These past couple of weeks have been riddled with uncertainty, volatility, and general anxiety for business leaders and their employees. News is moving at light speed and government requirements being imposed to protect public health are testing the resiliency of many businesses. We are all being asked to practice “social distancing” which means working from home is quickly becoming the “new normal”.
At Varo, we are fortunate to be one of those companies who can work remotely, and support our member’s during these uncertain times. We have been aggressively compiling government resources for businesses to obtain the cash injections needed to keep the doors open and ride out the proverbial storm. Navigating these resources can be challenging for most, but we’ve summarized a list of the ones we’ve found to be most valuable.
Here are some of the resources we’ve gathered…
The Florida Small Business Emergency Bridge Loan Program is currently available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19.
Who is qualified: For-profit, privately held businesses in the state of Florida
Amount: Up to $50,000 per eligible small business
Term: 1 year
Interest Rate: Interest-free for the loan term (1 year), and 12% on the unpaid balance thereafter
Mayor Bill de Blasio announced March 8th that the City of New York will provide relief for small businesses seeing a reduction in revenue because of COVID-19.
Who is qualified: Businesses with fewer than 100 employees who have seen sales decline by 25% or more.
Amount: Up to $75,000 per eligible small business
Term: Not disclosed
Interest Rate: Not disclosed
The City is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees.
The SBA provides low-interest disaster loans to help businesses recover from declared disasters such as COVID-19.
Who is qualified: Private organizations or small business owners located in a disaster declared state or county who have sustained economic injury as a result of the declared disaster.
Amount: Up to $2 Million per eligible business
Term: Up to 30 years
Interest Rate: Starts at 3.75% for small business and 2.75% for non-profits
KEEP IN TOUCH WITH US!
If you need help knowing whether one of these options may be right for your business, we are here to help you. We are offering a FREE consultation to discuss these options and your business situation so you can make an informed decision that’s right for you. To schedule an appointment, click the link to choose a time that works for you.
We’ll also be updating this article with the latest information, so be sure to check back.
Written by Giuseppe Salamone
Researched by Helen Kakouris
This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Varo Team assumes no liability for actions taken in reliance upon the information contained herein.