SUPPORT FOR SMALL BUSINESSES & NONPROFITS
**Paycheck Protection Program:
- Congress passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which included the “Paycheck Protection Program” (PPP) for small businesses. The PPP provides short-term cash flow assistance to small businesses to help these businesses and their employees deal with the immediate economic impact of the COVID-19 pandemic. Loans are made by lenders certified by the Small Business Administration (SBA) and guaranteed by the federal government. The SBA will administer the PPP
- The application period is open through June 30, 2020.
- Loan forgiveness: Principal amounts on PPP loans, for the first 8-week period from when the PPP Loan is made, may be forgiven, if loan funds are used to cover payroll costs, interest payments on mortgages (not including prepayments or principal), rent and utilities.
- CLICK HERE FOR FULL DETAILS OF PPP
Bridge Loan Program:
- The bridge loan program, managed by the Florida Department of Economic Opportunity (DEO), will provide short-term, interest-free loans to small businesses that experienced economic injury from coronavirus.
- The application period is open March 17- May 8.
- DEO will administer the Florida Small Business Emergency Bridge Loan Program in partnership with the Florida SBDC Network and Florida First Capital Finance Corporation to provide cash flow to businesses economically impacted by COVID-19. The short-term, interest-free loans help bridge the gap between the time the economic impact occurred and when a business secures other financial resources, including payment of insurance claims or longer-term Small Business Administration (SBA) loans. Up to $50 million has been allocated for the program.
- CLICK HERE TO ACCESS BRIDGE LOAN PROGRAM
- Qualified small business applicants must be an employer business with 2 to 100 employees and you must be a for-profit, privately held small business that maintains a place of business in the state of Florida.
Small Business Administration Federal Loans
- The Small Business Administration (SBA) has approved Florida’s declaration for disaster loan assistance.
- CLICK HERE TO ACCESS SBA LOAN PROGRAM
- SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters.
- This loan program provides access to capital up to $2 million with a max interest rate of 4% and term of 30 years. For-profit and non-profit entities are eligible to apply.
- If applying for Coronavirus (COVID-19) disaster declarations, please only select Economic Injury when inquiring about your business losses.