Wauwatosa Small Business Forgivable Loan Program

Press release from the City of Wauwatosa:

April 1, 2021

The City of Wauwatosa CDBG-CV Small Business Forgivable Loan Program, administered by WWBIC, is focused on existing businesses located in the City of Wauwatosa in need of financing during COVID-19. Loans are forgivable provided job creation/retention requirement is met. The application process will open on Friday, April 9 at 12 pm. All applications will be reviewed in the order they are received (time stamped) and will be equitably considered. The application will remain open until 12 pm on Friday, April 23.

Businesses should get started by gathering the required documentation to be ready for completing the online application when the program opens as funds are extremely limited. Applications will be evaluated on a first come, first served basis and businesses will work with WWBIC to complete the application. Starting April 9, 2021 at 12 pm, Wauwatosa small businesses can apply online.

Additional Information:

• Small business (non-restaurant/bar) with 1-5 FTE employees – up to $5000
• Small business (non-restaurant/bar) with 6 – 20 FT employees – up to $10,000
• Restaurant/bar with 20 or fewer FTE employees – up to $15,000
• Deferred, forgivable loan (no interest, no payments)
• The loan is fully forgiven if business is still operational and as long as the job creation or job retention requirement is met at the 12 month anniversary from the closing date and loan funds being disbursed.
• Funds must be used for working capital for business purposes only, no improvements or personal use of funds will be allowed.

Required Documentation:

• Executive Summary for the forgivable loan and detailed use of funds for your business
• Client Information Form
• Business Information Form
• Duplication of Benefits Form. This form must be notarized. If you do not have access to a notary, you may have a witness sign.
• EIN
• Business Debt Schedule
• Business Tax Returns for 2018 and 2019 – two separate PDFs
• Business Tax Return OR Profit & Loss Statement for 2020
• SBA Form 413 – Personal Financial Statement for all owners of the business
• A copy of your driver’s license
• DUNS number

This press release was produced by the City of Wauwatosa. The views expressed here are the author’s own.