September 03, 2020 03:30 PM
Miami Shores Village is committed to safeguarding the health and wellness of our community, and our local economy as a whole. The situation sparked by COVID-19 (Coronavirus) is serious and quickly evolving, making the timely dissemination of actionable information essential. Below please find resources and assistance made available by Federal, State and Local governments for individuals and businesses going through a diffcult time due to Covid-19 Pandemic.
Federal Agencies and Programs:
Small Business Administration (SBA):
Economic Injury Disaster Loan (EIDL). In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are 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.
SBA Express Lenders provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts up to $25,000 for disaster-related purposes to small businesses located in communities affected by Presidentially-declared disasters
State Agencies and Programs:
The Florida Department of Economic Opportunity (DEO): The DEO administers four programs.
Reemployment Assistance benefits are available to Floridians who have been negatively impacted as a result of the mitigation efforts to stop the spread of COVID-19. Eligible individuals include those who have lost their job through no fault of their own, are quarantined by a medical professional or a government agency, laid off or sent home without pay for an extended period by their employer, or caring for an immediate family member who is diagnosed with COVID-19.
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.
The Small Business Loan Program is available to qualified businesses that demonstrate adequate historical and/or proposed cash flow coverage and other credit underwriting metrics. http://floridajobs.org/business-growth-and-partnerships/for-businesses-and-entrepreneurs/business-resource/small-business-programs
The Black Business Loan Program provides loans, loan guarantees, or investments through Loan Administrators to black business enterprises that cannot otherwise obtain capital through conventional lending institutions but who could otherwise compete successfully in the private sector.
Small Black Business Enterprises interested in receiving capital through this program may contact a Loan Administrator to find out how to apply:
The Miami Dade Beacon Council:
RISE Miami-Dade Small Business Loan:
The COVID-19 crisis has forced the business community to confront huge challenges. Small business owners in particular are facing highly difficult circumstances. The RISE MD Fund focuses on helping small businesses in Miami-Dade County to begin the recovery stage of economic activity through low interest rate loans.
U.S. Small Business Administration:
Economic Injury Disaster Loan (EIDL):
In response to the Coronavirus (COVID-19) pandemic, small business owners and non-profit organizations in all U.S. states, Washington D.C., and territories are able to apply for an Economic Injury Disaster Loan (EIDL). EIDL is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.
Short Term Compensation Program (FDEO):
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.
Miami-Dade County Programs:
Veteran Business Grant Program:
Veterans who own businesses and have experienced financial hardships due to COVID-19 are eligible to apply for assistance as part of a $5 million Veteran Business Grant Program fund. For more information, email firstname.lastname@example.org or call 305-375-3111.
Hospitality Industry Grant (HIG) Program:
The Miami-Dade BCC approved $35M for the Hospitality Industry Grant (HIG) Program. This program will provide financial assistance to local independently owned and operated restaurants and non-home-based caterers impacted by Covid-19.
South Florida Regional Planning Council (SFRPC) / EDA Cares Relief Fund:
SFRPC / EDA CARES RLF Fund:
The South Florida Regional Planning Council is pleased to announce the new SFRPC / EDA CARES RLF Fund is now operational. The RLF lending area is Monroe, Miami-Dade, Broward, and Palm Beach counties. These CARES Act Recovery Assistance funds will be used to provide loans ranging from $25,000 to $500,000 with a fixed interest rate of 3 - 4% and a loan term of up to 10 years.
We urge everyone to continue to check the latest information from the Centers for Disease Control (CDC), Florida Department of Health and Miami-Dade County for the latest recommendations and information.