A doctor in Janesville is expressing her gratitude after two local companies donated medical equipment to help fight the coronavirus.

“I’ve’ been very, very busy for the past week, working quite hard,” Dr. Kathleen Agard said in a video she uploaded to Facebook.

Dr. Agard is an anesthesiologist at Mercy Hospital in Janesville. In her video, she thanks Janesville companies Prent and JP Cullen for their donations.

“I am incredibly grateful. We are very, very lucky here in Janesville to have these families and these companies that help us out and there are wonderful good people through this all,” Dr. Agard said.

Dr. Agard told NBC15 news that Prent Corporation donated more than 2,000 protective face shields to the Mercy Hospital system.

According to their website, Prent is the “world’s leading designer and manufacturer of custom plastic, rigid thermoform packaging for the medical, electronics and consumer industries.” Prent is headquartered in Janesville but has facilities all over the world.

JP Cullen is also getting in on the goodwill. On their Facebook page, the company announced they are donating 2,400 N95 face masks to local hospitals.

“Every bit of help makes a difference!” JP Cullen wrote in their post.

For more information about the government’s request for donations from the construction industry, go to: https://www.nbcnewyork.com/news/national-international/pence-to-construction-companies-send-hospitals-your-n95-face-masks/2331102/

Gov. Tony Evers today directed Department of Health Services (DHS) Secretary-designee Andrea Palm to issue a Safer at Home order that prohibits all nonessential travel, with some exceptions as clarified and defined in the order. The order is available here.

The order is effective at 8 am on Wed., March 25, 2020 and will remain in effect until 8 am Fri., April 24, 2020, or until a superseding order is issued.

“I know the COVID-19 outbreak has been difficult and has disrupted the lives of people across our state. Issuing a Safer at Home order isn’t something I thought we’d have to do and it’s not something I take lightly, but here’s the bottom line: folks need to start taking this seriously,” said Gov. Evers. “Each and every one of us has to do our part to help slow the spread of COVID-19 so we can flatten the curve to ensure our doctors, nurses, and healthcare workers have the opportunity to do their important work. Let’s all do our part and work together.”

Individuals do not need special permission to leave their homes, but they must comply with this order as to when it is permissible to leave home. Similarly, if a business is an Essential Business or Operation as defined in this order, it does not need documentation or certification to continue its work that is done in compliance with this order.

Under this order, Wisconsin residents are able to:

• Perform tasks essential to maintain health and safety, such as obtaining medicine or seeing a doctor;
• Get necessary services or supplies for themselves or their family or household members, such as getting food and supplies, pet food and supplies necessary for staying at home;
• Care for a family member in another household; and
• Care for older adults, minors, dependents, people with disabilities or other vulnerable persons.

Businesses allowed to operate under the Safer at Home order include, but are not limited to:

• Health care operations, including home health workers;
• Critical infrastructure; 
• Businesses that provide food, shelter, and social services, and other necessities of life for economically disadvantaged or otherwise vulnerable individuals; 
• Fresh and non-perishable food retailers, including convenience stores, grocery stores, farmers’ markets, and food banks;
• Businesses that ship or deliver groceries, food and goods directly to residences;
• Pharmacies, health care supply stores and health care facilities;
• Child care facilities, with some limitations;
• Gas stations and auto repair facilities;
• Banks;
• Laundry businesses, dry cleaners and services necessary for maintaining the safety, sanitation and essential operation of a residence, including garbage collection;
• Hardware stores, plumbers, and electricians;
• Educational institutions, for the purposes of facilitating distance learning;
• Roles required for any business to maintain minimum basic operations, which includes security, and payroll; and
• Law and safety, and essential government functions will continue under the recommended action.

The order contains detailed information regarding the exemptions provided to certain businesses. If a business is unsure about whether or not they are exempted from this order, please contact the Wisconsin Economic Development Corporation here.

The public should follow simple steps to prevent illness and avoid exposure to this virus including:

• Avoid social gatherings with people of all ages (including playdates and sleepovers, parties, large family dinners, visitors in your home, non-essential workers in your house);
• Frequent and thorough hand washing with soap and water;
• Covering coughs and sneezes;
• Avoiding touching your face; and
• Staying home.

This is a rapidly evolving situation and we encourage you and the public to frequently monitor the DHS website for updates, and to follow @DHSWI on Facebook and Twitter, or dhs.wi on Instagram. Additional information can be found on the CDC website.

 

Staff at MadREP are monitoring financial programs that are being developed at the federal, state and local level to help businesses cover expenses incurred during the period of disruption caused by the COVID-19 crisis. We are currently aware of the three programs summarized below. Check back frequently as we will be posting updates to this information, as well as documenting new programming, on our website.

Small Business Administration (SBA), Economic Injury Disaster Loans Program

This program will be available to Wisconsin businesses once the state has been declared a disaster area by the federal government. The Governor’s declaration is currently under review in Washington D.C. and could be approved as early as today (Friday, 03/20/2020). Following approval, businesses across the state and Region will be able to submit an application for assistance online. Please submit as soon as possible due to high demand. There is no fee to apply and no closing costs. Current funding is capped at $50B nationwide.

Eligibility: For- or non-profit businesses with less than 500 employees and less than $7.5 million in average revenue over the past three years; Net income must also be less than $5 million (after taxes and not counting carry-over losses). Eligibility guidelines vary by NAISC code. You can go to www.sba.gov/size to see if your business is eligible by size and revenue for your industry.

Key terms of the program include:

• Loan Amounts: up to maximum of $2 Million per business
• Interest: 3.75% for small businesses; 2.75% for non-profits. Interest beings accruing immediately.
• Terms: No payments for twelve months from closing; maximum amortization period of 30 years
• Collateral: Unsecured up to $25,000; over $25,000 will take collateral, but a loan will not be denied due to lack of collateral value.
• For current and new small business clients, we are offering fast tracked loans up to $25,000!
• Loan funds can be used as working capital to pay fixed debts, payroll and account payable during the disaster period.
• Bridge loans (to keep the business afloat as a result of the disaster) can be paid down with the EIDL.
• Insurance payouts can be used to pay down the EIDL without prepayment penalty.
• Underwriting: dependent upon credit history, capacity to repay, and location in a disaster area.

Loan Package:

• Loan application
• Tax Information authorization
• Copy of most recent Federal Tax Return
• Schedule of liabilities
• Personal financial statement
• Year to date business financials

*Thanks to Kevin Kaufman, Director, SBDC at UW-Whitewater for all the detailed guidance.

Wisconsin Economic Development Corporation (WEDC), SB 20/20 Program

This program makes up to $5M available to five Community Development Financial Institutions (CDFI’s) to make grants up to $20,000 each to existing loan clients.

Eligible grant recipients include:

• Current loan recipients in good standing as of 3/1/2020 with an approved CDFI
• 20 or fewer part-time and full-time employees
• Less than $2 Million in annual revenue
• Preference will be given to service and retail businesses

Eligible Uses of Funds:

• Two months of payroll and rent expenses up to the program maximum $20,000
• Funds can also be used to cover paid leave (including sick, family and other leave related to COVID-19)

If you are a regional business looking for assistance, please stay tuned and check back for a listing of eligible CDFI’s.

Kiva Greater Madison

Kiva provides 0% interest microloans to local small businesses. In response to the effect COVID-19 is having on small businesses Kiva has increased the amount a business can borrow to $15,000, expanded their already low eligibility thresholds for borrowers and offer a grace period for repayment of up to 6 months. The loans, sourced through a crowd-sourcing platform, include no fees and are typically offered for three-year terms.

Eligible requirements include:

• Must be 18 years of age
• Must be living in and the business must be operating in the U.S.
• Must use the loan for business purposes
• Must have bank account
• Cannot currently be in bankruptcy

Hmong Wisconsin Chamber of Commerce (HWCC), Emergency Loan Fund (COVID-19)

This program makes loans between $5,000 and $10,000 for working capital to cover rent, payroll and other fixed expenses for businesses adversely affected by the COVID-19 emergency. Loan application materials can be found on the Chamber’s website.

Eligible Applicants:

• A for-profit business located in a low to moderate-income census tract or a minority owned business located in Wisconsin.
• An existing business in operation for a minimum of two years
• A business with less than 500 employees

Interest: Prime (5.50%) plus 1.5% to 5.5% depending upon underwriting

Terms: Interest only payment for the first three months; maximum amortization period subject to negotiation

Loan Package:

• Loan application
• Two years of Tax Returns (personal and business)
• Year-end financials for 2019 requested, but not required

For more information please contact HWCC Operations Manager, Ger Thao: ger@hmongchamber.org

If other organizations are making funding available through programs that are not mentioned above, please reach out to us and we will get your programming added to the list.

Reprinted with Permission

We are in an unprecedented time in terms of what is going on in the food industry and there are enormous ramifications for all of us. Within this there is still opportunity for those able to bring products to brick and mortar or online markets.

• This is a marathon, not a sprint. This degree of disruption is precipitous. In the previous recession business went from 100% to 70% or 50% of sales, we did not have businesses that went to zero. Today we have businesses who have gone to 25% or 0% of sales.
• This is still about cash. This is not the time to talk about raising equity or loans. The main focus should be keeping the business alive. How do you do this? Through
  managing cash.
  • Create a 13-week rolling cash forecast. If you are business, put aside your big long proforma – this cash forecast is what you need most immediately. If you are a consultant, get in touch with your clients and make sure they do this. FFI Weekly Cash Flow template
  • Manage your Income Statement. Businesses need to hoard cash and pay as few people as possible. Let’s take a journey down your P & L:
    • COGS – Are a big chunk of your expenses. If you are not making or selling product, COGS will take care of itself, however you might have bought stuff and put it in inventory. You will then need to have a plan to pay for it.
    • Rent – Get relief from landlord ASAP and request deferred payments.
    • Debt Service – Talk to banks and lenders and say you can’t make debt service payments, defer all, or reduce to interest only.
    • Labor – there is a big adjustment in the food industry right now… Share of Stomach is 54% of food consumed before corona virus hit was consumed in food service, so 54% of food purchases have to go somewhere else. The only place they can go to is brick and mortar or online. Every food business is on either side of that – no business or too
      much business. Can you share employees? Retail stores hiring restaurant workers temporarily would be an example.
    • Insurance – pull out insurance policies and talk to your agents. Read about invoking force majeure in this crazy time.
    • Credit Lines for Working Capital – if you have access to one, draw on it now and put the cash in your checking account. Banks might remove the access if those lines are not being used.

Read More

Source | The Conference Board

About 23 of the 152 million jobs in the US are at the epicenter of the COVID-19 crisis. Some of the hardest-hit sectors are in the hospitality industry (hotels, restaurants, and entertainment). Other hard-hit sectors include temp help services and air transportation, which could see layoffs threatening as much as 10.2% of all jobs. The takeout food, bar, and ground transportation sectors represent another 4.9%. Most of these jobs fall into the manual services category and may seem easy to replace. However, given the uncertainty about the economic response to the crisis, companies may want to consider how to retain their best-trained workers as an alternative to firing them. Options may include short-time working and temporary wage reductions, especially if supported by federal, state, or local schemes.