COVID-19 Loan Programs


 Waukesha State Bank helping businesses grow

Small Business Disaster Relief Solutions: We're Here for Small Businesses

As our small business customers work through these challenging times, we want to ensure that you are aware of an important and potentially business-saving resource.

Paycheck Protection Program (PPP) within the CARES Act

Government Approves More Funding
On Friday, April 24, $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program was passed by the government. The Small Business Administration has resumed taking PPP loans via its E-Tran platform as of Monday, April 27, 2020.
We understand how vital the PPP is for small businesses right now. The volume of loans we received prior to initial funding running out was very high. On Monday, April 27, we will resume submitting completed customer applications that were received prior to the initial funding running out on April 16 as well new applications.
If you are a business who submitted your PPP loan request prior to April 16, please verify that all of your required documents have been completed and submitted. If you have any outstanding documents, please submit them immediately to complete your application. Funding is limited and subject to SBA requirements and approval.
We are taking new applications on a limited basis at this time. We thank you for your understanding and patience.
We will continue to provide additional updates as they become available. Please check back.
PPP Program Information
The PPP is an SBA loan to the borrower for payroll costs, rent, utilities and covered interest expense, which will be 100% guaranteed by the SBA. Within this program, there are no collateral requirements or personal guarantees required. A portion of this PPP loan could potentially be forgiven. To qualify for forgiveness, at least 75% of the proceeds must be used for payroll costs and the borrower must restore its headcount by June 30, 2020 to the same level it was on February 15, 2020. Additional requirements also apply. SBA has also said that more guidance on this will be issued.
At this time, we believe we will need at least the following items to process the application for your business:
  1. 2019 Payroll – Total payroll for the full year 2019, by employee, as reported to the IRS; supporting documentation for this total should be included (for example: Forms 940, 941, W-2s, etc.). Compensation of individual employees in excess of $100,000 should be excluded from your total.
  2. Payroll Report – As of February 15, 2020 or closest date after that date, by employee.
  3. Other information required by the application is available at the US Treasury website.
  4. It would also be helpful if you could please provide a detailed breakdown of how you arrived at your loan request amount.
Once you have filled out the application, you may submit that, and your additional documentation, to Waukesha State Bank via:
  1. Email:
  2. Fax: (262) 574-4104
  3. In Person: Drop off at any Waukesha State Bank location
Once we receive your application, we will contact you with next steps and to collect any additional documentation.
PPP Loan Forgiveness Application
On Friday, May 15, the SBA published its Paycheck Protection Program Loan Forgiveness Application. The Application can be found here. The Application contains further information with respect to payroll costs and payments that impact amounts eligible for forgiveness. Specifically, the Application provides those with biweekly or more frequent payroll periods some level of flexibility in terms of the eight-week “Covered Period.” We don’t believe this flexibility extends to interest on debt secured by real or personal property, rent, or utilities.
While we believe further guidance from the SBA is likely, it is not assured. In the meantime, you may want to start familiarizing yourself with the Forgiveness Application and begin collecting the documents and records required by the SBA.
As you navigate through this extremely difficult time, please feel free to reach out to our commercial bankers as a resource at (262) 549-8551.