Stimulus Bill First Glance: IEDC Stimulus Bill Overview
Small Business Administration
As part of the federal government’s response to the coronavirus crisis, guidance has been issued that impacts all Americans’ daily lives. To help understand how the guidance impacts your business, the Small Business Administration has released this guidance.
The SBA’s South Florida District Office will host virtual office hours to answer questions about the loan program. March 23 – April 4 (11 a.m. – 1 p.m. AND 3 p.m. – 5 p.m.)
The South Florida District Office will also host twice daily webinars to help you navigate the application. For this information and more, visit SBA’s website.
U.S. Chamber Small Business ELA Loan Guide
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Learn more
Florida Small Business Emergency Bridge Loans
The Florida Small Business Emergency Bridge Loan Program is currently available to small business owners located in all Florida counties statewide that have experienced economic damage as a result of COVID-19.
This short-term, interest-free loan up to $50,000 is intended to help Florida businesses maintain or restart operations until they can secure longer-term assistance. Please note, if you have received a bridge loan and it has not been fully paid, then you are not eligible to apply for a second bridge loan. Small business owners can apply for both the federal and state loans.
The application deadline is currently May 8. Learn more about these loans and how to apply here.
SBA Economic Injury Disaster Loan (EIDL) Program
The SBA EIDL Program is currently available to small business owners and nonprofits in Florida that have experienced economic damage as a result of COVID-19 and do not have access to credit. You can find more information here.
The EIDL program can offer loans up to $2 million at a 3.75% rate for small businesses and 2.75% for nonprofits, which can be used to pay payroll and other expenses.
Click here to apply. Para información en español, haga clic aquí.
