While South Florida and the nation’s small businesses await news on a Congressional stimulus package that is expected to include PPP relief funds, cities and the county are either rushing to try to disperse CARES Act funding to small businesses before the end of the year, and at least one South Florida city has announced a grant program for early 2021.
The City of Miami Beach will offer up to $20,000 in emergency grants to small businesses hurt by the Covid-19 pandemic. Unlike grant programs recently announced by Miami, Coral Gables, North Miami and other cities where the monies need to be spent by the end of this year, this program will be open for funding in early 2021.
The Miami Beach grants may be used to cover rent, mortgages, utilities, payroll, operation supplies and other expenses. As a condition of accepting the money, small businesses must retain or create one job filled by a Miami Beach resident of low-to-moderate income or the business must be owned by a low-to-moderate income wage earner. Businesses should be prepared to show 2020 and 2021 business tax receipts, tax returns, bank statements, payroll documents, invoices and proof of payment for eligible expenses.
Applications for the emergency grant will be available on the city of Miami Beach website beginning Dec. 28. Applications will be accepted beginning Jan. 6 and will remain open until the funds are dispersed.
Several South Florida cities, including Miami, Coral Gables and North Miami, launched emergency grant or loan programs intended to aid small businesses financially impacted by the pandemic, but in most cases the funds need to be dispersed by the end of this year because they are CARES Act funds.
Similarly, Miami-Dade County has millions of dollars left to lend as part of its RISE Miami-Dade fund, a revolving loan fund for small businesses, and recently extended the application deadline to Dec. 20, loosened some of the requirements, and raised the maximum amount of the loan to $45,000. The Fund offers low-interest loans to county businesses with a maximum of 50 employees and $5 million in annual revenue.
For more pandemic-related grant and loan resources in South Florida, go here.