Wisconsin Banks Help Small Businesses Obtain PPP Loans
Wisconsin banks helped over 43 thousand of the state’s small businesses obtain more than 8.3 billion in federal small business Administration Paycheck Protection program funds. Wisconsin is 14th in the country in terms of appropriations with only 349 billion available for the country for the first round of the program. Financial institutions have two weeks to meet the April 16th deadline and under the program recipients receive a loan that provides for their payroll cost and other financial obligations. At least 75% of the loan proceeds must be used for payroll costs including commissions, sales and employee benefits. The remainder can be used for lease obligations, utility payments, mortgage payments or other types of expenses if the recipient meets the guidelines. Financial institutions continue to work for a new set of applications for small businesses who hope to obtain a loan from the 310 billion in the second round of SBA disbursements. Under the program the SBA backs loans that financial institutions make to their clients.