by the pandemic.”
Loans will be offered in the amounts of $1,000, $2,500, $5,000 or $10,000 with a three-year amortization, 2 percent interest, and deferment of principal and interest for six months. Business owners who are interested in applying for funds from this or other assistance programs can visit greateroshkosh.com for more information.
Green Bay chamber offering virtual SBA update
The Paycheck Protection Program may be tapped but there is an abundance of other resources – financial and otherwise — according to Tammie Clendenning, lead economic development specialist for the Wisconsin District of the U.S. Small Business Administration. Join her for a free [email protected]: SBA Loan update at 2 p.m. on April 22.
Hosted by the Greater Green Bay Chamber, the event’s key takeaways include:
- SBA Disaster Program updates
- You have applied for the EIDL, or PPP. Now what?
- Additional SBA programs for small businesses
- Learn about the Debt Relief Program
The Zoom-based event is free and open to all. Registration is on a first-come, first-serve basis at events.GreaterGBC.org.
Health providers launch common resource
ThedaCare and Ascension Wisconsin, in conjunction with public health officials and community leaders, have launched Be Safe Wisconsin to encourage community members’ ongoing commitment to flattening the COVID-19 curve.
Be Safe Wisconsin will serve as a unified resource to area residents to stay updated on the latest precautions to take to be safe and reduce the spread of infections. The effort has a dedicated website — BeSafeWisconsin.org — where residents can take the Be Safe pledge, sign up for updates, download social media graphics for sharing and access local resources from Be Safe partners such as online symptom checkers, community hotlines and more.
Partner agencies involved include: Ascension Wisconsin, Bergstrom Automotive, Calumet County Public Health, City of Oshkosh, City of Neenah, Community Foundation of the Fox Valley Region, Feeding America Eastern Wisconsin, Outagamie County, ThedaCare, United Way Fox Cities and Winnebago County.
State businesses secure $7.2B in PPP loans
Wisconsin businesses secured $7.2 billion in loans under a federal program to cover payroll during the COVID-19 outbreak. That total accounts for the 10th highest sum in the nation.
The $349 billion federal Paycheck Protection Program, which was passed by Congress as part of the recent $2 trillion coronavirus stimulus package, allows businesses and nonprofits to apply for forgivable loans through the U.S. Small Business Administration to make payroll amid the economic slowdown that followed the adoption of Safer at Home initiatives to help slow the spread of the virus.
As of Monday, 31,000 Wisconsin businesses and organizations received $7.2 billion worth of loans through the program. In all of 2019, SBA loaned out $564 million in Wisconsin.
Across the country, the construction industry received 13.7 percent of the loans issued. The manufacturing and professional, scientific and technical services companies each received about $12.2 percent of the approved loans.