Disaster Preparedness Resources

COVID-19 RESOURCES: Everything you need to know in one place

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Here is an excellent roundup of resources related to the Covid-19 pandemic from Florida SBDC at FIU. 

Like you, we have been following developments with the Coronavirus (COVID-19).  For the benefit of our clients, partners and friends, below please find updated information on COVID-19-related resources.

COVID-19 Small Business Disaster Assistance

  • Due to the hardships that so many of our country’s small businesses are continuing to suffer, Congress recently the passed the $1.9 trillion American Rescue Plan Act (ARPA) to provide additional assistance to businesses impacted by the pandemic.  President Biden signed ARPA into law in March 2021.
  • In particular, the package included several changes to the Paycheck Protection Program (PPP), created a new $28.6 billion Restaurant Revitalization Fund, and added additional funds to the Economic Injury Disaster Loan (EIDL) and Shuttered Venue Operators Grant (SVOG) programs.  A number of these programs opened recently or are expected to open soon.
  • There have also been recent administrative changes to SBA relief programs such as an extension of the PPP program through May 31, 2021 and an increase in the EIDL loan cap from $150,000 to $500,000.
  • An excellent summary of the provisions and the benefits to small businesses is available via the U.S. Chamber of Commerce here:  https://www.uschamber.com/co/start/strategy/federal-small-business-stimulus-aid-programs-guide
  • More information on the different SBA programs is also available via the U.S. Small Business Administration (SBA) website here:  https://www.sba.gov/funding-programs/loans/covid-19-relief-option
  • The National Association for the Self-Employed (NASE) has another summary here on PPP changes for the self-employed:  https://nase.org/covid-19

Paycheck Protection Program (PPP)

Economic Injury Disaster Loan (EIDL)

  • Congress extended the EIDL program through December 31, 2021, pending the availability of funds.
  • These are working capital loans for financial obligations and operating expenses that would have been covered had the pandemic not occurred.
  • The current rate is 3.75 percent for businesses with up to a 30-year term.  No pre-payment penalties or fees.
  • Businesses can apply here for an EIDL loan:  https://covid19relief.sba.gov/#/
  • If you received an EIDL in 2020 and it was capped at $150,000, you may be eligible to receive additional funds from the SBA.  SBA recently announced that, starting the week of April 6, 2021, they are raising the maximum loan amount to up to 24-months of economic injury up to $500,000.

 

Targeted EIDL Advance

Shuttered Venue Operator Grant (SVOG) Program

  • The SVOG program provides grants for live venue-related businesses who were impacted by the pandemic.
  • To be eligible you must have experienced at least a 25 percent drop in gross earned income and be one of the following entities:
    • Live venue operators or promoters
    • Theatrical producers
    • Live performing arts organization operators
    • Museum operators
    • Motion picture theatre operators
    • Talent representatives
    • Zoos
  • Grants must be used for specific expenses such as payroll, rent, utilities, and PPE.
  • IMPORTANT – The program is accepting applications as of April 26th at noon Eastern Standard Time via this portal:  https://www.svograntportal.sba.gov/s/
    • SBA is accepting applications on a first-come, first-serve basis so the funds could go quickly. 
  • Businesses should be aware that they must register with the System for Award Management (SAM) to apply for the SVOG program.  Tutorials on registering on SAM are available here:
  • Additional program details are available here:  https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/shuttered-venue-operators-grant

Restaurant Revitalization Fund

  • ARPA also included $28.6 billion for the SBA to make industry-focused grants for pandemic-related revenue loss
  • Grants are capped at up to $10 million per entity or $5 million per physical location
  • Eligible businesses include:
    • Restaurants
    • Food stands/food carts
    • Food trucks
    • Caterers
    • Saloons/taverns
    • Inns
    • Bars/lounges
    • Brewpubs/Tasting Rooms/Taprooms
  • Ineligible businesses include those that have owners that operate more than 20 restaurants.  Any restaurant or bar that is part of a publicly traded company or owned by a state or local government is also ineligible.
  • The SBA program website is now live at:  https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund
  • The nine SBA District Offices located across the Southeast Region will host a presentation and Q & A on the Restaurant Revitalization Fund. These informational sessions are designed to get you prepared to apply for this new “grant” fund prior to the application going live.  The South Florida District Office session will be May 4th at 12pm EST.  You can join the Microsoft Teams event here.
  • The National Restaurant Association has a helpful fact sheet on the program here:  https://restaurant.org/downloads/pdfs/advocacy/understandingrrf
  • The U.S. Chamber also has a guide to the program, including a webinar, that is available here:  https://www.uschamber.com/co/run/business-financing/restaurant-revitalization-fund-grants-guide
  • Lastly, the Independent Restaurant Coalition has a number of webinars and resources available here:  https://www.saverestaurants.com/resources/

National Grant and Loan Programs​​​​

  • The Southern Opportunity and Resilience (SOAR) Fund will be offering loans of up to $100,000 for eligible businesses.  Eligible businesses include Florida-based businesses with fewer than 50 full-time employees and less than $5 million in annual revenue.  More information is available here:  https://www.connect2capital.com/p/soar-fund/
  • In partnership with AEO, Fiserv has launched a Back2Business Grants for Small Business Program.  This program will award up to $10,000 to Black- and minority-owned businesses that have been impacted by COVID-19 and social unrest.  More information is available here:  https://aeoworks.org/fiserv/?utm_medium=email&utm_source=Marketo

​​​​​​The National Association for the Self-Employed (NASE), the largest organization in the country supporting self-employed and micro-businesses, offers grants up to $4,000 to help its members. The “Growth Grants” provide NASE members with capital to train employees, improve their marketing assets, invest in hardware and software and more. More information is available here:  https://www.nase.org/become-a-member/grants-and-scholarships

Florida Emergency Bridge Loan Program

  • Businesses who received a Florida Bridge Loan last year have begun inquiring for updates as loans are coming due.
  • It is our understanding that last week the Florida Department of Economic Opportunity (DEO) began sending emails out to groups of borrowers regarding a process for requesting a repayment extension.
    • Repayment extension requests must include:  1) Documentation supporting the request; 2) An explanation of the request; and 3) The new due date requested to repay the loan(s).
    • Upon receipt of the request, DEO will review the case and any documentation provided to make a decision on a repayment extension. DEO will subsequently respond via email with a decision and next steps.
  • If you want to contact them directly for more information, you can reach DEO at:
  • You may also contact Florida SBDC at FIU to speak with an SBDC Finance Specialist.  They can provide you with instructions on how to repay a bridge loan, how to request a repayment extension and guidance on long-term financing that may help you pay off the bridge loan.

Local Grant and Loan Programs

Gift Cards

How to Help Local Small Businesses

  • The Greater Miami Convention & Visitor’s Bureau compiled Miami Eats, a free listings service of Miami-Dade County restaurants regardless of location, cuisine or price point.  To view the list and get more information on local restaurants, visit:  www.GMCVB.com/MiamiEats

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 and our sister SBDC centers around the state have numerous upcoming free webinars that may be of interest to you.  To view the list and register, visit:  https://floridasbdc.org/get-training/
  • You can view recent FSBDC at FIU webinars and trainings, including recent COVID-19 webinars, on our YouTube page:  https://www.youtube.com/channel/UCYXxvXf2QuS0Dso-i3xqd1w
  • 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 reply to this email and indicate your preference to be added to that list.

Additional Business Resources

Additional Information

Be safe,

Florida SBDC at FIU
(305) 779-9230
sbdc.fiu.edu

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