Community Development Block Grant (CDBG) Program as Disaster Recovery
A Small Business Loan or Grant Program provides low- or no-cost loans to small businesses that have been impacted by the disaster or are part of a targeted industry for future growth. The goal is create and retain jobs for the community by stabilizing weakened businesses, encouraging businesses owners to re-open or expand their business, and attracting new businesses to the area. Successful programs capitalize on the economic potential of specific industries or types of business to re-build the workforce pipeline and tax base, with an emphasis on creating opportunities for low- to moderate-income individuals.
https://www.hudexchange.info/programs/cdbg-dr/
Small Business Administration (SBA)
SBA Express Bridge Loans
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
Paycheck Protection Program
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.
Economic Injury Disaster Loan Emergency Advance
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
SBA Debt Relief
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
https://covid19relief.sba.gov/#/
USDA Unveils Tool to Help Rural Communities Address the COVID-19 Pandemic
You can contact Jackie Gorman, City Planner
at City.Planner@WillistonFl.org or by calling (352) 528-3060.