COVID-19 Federal Disaster Assistance
The U.S. Small Business Adminstration is offering low-interest federal disaster loans for working capital to Florida small businesses suffering substantial economic injury as a result of the coronavirus. Applicants may apply online, receive additional disaster assistance and download applications at https://sba.gov/funding-programs/disaster-assistance.
The SBA has a significant amount of resources being made available to small businesses in response to the Coronavirus pandemic. You can learn more here: https://www.sba.gov/disaster-assistance/coronavirus-covid-19
Also, the Association of Women's Business Centers has partnered with America’s SBDC to launch a consolidation of federal resources related to COVID at www.covid-sb.org
The initial program was signed into law on March 28 and was rolled out beginning April 3. On June 5th Congress passed and the President signed reforms to the terms of the PPP lending progam, extending the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, as well as lowering the percent of a borrower's loan proceeeds that must be used for payroll costs from 75 percent to 60 percent.
The application deadline for that second round PPP ended August 8th, but with the newest relief package passed in December of 2020, this program will again be available in 2021. See below for most recent updates as information is released.
for the PPP program, the SBA is working with approved private lenders (CARES Act and Paycheck Protection Program (PPP) banks and credit unions) to provide further disaster assistance to small businesses. Small businesses may contact their current banking institution to see if they are an authorized lender. Download the PPP application here.
SBA has recently released additional guidance re PPP Forgiveness process:
- SBA Procedural Notice: Procedures for Lender Submission of Paycheck Protection Program Loan Forgiveness Decisions to SBA and SBA Forgiveness Loan Reviews (Released July 23, 2020)
- The PPP Forgiveness Platform will go live and begin accepting Lender submissions on August 10, 2020, subject to extension if any new legislative amendments to the forgiveness process necessitate changes to the system.
- Frequently Asked Questions For Loan Forgiveness (Released 8/4/20)
UPDATE: In December of 2020, Congress passed a third COVID-19 relief bill.
On January 8th 2021, the SBA announced that PPP will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP opened to all participating lenders shortly thereafter.
In order to reach the smallest businesses, SBA will offer PPP loans to businesses with fewer than 20 employees and sole proprietors only from Wednesday, February 24 through Wednesday, March 10, 2021. President Biden has also announced additional program changes to make access to PPP loans more equitable.
Talk to your bank or visit SBA Lender Match site to find a lending institution near you.
Here are some other resources that may be useful right now as you research what opportunities there are to support your business:
- Treasure Coast: Stimulus Relief Bill Information
- The New Stimulus Act: 15 Big Changes That Will Impact Your Small Business
- Guide to Small Business COVID-19 Emergency Loans
Other Federal Resources
Department of Labor - Posters and Information to Make Available to Your Employees - see the Coronavirus Posters