Federal small business assistance programs
Small business owners are coping with a great deal of uncertainty these days.
The Florida Department of Economic Opportunity held a workshop via zoom to teach people about assistance for small businesses.
On March 9, Governor Ron DeSantis opened up $50 million in the Florida small business emergency bridge loan program. Loans granted through this program are short term and small businesses can receive up to $50,000.
The loan is interest free for one year and allows small businesses the opportunity to apply for other loans such as the economic injury disaster loan and the P3 loan.
Michael Dinapoli of FDEO said, "This is an incredible platform and an incredible program because it allows employees to stay on the payroll. It allows employers to pay them during this crisis. That loan is a ten million dollar maximum loan or a two and a half times their average monthly payroll in the previous year. So it allows them to cant to pay their employees which is much better than taking employment."
More than 23,000 applications have come in so far for the loan program which is more than the DEO has received for hurricanes Michael and Irma.
FEO Executive Director, Ken Lawson added, "We're all doing the best we can and here at DEO, we're putting all our resources to helping individuals and small businesses."
Part of the approval process for small businesses that apply is a minimum of 2 employees and maximum of 100, and privately owned.