SBA Visits Recipients of Paycheck Protection Program Loans in Wisconsin
More than 89,000 businesses in Wisconsin benefitted from the Paycheck Protection Program. This was part of the funding available to small businesses through the CARES Act at the start of the pandemic.
Wisconsin businesses received $9.9 billion through the program.
SBA Great Lakes Administrator Rob Scott visited some of the businesses that benefited from the program.
“Every single business basically told us that it saved their business. It gave them the ability to continue to operate to continue to pay their employees to continue to keep their business moving forward through the pandemic,” said Scott.
The types of businesses range from restaurants to agriculture to manufacturing.
Scott said uncertainty was a reoccurring theme with just about every business he visited.
“I think everyone believes the pandemic has lasted a lot longer than anyone thought it would so uncertainty about what’s around the corner,” said Scott.
Some businesses are also concerned about labor issues.
“You know, trying to find employees that want to come back to work or wanted to work in general,” said Scott. “They shared a little bit of those stories. Not too difficult, but a couple businesses said that was a slight issue.”
The SBA is still offering the economic injury disaster loan for businesses who need to support right now.
Scott is optimistic more funding will be available in the near future.
“There’s going to be likely more economic recovery right around the corner, but we’re just waiting on President Trump and Congress to certainly issue it,” said Scott. “We have $130 billion left in the PPP fund and there is discussion that we’re going to have a second round of PPP availability.”
You can learn more about current resources available for businesses on the SBA’s website.