Business Resources and Programs
Here are a list of state and federal economic programs for businesses impacted by the Coronavirus.
SMALL BUSINESS ASSOCIATION LOANS
The U.S. Small Business Administration (SBA) is working directly with states to provide targeted, low-interest loans to small businesses and non-profits severely impacted by the coronavirus. The SBA’s Economic Injury Disaster Loan program offers working capital loans of up to $2 million that can provide vital economic support. For more details, visit this SBA website.
TREASURY PAYCHECK PROTECTION
The SBA’s Paycheck Protection Program provides loans that helps businesses keep their workforce employed.
CareerSource Broward offers resources for employers and employees.
FEDERAL INCOME TAXES
The Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020 to July 15, 2020. Taxpayers can also defer federal income tax payments to July 15 without penalties and interest. This deferment applies to all taxpayers, including individuals, corporations, trusts and estates,as well as other non-corporate tax filers as those who pay self-employment taxes. For more information on this issue, visit the IRS website.
BUSINESS DAMAGE ASSESSMENT SURVEY
Florida firms impacted by the Coronavirus are encouraged to complete the online Emergency Business Damage Assessment Survey at www.floridadisaster.biz. Information submitted will help Florida determine the type and level of resources needed to help businesses. The survey is not an application. After completing the survey, local, state or federal government agencies may reach out to your business through the contact info provided if you indicated your interest.
EMERGENCY BRIDGE LOAN
Governor Ron DeSantis has activated Florida’D Small Business Emergency Bridge Loan Program, which provides short-term, interest free loans up to $50,000 to small businesses impacted by the Coronavirus. Florida business owners who employ between two and 100 employees are eligible. The application period ends on May 8, 2020. For more information, please visit www.floridadisasterloan.org or call the Florida Small Business Development Center Network at 866-737-7232.
SHORT TERM COMPENSATION PROGRAM
The Florida Department of Economic Opportunity’s Short Time Compensation Program helps employers maintain their staff by reducing the weekly working hours during temporary slowdowns (instead of having to temporarily lay off workers). For information on qualifications and how to apply to this program, please visit the state’s economic opportunity website.