Updated March 24, 2020
How can I work to ensure I have cashflow for my obligations?
There are federal, state, and local resources to help businesses access funds to sustain themselves and continue to pay their obligations, including payroll, landlords, and other parties.
How do I access these resources?
- Generally, you will need financial statements, profit and loss statements, monthly sales figures, and recent tax returns.
- You should assemble all of your financial information now to begin to prepare for applying for resources that already exist as well as those that will become available in the future.
- You should apply immediately; there will likely be 3-4 weeks between application and when approval could possibly occur. There is no cost to apply, and no obligation to take the loan if you are approved. In addition, there an above average amount of applications, so applications may be delayed.
- You should check back at the Neider & Boucher website as well as looking often at the Wisconsin Economic Development Corporation (WEDC) webpage linked here, the federal Small Business Administration webpage linked here, as well as the general Wisconsin government COVID-19 alerts webpage linked here.
Disclaimer: This list is not definitive, more funds and resources are becoming available all the time. We will do our best to update this list as more information becomes available. Neider & Boucher makes no representation regarding the likelihood of success in receiving any of the funds or loans listed above, and for full application material, conditions, and eligibility you must check and apply directly with the organizations providing the resources.
This article was authored by Attorney Eric Klemm, a member of the Business Law Practice Group, who helps clients with all matters associated with their business. He works with individuals and businesses large and small to help tailor solutions to fit their needs. Eric previously worked as a staff attorney to three Dane County judges.
The guidance provided above is general in nature and readers are encouraged to reach out to Neider & Boucher, S.C., or to their own legal counsel to determine the applicability of these issues to their own personal and/or business needs