Small Business Resources
The Small Business Administration of South Florida
will host a webinar today (3/18/20) at 2pm to help businesses navigate the economic recovery process of applying for the SBA Economic Injury Disaster Loan #COVID19. Skype: ow.ly/KEpX50yOeZ3 or Dial (786) 749-6387 - Conference ID: 590047996.
- Managed by the Florida Department of Economic Opportunity (DEO), the Business Damage Assessment Survey will evaluate businesses affected by COVID-19 and the impacts the virus has had on the local economy.
- The information gathered allows State Government to fully assess the comprehensive impact COVID-19 is having on Florida businesses and industries, then mobilize the appropriate resources to help alleviate those pressures.
- Results will be shared with state agencies and local partners, including the Small Business Administration (Coronavirus-related aid from SBA detailed below).
- The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
- Loans of up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- 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. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.-
- Loans have long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
- For more information, please contact the SBA Disaster Assistance Customer Service Center: 1-800-659-2955 (TTY: 1-800-877-8339) or
disastercustomerservice@sba.gov
.
- The Short Time Compensation Program is a voluntary employer program designed to help employers maintain their staff by reducing the weekly working hours during temporary slowdowns instead of temporarily laying off employees.
- If an employer establishes a Short Time Compensation Plan and an employee meets the qualifications to file a re-employment assistance claim in the state of Florida, the employee will receive a partial re-employment check to supplement their reduced paycheck.
- The Florida Small Business Emergency Bridge Loan Program is available to small business owners located throughout Florida that experienced economic damage as a result of COVID-19.
- These short-term, interest-free working capital loans are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance.
- The program is not designed to be the primary source of assistance to affected small businesses, which is why eligibility is linked pursuant to other financial sources. Note: Loans made under this program are short-term debt loans made by the state of Florida using public funds – they are not grants. Loans require repayment by the approved applicant from longer term financial resources.
- I encourage all businesses to register with the FIU – Small Business Development Center.
- Once registered, you will receive information about emergency loans as information becomes available.
- Disaster Unemployment Assistance provides financial assistance to individuals whose employment or self-employment has been lost or interrupted as a direct result of a major disaster and who are not eligible for regular unemployment insurance benefits.
- When a major disaster has been declared by the President, DUA is generally available to any unemployed worker or self-employed individual who lived, worked, or was scheduled to work in the disaster area at the time of the disaster; and due to the disaster:
• No longer has a job or a place to work; or
• Cannot reach the place of work; or
• Cannot work due to damage to the place of work; or
• Cannot work because of an injury caused by the disaster.
- United Way is working alongside other funders in the community to establish and activate a Miami-Dade Pandemic Response Fund to respond with emergency assistance to individuals, small businesses and nonprofit groups impacted by the pandemic. The fund will allocate resources to service providers responding to the current COVID-19 pandemic in ways that address short-term impacts and build long-term economic resilience of our community. More details TBA.
