Disaster Relief loans available to Wisconsin businesses due to warm winter

According to the Wisconsin Office of the Governor, many Wisconsin businesses may now be eligible for federal disaster loans if they lost money due to the atypical warm weather.

The U.S. Small Business Administration (SBA) has confirmed that they will consider monetary losses from the low snowfalls are related to the drought and creates a larger eligibility for assistance. According to the SBA, the low amount of snow has impacted travel and recreation businesses that depend on the normally large amount of snowfall in past years.

“In Wisconsin, our snowy winters are not just another season, but also a huge economic driver, particularly in the Northern part of the state. This year’s low snowfall has hit many Wisconsin businesses hard and we need to do more to ensure they get some relief,” said Senator Baldwin. “I was happy to partner with Governor Evers to successfully push the Biden administration to ensure Northern Wisconsin businesses impacted by this year’s low snowfall can get the support and help they need.”

Senator Tammy Baldwin (D-Wisconsin)

Impacted businesses in counties with a drought declaration can apply for the U.S. SBA Economic Impact Disaster Loans (EIDL). Businesses can borrow up to $2 million to cover their actual losses and will pay no interest on the loan for the first year and a maximum rate of four percent for the rest of the time.

Businesses may submit applications and find additional disaster assistance information at https://lending.sba.gov. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Applicants may can contact the Wisconsin Economic Development Corporation with their EIDL-related questions at EIDLInquiries@wedc.org