COVID-19: Updated resources for small businesses

Like you, Florida SBDC at FIU has been following developments with the Coronavirus (COVID-19). As a services to small businesses, below please find updated information on COVID-19-related resources and please share with other small businesses.

SBA Disaster Assistance

The U.S. Small Business Administration (SBA) is now providing up to $2 million in low-interest Disaster Loans in designated states and territories for business impacted by COVID-19.
The loans are available for economic injury caused by COVID-19. Small businesses can use loan proceeds to help overcome the temporary loss of revenue they are experiencing. Eligible uses include paying fixed debts, payroll, accounts receivable, and other bills that cannot be paid because of COVID-19 impacts.
Loan terms can be up to 30 years and the interest rate is 3.75% for businesses determined to not have credit available elsewhere. Nonprofits are eligible for loans at 2.75%. You can apply online today at this website: https://www.sba.gov/disaster
On March 26^th, Florida SBDC at FIU is hosting a 30-minute webinar titled “SBA Disaster Assistance & COVID-19”. This webinar will discuss the SBA Economic Injury Disaster Loan program and provide a walkthrough on the online application process. Register for this short but insightful webinar today at: go.fiu.edu/assistance

Florida Emergency Bridge Loans

On Monday, the State of Florida activated the Florida Small Business Emergency Bridge Loan Program. Eligible business applicants can apply for an interest-free, one-year loan up to $50,000. Loans up to $100,000 can be made in special circumstances.
To be an eligible business applicant, all of the following must be true:
- The business must have been established and actively operating a business physically located in Florida prior March 9, 2020.
- The business must be a for-profit, privately held small business that has or had a minimum of two (2), but no more than one hundred (100), employees within the previous year of the date of the declared disaster (March 9, 2020). For purposes of this eligibility requirement, a minimum of two employees means the aggregate number of W-2 employees, “1099 employees” (i.e. independent contractors), and leased employees.
- The business must have repaid, in full, any previous Florida Small Business Emergency Bridge Loan.
- The business applicant must demonstrate that the business has suffered significant economic injury and is unable to pay current operating expenses as a result of COVID-19.
More information on the program is available at: https://floridadisasterloan.org/ and you can now apply online here: http://floridajobs.org/rebuildflorida/businessrecovery

Facebook Small Business Grants Program

Facebook announced it will be providing $100 million in cash grants and ad credits for up to 30,000 eligible small businesses in 30 countries. Applications are expected to roll out in a few weeks. In the meantime, more information on this program can be found here: https://www.facebook.com/business/grants
The company also has a Business Resource Hub that includes free information for small businesses on how to deal with impacts from COVID-19, best practices, and a self-assessment tool that you can download. That site is here: https://www.facebook.com/business/boost/resource

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 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: https://www.washingtonpost.com/news/voraciously/wp/2020/03/18/gift-cards-merchandise-and-to-go-orders-heres-how-restaurants-say-customers-should-support-them/
The Merchant Maverick Blog also features a walkthrough on how to create a gift card program for your small business. That information is avialble here: https://www.merchantmaverick.com/gift-cards-for-small-businesses/

Florida SBDC at FIU Resources

Our team of experienced business consultants is available to offer confidential, no-cost advising to business owners impacted by COVID-19. More information on our program and the services we offer can be viewed here: sbdc.fiu.edu
Florida SBDC at FIU has also set up a special email list for businesses that would like to receive regular updates from us on disaster-related information on the COVID-19 virus. If you would like to receive these periodic updates with additional COVID-19-related resources, please send an email to sbdc@fiu.edu and indicate your preference to be added to that list.

Additional Business Resources

Florida Short-Term Compensation: The Short Term 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. More information is available here: http://www.floridajobs.org/office-directory/division-of-workforce-services/reemployment-assistance-programs/short-time-compensation-program-for-employers
Florida Reemployment Assistance Program: Workers who have been laid off or sent home without pay for an extended period by their employer due to COVID-19 may be eligible for this program. It provides temporary wage replacement benefits to individuals who are out of work through no fault of their own. More information on the program is available here.
CareerSource South Florida: CareerSource South Florida administers programs to assist businesses with training needs and employees with re-employment. Contact CareerSource South Florida to learn more about its One-Stop services that may help you. More information is available here: http://www.careersourcesfl.com/

Additional Information