The situation sparked by COVID-19 (Coronavirus) is serious and quickly evolving, making the timely dissemination of actionable intelligence essential. We at The Beacon Council are committed to safeguarding the health and wellness of our community, and our local economy as a whole. We are gathering some of the latest, most relevant information and resources available for our business owners and workforce, updating this page on a regular basis. Please email any Coronavirus-related questions directly to the team at BeaconHelp@BeaconCouncil.com.
We are here to help you better understand and successfully access the funding resources available to Miami-Dade small businesses, sole proprietors and freelancers (i.e., 1099) looking for relief from the impact of COVID-19. At this time, BizHelp.Miami is primarily focused on helping you navigate the CARES Act’s Paycheck Protection Program (PPP). Information on other funding resources and programs to follow in the coming days.
Emergency Loan Programs
There are two emergency small business loan programs designed to assist small businesses during a disaster: 1) Florida Small Business Emergency Bridge Loan Program; 2) SBA Economic Injury Loan Program. It is important to understand the distinctions between the two programs:
The Florida Small Business Emergency Bridge Loan Program is a State-funded short-term, interest-free working capital loan program intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance. This program is currently available to Florida for-profit businesses with 2 to 100 employees. Amount: Up to $50,000 per eligible small business. Up to $50 million has been allocated for the program. Businesses with questions about the program can email: disaster@FloridaSBDC.org or call (866) 737-7232.
The SBA Economic Injury Loan is a federally funded loan program available to small businesses, small agricultural cooperatives and most private nonprofit organizations. This program is anticipated to be activated later this week and as early as tomorrow. The Department of Economic Opportunity announced Sunday that Gov. DeSantis has requested that the SBA deploy the Economic Injury Loan Program. The SBA is still collecting impact information from the State’s Damage Assessment Survey. We strongly encourage all small businesses to complete this survey. Once declared, the loan program can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.