Industry Financial Resources

To help mitigate the impact of COVID-19 on Florida’s business community, Governor Ron DeSantis has activated the Florida Small Business Emergency Bridge Loan Program.

Governor DeSantis has reminded Floridians that if their employment has been negatively impacted because of mitigation efforts to stop the spread of COVID-19, these Floridians may be eligible to receive Reemployment Assistance.

U.S. Small Business Association has guidance and loan resources here.

Payment Protection Application Form click here.

Coronavirus Aid, Relief and Economic Security (CARES) Act

Paycheck Protection Program- SBA Loans:

  • If you have less than 500 employees as of 2/15/20 you may qualify.
  • Funds must be used to retain workers and maintain payroll or make mortgage, lease payments, rent payments or utility payments.
  • The maximum loan amount is equal to the lesser of $10M or 2.5 times the 12-month average of your payroll & payroll related expenses including health & retirement benefits to a maximum of $100,000 per employee.
  • This occurs through application to your bank or credit union approved to issue SBA loans.
  • There is no personal guarantee or collateral required.
  • You may qualify for loan forgiveness equal to the amount spent on qualifying expenses during the 8-week period on which loan originates.
  • Forgiveness may be allowed even with lay-offs of employees or cutting of pay by over 25% if you rehire the same full-time employees at their full pay rate or restore their pay by June 30.
  • The amount forgiven is not taxable income.
  • Amounts not forgiven have a maximum maturity of 10 years with interest at 4% and repayment can be deferred for 6 months.

What should you do?

If you are eligible, you should apply.

  • Reach out to your bank and confirm they are an SBA lender and are participating and ask for the next step in how to apply.
  • Compile or request your payroll company compile your last 12 months of earning reports. Take your current payroll run and go back 12 months.
  • Compile your health insurance premiums paid for the past 12 months.
  • Compile retirement plan funding paid by the business (401K, SIMPLE or SEP).
  • Other SBA loans have required the following information, so getting this together is also important:
    • 3 Years of signed business tax returns & personal tax returns for any owner 20% or more
    • Personal Financial Statement (SBA Form 413)
    • Debt Schedule
    • YTD Profit & Loss and Balance Sheet: Signed and Dated
    • Description of effect of COVID to your business and overall anticipated effect.

Unemployment Compensation Changes:

  • Adds $600/week in benefits to those unemployed in addition to the state benefit until 7/31/20.
  • Includes self-employed workers, part-time workers and even those with limited work history.

What should you do?

  • If your business has been closed or operations are severely curtailed, and you have had to furlough your staff then instruct them to apply for unemployment. Provide a furlough letter to these employees stating they are expected to return to work once normal operations resume.
  • Employees will not be required to actively seek work during the furlough.
  • Unemployment filing for State of Florida:

Other Employer Provisions:

  • Employee Retention Credit: Provides a refundable payroll tax credit for 50% of wages paid during the crisis.
  • Delay of Payment of Employer Payroll Taxes: Allows employers to defer paying the employer portion of certain payroll taxes through the end of 2020; 50% of deferral due 12/31/21 and 50% due 12/31/2022.
  • If you have an existing SBA 7(a) loan you can defer the payments for at least 6 months but not more than a year.

What should you do?

Speak with your accounting or bookkeeping and/or payroll service provider to determine how you may be able to use these benefits.