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April 2021
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Small Business Funding Opportunities

On behalf of the consultants and team at the Florida SDC at FAU, we hope that you and your business are doing well.

The Florida SBDC at FAU is constantly following the development of the COVID-19 loans and benefits offered to small businesses. Check out the updated information on COVID-19-related resources below.
Disaster Assistance

Due to the hardships that so many of our country’s small businesses are continuing to suffer, Congress recently passed the $1.9 trillion American Rescue Plan Act to provide additional assistance to businesses impacted by the pandemic. In particular, the package included several changes to the Paycheck Protection Program, created a new $28.6 billion Restaurant Revitalization Fund, and added additional funds to the Economic Injury Disaster Loan and Shuttered Venue Operators Grant programs. A number of these programs opened recently or are expected to open soon.

An excellent summary of the provisions and the benefits to small businesses is available via the U.S. Chamber of Commerce here. 
Congress extended the Economic Injury Disaster Loan (EIDL) program through December 31, pending the availability of funds. These are working capital loans for financial obligations and operating expenses that would have been covered had the pandemic not occurred.

The current rate is 3.75% for businesses with up to a 30-year term. No pre-payment penalties or fees.

If you received an EIDL in 2020 and it was capped at $150,000, you may be eligible to receive additional funds from the Small Business Administration (SBA).

SBA recently announced that starting the week of April 6, they are raising the maximum loan amount to up to 24-months of economic injury up to $500,000. SBA will be contacting eligible borrowers via email with additional instructions. More information is available here.

American Rescue Plan Act added another $15 billion to the Targeted EIDL Advance program (for $35 billion total).

This program provides SBA grants of $10,000 to businesses in low-income areas. A priority will be given to businesses that did not receive the full grant last year or were declined for the grant.

Businesses can apply here for an EIDL loan.
The deadline for the Paycheck Protection Program (PPP) is extended to May 31. The bill also gives the Small Business Administration an additional month, through June 30, to process any backlogged applications. ​​​If you have not previously received a PPP loan, you are eligible to apply for the first draw PPP Loan. Businesses who did receive a loan can apply for a second draw PPP Loan, provided you have exhausted your initial PPP loan. You can visit the U.S. Treasury PPP website for more information, applications and fact sheets.

Local small businesses, especially minority-owned small businesses, have had difficulties in accessing PPP in the last year due to changing program rules and challenges in locating participating lenders. If you are a minority or woman business owner seeking a first or second draw loan, NerdWallet has a helpful article with tips here.

You can utilize this tool from the Opportunity Finance Network to locate a local Community Development Financial Institutions participating in the program. A good PPP frequently asked question document is available from the U.S. Chamber of Commerce, here. Borrowers should start with their local bank or the bank that made their initial PPP loan. But if you need to find a new lender, you can review the full list of PPP lenders here.

The National Association for the Self-Employed has another summary here on PPP changes for the self-employed.
Shuttered Venue Operator Grant Program

The Shuttered Venue Operators Grant program provides grants for live venue-related businesses that were impacted by the pandemic.

To be eligible you must have experienced at least a 25 percent drop in gross earned income and be one of the following entities:

  • Live venue operators or promoters
  • Theatrical producers
  • Live performing arts organization operators
  • Museum operators
  • Motion picture theatre operators
  • Talent representatives
  • Zoos

Note – The program is accepting applications as of April 26th at noon eastern standard time via this portal: SBA is accepting applications on a first-come, first-serve basis so the funds could go quickly.

Businesses should be aware that they must register with the System for Award Management (SAM) to apply for the SVOG program. Tutorials on registering on SAM are available here.
Restaurant Revitalization Fund

The new Restaurant Revitalization Fund, part of the recently passed American Rescue Plan Act, provides $28.6 billion in grants to restaurants and bars for pandemic-related revenue loss. The program will launch May 3 at noon.

Grants are capped at up to $10 million per entity or $5 million per physical location

Eligible businesses include:

  • Restaurants
  • Food stands/food carts
  • Food trucks
  • Caterers
  • Saloons/taverns
  • Inns
  • Bars/lounges
  • Brewpubs
  • Tasting Rooms
  • Taprooms

Find more information and the steps for the application process here.
Gift Cards

Are you looking to put some immediate cash into your business? Other businesses impacted by COVID-19 have been encouraging loyal customers to purchase gift cards. This is a great strategy to generate revenue, especially during the holidays, as gift cards can be used online now or in-person later when COVID-19 conditions improve.

The Washington Post has a recent article that features businesses having success with this strategy. Read more, here.

The Merchant Maverick blog also features a walkthrough on how to create a gift card program for your small business. That information is available here.
Florida Emergency Bridge Loan Program

Businesses who received a Florida Bridge Loan last year have begun inquiring for updates as loans are coming due.

It is the understanding that the Florida Department of Economic Opportunity (DEO) began sending emails out to groups of borrowers regarding a process for requesting a repayment extension.

Repayment extension requests must include:

  1. Documentation supporting the request
  2. An explanation of the request
  3. The new due date requested to repay the loan

Upon receipt of the request, DEO will review the case and any documentation provided to make a decision on a repayment extension. DEO will subsequently respond via email with a decision and next steps.

If you want to contact them directly for more information, you can reach DEO at:

Email: EmergencyBridgeLoan@deo.myflorida.com
Phone: (833) 832-4494

Join the Florida SBDC at FAU in an introductory webinar to learn about the fundamentals of finance and accounting for your business with Alfredo Lacayo Evertsz.

Note: this webinar will be in Spanish only.

Date: May 12
Time: 10 to 11: 30 a.m.
Still have questions? As always the SBDC at FAU is here for you, contact your lead consultant directly, or set up a consultation with a consultant below.
The Florida SBDC at Florida Atlantic University is a member of the Florida SBDC Network, a statewide service network funded in part through cooperative agreements with the U.S. Small Business Administration, Defense Logistics Agency, State of Florida and other private and public partners; with the University of West Florida serving as the network's lead host institution; and nationally accredited by the Association of SBDCs. SBA's funding is not an endorsement of any products, opinions or services. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact the Florida SBDC at FAU: sbdc@fau.edu.