Paycheck Protection Program (PPP)

Paycheck Protection Program

**Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive PPP loans.

**Starting April 10, 2020, independent contractors and self-employed individuals can apply for & receive PPP loans. 

1.      Eligibility:

i)        All businesses described in the Small Business Act with 500 or fewer employees may apply.

2.      Applications for small businesses and sole proprietorships can apply for / receive loans to cover payroll and other expenses through SBA lenders. Other regulated lenders will be allowed to make these loans once they are approved and enrolled in the program.

3.      What is needed to apply?

a.       Complete the Paycheck Protection Program loan application with all required documentation to an approved vendor who can process your application by June 30, 2020. You will also need to provide payroll documentation to the lender. These documents include:

                                                              i.      Payroll reports for 2019 & 2020 YTD showing the following for employees and officers:

1.      Gross wages

2.      Paid time off

3.      Paid vacation

4.      Pay for family medical leave

5.      State & local taxes (forms 940, 941, 944)

6.      1099s for contractors (if applicable)

                                                            ii.      Completed 2019 tax return or 2019 year-end Profit & Loss and Balance Sheet

                                                          iii.      Documentation showing funds received from an Economic Injury Loan since 1/31/2020. Payments for group health care benefits, including premiums paid in 2019 and 2020 YTD. Payment of any retirement benefits paid in 2019 and 2020 YTD.

                                                          iv.      NOTE: Payroll costs include salary, wages, commissions, tips (capped at $100,000 per employee per year), employee benefits (vacation, parental, family, medical, or sick leave), severance payments, health insurance premiums, retirement benefits, and state and local taxes on contractors. For sole proprietors or contractors: wages, commissions, income.

b.      You can request loan forgiveness by submitting a request to the lender servicing your loan. The request must include documentation verifying the number of full-time employees and pay rates, as well as all payments on eligible mortgage, lease, and utility expenses. You must certify the documentation is accurate and true, and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender has 60 days to make a decision on forgiveness.

                                                              i.      You will owe money on the loan if you use the loan amount for anything other than payroll, mortgage, rent, and utilities expense over a period of 8 weeks after getting the loan. Due to the probable high subscription, it is anticipated that no more than 25% of the forgiven amount can be for non-payroll costs.

                                                            ii.      You will also owe if you do not maintain your staff and your payroll. Your loan forgiveness will be reduced if you decrease your full-time employee headcount.

                                                          iii.      Your forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee making less than $100,000 annualized in 2019.

                                                          iv.      You will have until June 30, 2020 to reclaim your full-time employment and salary levels for any changes made between 2/15/2020 and 4/26/2020.

c.       Additional Details

                                                              i.      The interest rate is 0.50%. All payments will be deferred for 6 months, but interest will accrue over this period. Loans are due in 2 years, but there are no prepayment penalties or fees.


                                                            ii.      No collateral is required, and loans are not required to be personally guaranteed. However, if you use the funds for fraudulent purposes, the US Government will pursue criminal charges.

SBA Debt Relief

SBA Debt Relief

This program will provide financial reprieve to small businesses. This program allows small business owners and non-profits the opportunity to get up to a $10,000 advance on an Economic Injury Disaster Loan. This advance may still be available even if your EIDL application was declined or is pending, and will be forgiven.

The SBA will:

·         Pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.

·         Pay the principal and interest of current 7(a) loans for a period of six months.

To apply, go to

There are 3 main forms to fill out, and several additional forms that may be required when a Disaster Assistance loan officer contacts you. These forms are all available on the SBA website.

Benefits of this program:

               ·         Fixed interest rate of 2.75% for non-profits, 3.75% for all other businesses

               ·         Payment deferral of 6 months up to 1 year

               ·         Loan repayment durations could be up to 30 years. The SBA will make the loan term determination

               ·         Up to $2MM available, and $10,000 of that can be forgiven


               ·         Apply online, directly with the SBA, not through your bank

Florida Small Business Emergency Bridge Loan Program

There are many small business owners that are currently scrambling to find ways to keep their employees working and their businesses afloat. The pandemic that is COVID-19 has caused our entire world to come to a screeching halt, leaving a lot of uncertainty floating around.


There are now programs and financial assistance available to small businesses trying to keep their doors open. Below is the first of three financial assistance options for small business owners. 


1.    Florida Small Business Emergency Bridge Loan Program – loans are short-term debt loans from the State of Florida using public funds. These are NOT grants.

a.       Applicants are eligible for up to $50,000 per eligible small business for a term of 1 year. The loan will be interest free for up to 1 year. After the one year is up, the interest rate will be 12% per annum on the unpaid balance.

b.      Applications are currently being accepted through May 8, 2020, depending on the availability of funds.

c.       Eligible Business – for profit, privately held small business that maintains a place of business in Florida and located within a designated disaster area. Currently, the entire state is a designated disaster area. Businesses must also be established prior to March 9, 2020 and able to demonstrate economic injury as a result of the Coronavirus.

d.      Loans will not be disbursed to any business who:

                                                                          i.      Derives more than one-third of gross annual revenue from legal gambling activities

                                                                        ii.      Presents live performances of an indecent sexual nature or derives more than 2.5% of gross revenue through products or services depicting indecent sexual nature.

                                                                      iii.      Have a primary purpose of facilitating polyamorous relationships

                                                                      iv.      Are massage parlors, hot tub facilities, or escort services

e.       Loans will be made to individuals who own at least 51% of equity in the business. The borrower will be required to agree that the proceeds of the loan will be used only for the purposes of maintaining or restarting the business in the designated area. Usage of the proceeds to pay off debts already incurred for business maintenance may be authorized case-by-case. The borrower will also be required to agree that the proceeds of insurance claims and other financial assistance will be used to repay the loan.

f.       Application requirements:

                                                                          i.      Government issued personal identification

                                                                        ii.      Federal business tax returns for the last 2 completed years

                                                                      iii.      Employer tax documentation

                                                                      iv.      Personal tax returns for the last 2 completed years with Schedule C, if available and where appropriate

                                                                        v.      Additional information, such as a loan summary, that an applicant feels would assist the Loan Review Committee in making a decision

g.       Where to apply:


                                                                          i. recovery