More Money In Pipeline For State Businesses Hurt By COVID: Hughes

May 7, 2020

Missy Hughes, WEDC
Credit WEDC.org

Wisconsin Economic and Development Corporation Secretary and CEO Missy Hughes said there's more money coming for businesses needing help during the COVID-19 crisis.

During a weekly presentation as part of a new initiative called Focus Forward, Hughes said resources are coming from the federal government through the Small Business Administration...

"As the result of our work with the Small Business Administration we've seen in the first amount of money that came from PPP, about $8 billion has come into Wisconsin. Now we've just heard that another $2 billion is coming into Wisconsin..."

PPP is the Paycheck Protection Program. The program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Hughes says more information is available at local banks and credit unions and other help is available through the Small Business Development Centers on the UW campuses. The closest one is at UW-Stevens Point.

Hughes also says they've been able to move 200 manufacturers toward making more personal protective equipment that is badly needed now. She says some alcohol manufacturers have shifted toward making things like hand sanitizer.

More information is on the WEDC website.

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