Next round of Paycheck Protection Program funding available

The federal government has launched another round of the Paycheck Protection Program (PPP). Many small businesses and nonprofits are eligible to receive this support, in many cases in the form of forgivable loans. Funding is available to both businesses that already received funding in 2020, as well as new applicants. Over 3,500 City of Madison businesses received PPP through the first round of the program in 2020, and we are hopeful we will once again have great participation in 2021. More information about PPP is available at sba.gov/ppp.

Although a government program, PPP is managed by private banks, credit unions and nonprofit lenders. Businesses interested in applying should start by contacting a bank or credit union they already work with. If a business owner does not have an existing relationship with a bank or credit union, they can still apply through many participating banks and credit unions in the community as a non-customer applicant. The SBA is available to help connect businesses to banks and credit unions through the following link: sba.gov/funding-programs/loans/lender-match. The Small Business Development Center at UW-Madison is another great resource for assistance. They can be reached at 608-263-2221 or through sbdc.wisc.edu.