SBA Economic Injury Loan
The U.S. Small Business Administration (SBA) is working directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program offers working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. For details, visit bit.ly/2U3rdVT.
Florida Emergency Bridge Loan
Governor DeSantis has activated the Florida Small Business Emergency Bridge Loan Program that provides short-term, interest-free loans of up to $50,000 to small businesses impacted by COVID-19. Business owners in Florida with two to 100 employees are eligible. The application period ends on May 8, 2020. For more information, visit www.floridadisasterloan.org or call the Florida Small Business Development Center Network at (866) 737-7232.
Florida Short Time Compensation Program
The Florida Department of Economic Opportunity (DEO) offers the Short Time Compensation Program, designed to help employers maintain their staff by reducing the weekly working hours during temporary slowdowns instead of temporarily laying off employees. For information on qualifications and how to apply, visit bit.ly/2wcFnuP.
Business Damage Assessment Survey
Businesses adversely impacted by COVID-19 are encouraged to complete the Emergency Business Damage Assessment Survey online at www.floridadisaster.biz. Information submitted by businesses will help the State of Florida determine the type and level of resources needed to continue to help impacted businesses. The survey does NOT serve as an application for resources. After filling out the survey, federal, state or local agencies may reach out to your business through the contact information provided if you indicate your interest.
Florida Business Taxes
Governor DeSantis has directed the Department of Revenue to provide flexibility on the deadlines of taxes due such as corporate income tax and sales tax to assist businesses that are adversely impacted by COVID-19.
The IRS has extended the income tax payment deadline. The filing deadline for tax returns remains April 15, 2020. Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. The extended payment deadline applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. Please visit the IRS website at bit.ly/2U2yOUr for additional details and specific qualifications.
For questions or additional information, please contact:
City of Fort Lauderdale Nighttime Economy Manager
City of Fort Lauderdale Economic & Business Development Manager