For the most part, we appear to be slowly pulling out of the economic turmoil caused by the coronavirus pandemic. But that does not mean all of our business concerns have disappeared. Revenue has been lost or reduced for most companies. Clients and customers are suffering, also. All this means is that we may need to tap into COVID-19 financial relief for the near future. First, though, we have to determine whether loans, grants, and tax breaks are still available.
A Short History of COVID-19 Financial Relief
Debates rage over when the coronavirus pandemic actually took hold in the United States. However, we can point to March 27, 2020, as the day that President Trump signed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) into law.
The CARES Act offers economic assistance to small businesses, as well as American workers and their families. All this sounds like a great idea, but how has the CARES Act fared in execution? Are businesses still eligible for COVID-19 financial relief? In some cases, the answer is yes.
The Small Business Administration (SBA) handles much – but not all – of the relief available to businesses.
Paycheck Protection Program – This program ended in August 2020.
After a rocky start, the Paycheck Protection Program (PPP) fund quickly ran out of money. Congress allocated money to PPP so more small businesses could receive COVID-19 financial relief. Check back because Congress might approve new COVID-19 financial relief.
Economic Injury Disaster Loans – This program is still open.
These low-interest, potentially forgivable loans are available to businesses that:
- Have 500 or fewer employees whose principal residence is located in the US; or
- Operate in certain industries for which the SBA has different standards.
Companies can apply for this COVID-19 financial relief through the SBA.
Economic Injury Disaster Loan Advances – This program is no longer available
At the beginning of the COVID-19 relief effort, eligible businesses could apply for an advance of $1,000 per employee up to $10,000. Although currently unavailable, this program could reopen if more funds are allocated.
COVID-19 Financial Relief Available to Florida Businesses
Florida business owners may find financial relief is closer than they think. The following programs may offer the assistance you need:
- Florida SBDC Network
- Florida Department of Economic Opportunity
- Enterprise Florida
- Department of Management Services
Also, check with local business organizations and trade groups to see what resources are available to your business.
Do You Need to Consider Applying for COVID-19 Financial Relief?
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with business and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.