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1-312-626-6799Meeting ID: 559787147#
LESSONS LEARNED from WI CEOs on how they are managing the COVID crisis
AGENDA
Welcome – Missy Hughes, Secretary & CEO, WEDC Medical Updates – Dr. John Raymond, MD, President & CEO, Medical College of Wisconsin – Steve Lindberg, Vice Chair of Administration, Mayo Clinic Health System, Northwest WisconsinExecutive Leadership Update – Michelle Gass, CEO, Kohl’s Corp.Executive Leadership Update – Dave Pflieger, President/Owner, Lemke Industrial Machine LLC, Marathon, WI
Friday, May 1st, 2020 at 11am CT
REGISTER: https://cor.vc/rlc-202004
Recorded and available at: nwwib.com/webinars
May 8th Podcast with DWD Secretary Frostman
*please submit questions for him*
Andy [email protected]://wisconsinsbdc.org/centers/superior/
PPP and EIDL
• The Paycheck Protection Program went live Monday at 9:30am CST, accepting applications through SBA lenders.
• $310 billion was appropriated to the PPP – analysts says it will only be available for a few days.
• With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come first-served basis.
• The SBA will provide further information on the availability of the EIDL portal to receive new applications (including those from agricultural enterprises) as soon as possible.
EIDL-Latest numbers as of 4/24
• EIDL Advance Wisconsin: 14,277 processed worth $63,432,000
• EIDL Advance nationally: 1,192,519 processed worth $4,805,897,000
• EIDL Wisconsin: 339 loans worth $71,675,400
• EIDL nationally: 38,984 loans worth $7,967,174,888
Agricultural producers
Farms are eligible if: (i) the farm has 500 or less employees, OR (ii) it fits within the
revenue-based sized standard. OR farms can qualify for PPP if it meets SBA’s
“alternative size standard.” The “alternative size standard” is currently: (1) a maximum
net worth of the business not more than $15 million, AND (2) the average net income
Federal income taxes of the business for the two full fiscal years before the date of the
application be not more than $5 million.
Seasonal Businesses
Under section 1102 of the CARES Act, a seasonal employer may determine its
maximum loan amount for purposes of the PPP by reference to the employer’
average total monthly payments for payroll “the 12-week period beginning
February 15, 2019, or at the election of the eligible [borrower], March 1, 2019,
and ending June 30, 2019.” Under this interim final rule issued pursuant to
section 1109 of the Act, a seasonal employer may alternatively elect to
determine its maximum loan amount as the average total monthly payments
for payroll during any consecutive 12-week period between May 1, 2019 and
September 15, 2019.
Lance AusingRegional Director, [email protected]
NWRPC SBA MRF Clients (34 active loans):The SBA is paying 6 months P&I for all SBA MRF loan clients as a result of the CARES Act (SBA microloans only)
NWBDC, NWREDF, WBIC clients20 NWBDC clients are on I/O or full deferral payments (43 active) = 46.5%13 NWREDF clients are on I/O or full deferral payments (57 active) = 22.8%1 WBIC client is on I/O payments (15 active) = 6.7%
149 total loans, 48 modifications (32.2% of total portfolio)
If other programs become available at NWRPC:NWRPC will notify the press and all clients under a modification arrangementNWRPC is NOT an SBA Express lender and is not participating in the PPP loan program
Revolving Loan Fund Programs COVID-19 UpdateServing Northwest Wisconsin Businesses
FeaturingSenator Tammy Baldwin
The Senator will be joining us for the first 30 minutes of our regional call next week to provide an update.
Next Week’s Call – Wednesday, May 6th, 2PM
For more information and to view recordings of the weekly updates, visit:
www.nwrpc.com/COVID
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