FORT LAUDERDALE EMERGENCY REGULATIONS
The City of Fort Lauderdale has numerous emergency regulations in place regarding operations and services, buildings and facilities, openings and closures, public meetings, events, public gatherings, and promoting social distancing in an effort to help slow the spread of COVID-19 and ensure the healthcare system is not overwhelmed. Get the latest updates on current regulations www.fortlauderdale.gov/coronavirus
The Florida Department of Economic Opportunity (DEO) also needs your input. We highly recommend that your business participate in the Business Assistance Survey. The information obtained by this survey will assist the State to assess the impact of COVID-19 on Florida’s business operations and will be used to secure relevant and impactful Federal resources. Take the survey: Business Damage Assessments.
SMALL BUSINESS COVID-19 RESOURCES
The Economic and Community Investment Division (ECI), of the City of Fort Lauderdale, endeavors to provide information on best business practices and connect you to resources designed to help businesses in this time of crisis. In-depth market information, including a business “PROPERTIES” search tool is available at our Business Support Center. We would like to hear from you - email your business questions to Economicdevelopment@fortlauderdale.gov.
CORONAVIRUS AID, RELIEF, and ECONOMIC SECURITY ACT (CARES ACT)
The U.S. Senate overwhelmingly approved a $2 trillion relief package Wednesday night designed to alleviate some of the worst effects of the swift economic downturn currently underway as a result of the coronavirus pandemic. This is the third aid package from Congress and is meant to keep businesses and individuals afloat during an unprecedented freeze on the majority of American life.
U.S. SMALL BUSINESS ADMINISTRATION (SBA)
Disaster Business Loan
Funded through the CARES Act, the SBA’s Economic Injury Disaster Loans (EIDL) offer up to $2 million in assistance for eligible small businesses. Disaster Business Loan Applications are now live for the State of Florida. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue driven by COVID-19’s impact.
Cares Act Paycheck Protection Program (PPP)
The Paycheck Protection Program ("PPP") authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as long as:
- The loan proceeds are used to cover payroll costs and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made; and
- Employee and compensation levels are maintained.
On Thursday, April 17, only 14 days after small businesses across America were first able to apply for loans through the $349 billion Paycheck Protection Program (PPP), the U.S. Small Business Administration announced it received over 1.6 million applications and has exhausted its allotted funds. The agency, which administers the PPP, shut down its application process and ceased enrolling new lenders into the program.
The Trump Administration is negotiating to add another $250 billion to replenished this first-come, first-served program. All qualified business that have not submitted their application to date are encouraged to prepare a PPP Application and have it ready to submit once the program receives additional funding. Clearly, resources for this program do not last long.
As of 10:30am, April 27, 2020, the U.S. Small Business Administration (SBA) began accepting applications for Paycheck Protection Program (PPP) loans.
FLORIDA SBDC NETWORK
Florida SBDC at Florida Atlantic University helps businesses access state and federal disaster recovery loans and additional business continuity services. The Florida SBDC at FAU is a member of the Florida SBDC Network, a statewide partnership program nationally accredited by the Association of America’s SBDCs and funded in part by the U.S. Small Business Administration, Defense Logistics Agency, State of Florida, and other private and public partners, with the University of West Florida serving as the network's lead host institution.
Florida Small Business Emergency Bridge Loan
Available to small business owners in Florida experiencing economic damage as a result of COVID-19. (Applicants may also apply to SBA Disaster Loans for COVID-19.) Designated disaster areas include all of Florida per Executive Order 20-52. Qualifications:
- Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida through May 8, 2020, contingent on the availability of funds.
- All qualified applicants must have been established prior to March 9, 2020, and suffered economic injury as a result of the designated disaster.
- Qualified small business applicants must be an employer business with two to 100 W-2 and/or 1099 employees.
- Amount: Up to $50,000 per eligible small business. Loans of up to $100,000 may be made in special cases as warranted by the need of the eligible small business.
- Term: one year
- Limitations: Only one loan may be made per eligible business. All previous bridge loans received must be paid in full.
- Interest rate: Loans will be interest free for the loan term (one year). The interest rate will be 12 percent per annum on the unpaid balance thereafter, until the loan balance is repaid in full. Loan default is subject to a normal commercial collection process.
- Must apply by May 8, 2020.
Florida SBDC Network: www.FloridaSBDC.org.
Register for Florida SBDC services: SBDC.FAU.edu/consulting/
FLORIDA DEPARTMENT OF ECONOMIC OPPORTUNITY (DEO)
COVID-19 Resources for Employers and Individuals
At the Department of Economic Opportunity (DEO), providing state and federal resources to communities, businesses, and Floridians is our top priority. In coordination with state and federal partners, resources are available to assist employers and individuals impacted by the state’s efforts to mitigate the spread of COVID-19. To assist small businesses and their employees, loans and short-time compensation programs to bridge the gap are available. To assist individuals, resources including Reemployment Assistance are available.
Short Time Compensation Program (FDEO)
The Short Time Compensation Program is a voluntary employer program designed to help employers maintain their staff by reducing the weekly working hours during temporary slowdowns instead of temporarily laying off employees. If an employer establishes a Short Time Compensation Plan, and an employee meets the qualifications to file a re-employment assistance claim in the state of Florida, the employee will receive a partial re-employment check to supplement their reduced paycheck.
SCORE is a valuable network of +13,000 volunteers who offer small business entrepreneurs confidential business counseling services at no charge. SCORE volunteers have the knowledge and experience to help any small business owner get the help they need. Our dedicated volunteers represent over 3,000 years of experience across 62 industries.
Broward SCORE provides local workshops and events throughout the country to connect small business owners with the people and information they need to start, grow, and maintain their businesses, as well as online workshops available 24/7. SCORE provides resources, templates and tools to assist entrepreneurs in developing tools and plans they need to navigate their way to small business success.
COVID-19 WORKPLACE RESOURCES - MANAGEMENT STRATEGIES
COVID-19 BUSINESS IMPACTS / RECOVERY STRATEGIES / BUSINESS RESOURCES
SBDC Florida: Small Business Guide to COVID-19
Broward SCORE: Find a Mentor
Broward SCORE: Upcoming Webinars
Greater Fort Lauderdale Chamber of Commerce: Information Regarding Coronavirus
Greater Fort Lauderdale Alliance: COVID-19 Business Resources
Florida Economic Development Council: fedconline.org
Florida Department of Financial Services: Caronavirus Resources
McKinsey Insights (© 1996-2020 McKinsey & Company): COVID-19: Implications for Business
U.S. Economic Development Administration/IEDC: Restore Your Economy
Hispanic Business Initiative Fund, Inc.: Prospera
Florida State Minority Supplier Development Council: Business Resources, Services, Assistance