By Margie Smith
SBDC Business Consultant-Florida Keys
We’ve kept the membership updated on available disaster loan programs throughout the pandemic so here is an update as of today:
We have recent movement on grants for theater owners, funding for restaurants, and PPP application changes directed to the smallest businesses, as well as changes to the EIDL program.
The Shuttered Venue Operators Grant is administered as a grant program through the SBA; however, the business has to apply on www.SAM.gov (which takes a few weeks to process). This program will be open for applications on April 8th.
The Restaurant Revitalization Fund grant program has not yet opened for applications. Once available, it too will be offered through the SBA, but will use the grant infrastructure of the federal government similar to the SVOG program mentioned above. And like the SVOG program, there will be some lead time required to get your entity registered in DUNS and SAM.gov so that you can be ready to apply once it is open for applications.
Paycheck Protection Program is going to stay open (or reopen in the case of those lenders that stopped taking applications earlier this week) until May 31, 2021 for those who have not obtained a first draw or second draw loan yet. This is applied for through a participating lender and is 100% forgivable if used in accordance with the rules. You must apply for forgiveness afterward, but this process has become much simpler over time.
Economic Injury Disaster Loan is the traditional SBA disaster loan which is a loan that must be repaid, but at a low-interest rate over a very long term: 3.75% interest over 30 years. These were capped early on in the pandemic at $150,000, but the latest legislation passed has increased the amount available to lend.
We’ll be covering this in more detail and adding the latest updates at our April 7th luncheon.
SBDC at FIU is the SBA resource partner providing confidential business consulting to business owners at no cost to the business (in several disciplines) in the Keys and Miami-Dade county and we have experienced local consultants ready and available to help you and your business including assistance with disaster loans and registering your entity for the grant programs above.
To register your business, go to www.sbdcfiu.com