Paycheck Protection Program
The CARES Act created the Paycheck Protection Program and allocated $350 billion to help small businesses keep workers employed. This section of the bill provides 100 percent federally guaranteed loans to small businesses, which will then be paid off by the federal government if the loan is used to maintain payroll (and certain other eligible expenses). Here is some information you may find helpful:
- For a top-line overview of the program, click here.
- Updated Guidance On The Paycheck Protection Program
- Small Business Relief FAQs (Updated April 3, 2020)
- If you’re a lender, more information can be found here.
- If you’re a borrower, more information can be found here.
- A sample application for borrowers can be found here.
- Find a lender using the SBA’s online database.
Economic Injury Disaster Loans
The Small Business Administration is also offering low-interest Economic Injury Disaster Loans to small businesses and private non-profit organizations that have been financially impacted by the Coronavirus (COVID-19). Small businesses in Florida who meet the eligibility criteria are qualified for this assistance as of March 18:
- Loans are available up to $2 million to help meet financial obligations and operating expenses.
- Loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
- You can see if your business qualifies and apply for assistance at disasterloan.sba.gov.
Small businesses are also eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid. More information is available here.
Florida Emergency Bridge Loans
Governor DeSantis has also activated the Florida Small Business Emergency Bridge Loan Program:
- Florida small business owners with 2 to 100 employees impacted by COVID-19 are eligible for short-term, interest free loans up to $50,000.
- Learn more and apply at floridadisasterloan.org.