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Thank you for everything you and your bank do for your community.  

Here is our way of personally saying “thank you” to each and every one of you. 

 

By, Eric Skrum

Note: This document was revised on May 4, 2020 at 8:30 a.m.

By, Eric Skrum

Last updated on June 24, 2020

By, Eric Skrum

Wisconsin bankers have been working non-stop to provide their small business customers with access to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loans. Those efforts have paid off as Wisconsin is ranked 10th in the nation in loan applications approved and dollars approved under the program, according to the latest SBA numbers. 

Wisconsin’s SBA lenders have approved over 31,000 PPP loans and over $7 billion in funds as of April 13.  

“This is truly an impressive effort from Wisconsin’s banks,” said Rose Oswald Poels, president and CEO, Wisconsin Bankers Association. “We have heard from bankers who have manually processed these loans through the night and on weekends to ensure their customers get the help they need.” 

“In 2019, SBA loans for the year totaled $564 million. In just seven business days, Wisconsin businesses received SBA approval for over $7 billion,” she explained. 

“Keep in mind that PPP loans aren’t the only way Wisconsin’s banks are helping their customers,” said Oswald Poels. “They worked one-on-one with their customers to find solutions before PPP became available and they will continue to do so after the program is done.” 

There were and continue to be challenges with the program. Regulatory guidance is still being updated on a daily basis. The SBA portal has needed to be upgraded several times to keep up with the sheer volume of loan applications. 

The good news is Wisconsin’s banks entered this pandemic from a position of strength and are well-equipped to help their communities. 

The Wisconsin Bankers Association has created an online resource for small businesses and consumers located at www.wisbank.com/COVID-19

A table of the PPP loan amounts by state is below. You can also view the SBA report at  https://www.wisbank.com/media/567286/ppp-report-sba-41420.pdf 

State 

Number of Loans 

Dollar Amount 

TX 

88,434 

$21,776,306,479  

CA 

54,922 

$20,853,495,045  

FL 

52,021 

$12,656,107,018  

IL 

44,453 

$12,503,648,850  

NY 

40,975 

$11,737,950,918  

OH 

38,016 

$10,368,882,724  

PA 

36,604 

$9,910,549,957  

MO 

34,088 

$6,433,368,771  

MN 

33,819 

$7,633,395,870  

WI 

31,702 

$7,288,143,288  

GA 

29,423 

$6,725,718,213  

CO 

28,469 

$5,830,781,842  

MA 

27,315 

$7,073,245,593  

VA 

26,880 

$6,615,120,527  

OK 

26,451 

$4,009,914,991  

MI 

24,974 

$7,321,573,738  

NC 

23,786 

$5,729,549,254  

IN 

23,583 

$5,986,077,384  

IA 

22,295 

$3,748,993,223  

KS 

19,915 

$3,729,110,056  

AL 

19,244 

$3,819,600,518  

TN 

19,074 

$4,742,194,968  

WA 

18,906 

$4,928,845,742  

NE 

18,565 

$2,727,637,044  

KY 

17,216 

$3,336,402,794  

NJ 

17,187 

$5,897,533,934  

LA 

17,097 

$3,745,462,888  

AR 

14,803 

$2,166,563,254  

SC 

14,273 

$2,756,101,029  

MS 

14,209 

$1,921,783,598  

UT 

12,914 

$2,617,066,864  

MD 

11,937 

$3,756,206,258  

CT 

11,930 

$2,923,132,220  

AZ 

10,898 

$3,524,770,207  

ME 

10,889 

$1,710,424,025  

MT 

10,372 

$1,293,105,048  

OR 

9,508 

$2,427,776,445  

ID 

8,846 

$1,399,191,164  

HI 

8,426 

$1,626,051,108  

ND 

8,232 

$1,386,597,176  

SD 

7,986 

$1,156,576,164  

NH 

7,113 

$1,520,212,834  

NM 

5,365 

$1,103,753,677  

WV 

5,211 

$1,054,712,809  

VT 

4,886 

$853,707,598  

NV 

4,209 

$1,255,172,600  

RI 

4,110 

$875,591,033  

AK 

2,703 

$602,911,645  

DE 

1,974 

$590,422,870  

DC 

1,663 

$791,004,872  

PR 

1,001 

$319,308,946  

GU 

238 

$53,659,254  

VI 

68 

$13,116,530  

MP 

29 

$7,540,546  

AS 

1 

$389,500 

By, Eric Skrum

By, Eric Skrum

Webinar Recording: 

Coronavirus Management Series: CARES Act Lending Programs, Including PPP

Join WBA's Rose Oswald Poels and Eric Ness from the U.S. Small Business Administration's Wisconsin District for this complimentary webinar, which focused primarily on the guidelines for the Paycheck Protection Program (PPP) with the caveat that we are assuming final and more specific guidance will be released by then. In addition, the webinar reviews changes to other lending programs contained in the CARES Act.

By, Amber Seitz

By, Eric Skrum

Last updated 04/02/2020 at 4:00 PM.

By, Eric Skrum

 The Wisconsin Bankers Association offers for your use the following consumer education column. Your bank is free to use this as a community column in your local newspaper, a letter to the editor, a press release or in any other way you see fit. The purpose is to give our members an easy-to-use tool for promoting the banking industry to Wisconsin's communities. An archive of Consumer Columns is available, as well. 

So, you heard you’re getting a $1,200 check from the government. Hurray! … Wait? How is this going to work, exactly?

1: How to get your economic impact payment.
Now that the CARES Act is law, information—and misinformation—is flying around about when, how, and who will receive economic impact payments from the IRS and Treasury Department. Here’s a rundown of the essentials, straight from the source:

  • When: Payments will be distributed automatically beginning in April 2020.
  • Who: Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment of $1,200 for individuals or $2,400 for married couples, with an additional $500 per child. If you filed with more income than that, the payment phases out by $5 for each $100 above the cap, up to $99,000 for individuals and $198,000 for joint filers.
  • How: If you’ve filed a tax return in the past two years (2018 or 2019), you don’t need to do anything. The IRS will direct deposit your payment if you received a refund via direct deposit. If not, the IRS will mail you a check. Need the cash sooner? The Treasury is developing a web portal to allow secure payment via direct deposit. Stay tuned.

If you haven’t filed a tax return, you’ll need to file a simple 2019 return in order to receive your funds.

2: The scammers are at it again.
Bad actors are always out there to take advantage of a crisis. Use the following tips to help protect yourself and your loved ones from becoming a victim:

  • What do the IRS, your bank, and the U.S. Treasury all have in common? None of them will call or email you to get your bank account information in order to mail you a check or direct deposit your funds.
  • If you do get a call or email, hang up and/or delete it. If you think it might be legitimate, end the conversation and contact your bank (or the IRS/Treasury/whoever is claiming to contact you) using the contact information you already have on hand (from bank statements, bills, etc.).
  • Never give out any personal information unless you initiated the conversation.

If you have any questions, contact your bank directly using the phone number you have on file for them, not a number given to you by a potential scammer.

3: Your money is safe in the bank.
If you have scared friends and/or relatives, remind them that the safest place for their cash is in an insured bank or credit union, not under the mattress. Even during “Safer At Home” restrictions, your money will always be available to you. Wisconsin’s banks pay for deposit insurance to keep your cash safe. Many institutions also have robust online and/or mobile systems that allow you to access your funds remotely, and many branches remain open for drive-through service. View a map of the Wisconsin banks with open lobbies or drive-through locations and other helpful resources at www.wisbank.com/COVID-19.

The biggest takeaway for consumers during this challenging time: whether you are a small business owner, furloughed worker, or worried parent trying to homeschool and pay a mortgage at the same time, your bank is ready to step up and help. Reach out and let your banker know what you need.

An archive of Consumer Columns is available here on WBA's website.

By, Amber Seitz

Below is an updated FAQ for bankers and lenders regarding SBA Paycheck Protection Program loans.

Last updated March 5, 2021 at 9:00 a.m.

If you have been on this page for any extended period of time, please refresh your page to view the most up-to-date version of this information as this page is regularly updated.

By, Amber Seitz