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CARES Act Program Summary

April 8, 2020 Thomas Schober

The following are the links to the CARES Act Program Summary and a loan Application received from Waukesha State Bank, which they are taking starting this Friday.

This should be standard among all the SBA approved banks that are participating in the program.  Be sure to check online for more updated forms, as these are literally changing daily.

The loans are repayable over up to 10 years at no more than 4% interest. They do not require collateral and more importantly, do not require personal guarantees! If you use the money for payroll and certain other limited expenses, it is possible to get the loan forgiven, and even the forgiveness, which is usually taxable, is not taxed!

There are also some disaster loans that may be available. There is some risk that obtaining one may disqualify you for other, better loans. Check with your banker and be sure to get the most updated information directly from the funding source, online.

There are also some tax breaks: rapid write off for Qualified Improvement Property (QIP), which typically are leasehold improvements, and ability to carryback losses 5 years, retroactive to 2018. Those two items can produce quick refunds in many cases.

If you need help getting going in any of these items, please call either Jeremy Klang or Tom Schober for direction! This is designed to help save our businesses and economy, and namely you!

Call us at (262) 785-1820 for more information.

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New Berlin Office
2835 South Moorland Road
New Berlin, WI 53151-3743

262-785-1820 Phone
262-786-1073 Fax

Oconomowoc Office
1227 Corporate Center Drive, Suite 200
Oconomowoc, WI 53066

262-569-8300 Phone
262-569-8570 Fax

Racine Office
840 Lake Avenue, Suite 200
Racine, WI 53403

262-634-6659 Phone
262-634-1234 Fax

   
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