Business Resource updates below:

Business Resources

[updated: 3/31/2021 10:59:01 AM]

Economic Injury Disaster Loan and Loan Advance

This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.

In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for the COVID-19 Economic Injury Disaster Loan (EIDL).

PURPOSE:  To meet financial obligations and operating expenses that could have been met had the disaster not occurred.

LOAN AMOUNT: For loans approved starting the week of April 6, 2021: 24-months of economic injury with a maximum loan amount of $500,000.

For loans approved prior to the week of April 6, 2021, see loan increases.

TERMS:

3.75% APR (fixed): businesses

2.75% APR (fixed); non-profits

30 years

No pre-payment penalty or fees

COLLATERAL: Required for loans over $25,000; SBA uses a general security agreement (UCC) designating business assets as collateral, e.g. machinery and equipment, furniture and fixtures, etc.

USE OF PROCEEDS: Working capital and normal operating expenses.  Example:  continuation of health care benefits, rent, utilities, fixed debt payments.

FORGIVABLE? 

  • NO – EIDL Loan
  • YES – EIDL Advance*

*Advance funds have been fully allocated and are not currently available

  LOAN INCREASES

Some loans approved prior to the week of April 6, 2021 will be eligible for an increase based on new loan maximum amounts announced March 24, 2021. Businesses that received a loan subject to current loan limit do not need to submit a request for an increase at this time. SBA will reach out directly via email closer to the April 6, 2021 implementation date to provide more details about how businesses can request an increase.

If an applicant accepted a loan for less than the full amount originally offered, the application will have up to two years after the date of the loan promissory note to request to request additional funds. Applicants may continue to request additional funds even after the application deadline of December 31, 2021.

To apply, visit the SBA Disaster website at: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans

For additional information, please contact the SBA Disaster Assistance Customer Service Center at 800.659.2955 or email to [email protected].

EIDL Advance (NO LONGER AVAILABLE)

EIDL Advance funds were originally calculated based on the number of employees indicated on an applicant's COVID-19 EIDL application: $1,000/employee, up to a maximum of $10,000.

  • EIDL Advance does not have to be repaid.
  • Recipients did not have to be approved for an EIDL loan to receive the EIDL Advance.
  • The amount of the loan Advance was deducted from total loan eligibility.
  • Businesses who received an EIDL Advance in addition to the Paycheck Protection Program (PPP) loan will no longer have the amount of the EIDL Advance subtracted from the forgiveness amount of their PPP loan.

If you already applied for PPP loan forgiveness and had the amount of your EIDL Advance subtracted from the forgiveness amount, updated guidance will be published soon.

EIDL loan applications are still being processed, even though applications for the Advance are no longer available.  

Targeted EIDL Advance

COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.

Advance funds of up to $10,000 will be available to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.

Regarding Targeted EIDL ADVANCE, Applicants do not need to take any action at this time.  SBA will reach out to those who qualify.

FOR MORE DETAILS ABOUT Targeted EIDL Advance, Click Here.

Please do not submit duplicate COVID-19 EIDL applications. Only prior applicants will be considered for the Targeted EIDL Advance.

SBA will reach out to you if you qualify for the Targeted EIDL Advance!

 



SBA Paycheck Protection Program (PPP)

An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis.

For more details about PPP, Click Here to go to sba.gov.

The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. Borrowers may be eligible for PPP loan forgiveness.

SBA is currently offering PPP loans until May 31, 2021. President Biden announced program changes to make access to PPP loans more equitable.

1. Find a lender:

2. Identify a loan:

  • First Draw PPP loans: If you have not received a PPP loan before, First Draw PPP loans are available to you.
  • Second Draw PPP loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP loan.

SBA also offers additional COVID-19 relief.

 


Shuttered Venue Operators Grant (SVOG)

The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.

Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

Click Here for additional details, or as additional details become available, an update will be provided here.

Sign up for email alerts from SBA about this program:  Click Here

SVOG Portal:  https://www.svograntportal.sba.gov/

PREPARE AHEAD:  As a reminder, all potential SVOG applicants will need to be registered in the federal government’s System for Awards Management (also known as SAM.gov) to apply. As the SBA prepares to open the SVOG applications, the dedicated SBA website, www.sba.gov/svogrant, which includes frequently asked questionsvideo tutorials (including one on how to get registered in SAM.gov), a preliminary application checklist and eligibility requirements, is the best source for program information.

Highlights

  •      Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
  •   ·  First Priority (1st 14 days of grant awards): Entities that suffered a 90% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.
  •       Second Priority (Next 14 days of grant awards): Entities that suffered a 70% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.
  •       Third Priority (Beginning 28 days after First & Second Priority Awards are made): Entities that suffered a 25% or greater revenue loss between one quarter of 2019 and the corresponding quarter of 2020.
  •       Supplemental Funding (Available after all Priority Periods have passed):  Recipients of First, Second, and Third Priority round awards who suffered a 70% or greater revenue loss for the most recent calendar quarter (as of 04-01-21 or later) 

Video Tutorials

Who can apply

Eligible entities include:

  • Live venue operators or promoters
  • Theatrical producers
  • Live performing arts organization operators
  • Relevant museum operators, zoos and aquariums who meet specific criteria
  • Motion picture theater operators
  • Talent representatives
  • Each business entity owned by an eligible entity that also meets the eligibility requirements

 Other requirements of note:

  • Must have been in operation as of February 29, 2020
  • Venue or promoter who received a PPP loan on or after December 27, 2020, will have the SVOG reduced by the PPP loan amount

Amount of SVO Grant

Grant amount will be either:

  • For an eligible entity in operation on January 1, 2019, grants will be for an amount equal to 45% of their 2019 gross earned revenue OR $10 million, whichever is less.
  • For an eligible entity that began operation after January 1, 2019, grants will be for the average monthly gross earned revenue for each full month you were in operation during 2019 multiplied by six (6) OR $10 million, whichever is less.

How to apply

SBA is building the grant program and expects to open applications in early April.Those who have suffered the greatest economic loss will be the first applications processed under the schedule found Here:

Allowable use of funds

Funds may be used for specific expenses, which include:

  • Payroll costs
  • Rent payments
  • Utility payments
  • Scheduled mortgage payments (not including prepayment of principal)
  • Scheduled debt payments (not including prepayment of principal) on any indebtedness incurred in the ordinary course of business prior to 02-15-20)
  • Worker protection expenditures
  • Payments to independent contractors (not to exceed $100K in annual compensation per contractor)
  • Other ordinary and necessary business expenses, including maintenance costs
  • Administrative costs (incl. fees and licensing)
  • State and local taxes and fees
  • Operating leases in effect as of 02-15-20
  • Insurance payments
  • Advertising, production transportation, and capital expenditures related to producing a theatrical or live performing arts production. (May not be primary use of funds.)

Grantees may not use award funds to:

  • Buy real estate
  • Make payments on loans originated after 02-15-20
  • Make investments or loans
  • Make contributions or other payments to, or on behalf of, political parties, political committees, or candidates for election
  • Any other use prohibited by the Administrator

Grantee Recordkeeping

Grantees will be required to maintain documentation demonstrating their compliance with the eligibility and other requirements of the SVOG program. They must retain employment records for four years following their receipt of a grant and retain all other records for three years.

 



Restaurant Revitalization Fund (RRF)

In early 2021, Congress took action and created the Restaurant Revitalization Fund (RRF), a $28.6 billion grant program targeted at small restaurants.

As Small Business Administration (SBA) is developing the Restaurant Revitalization Fund (RRF), Restaurant Revitalization Fund (RRF) - Restaurants Act will serve as a central hub of the very latest information from the National Restaurant Association and SBA. Check back for important updates, including explainer documents, videos, and webinars. Or Click Here to sign up to get the information delivered directly to your inbox.

An RRF Fact Sheet can be found by clicking here.

The National Restaurant Association has an "RRF Next Steps" webinar recording available here.



Small Business Debt Relief Program

This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, the SBA will pay the principal and interest of new 7(a) loans issued prior to September 27, 2020. Also, the SBA will pay the principal and interest of current 7(a) loans for a period of six months.

7(a) loans are an affordable loan product of up to $5 million for borrowers who lack credit elsewhere and need access to versatile financing, providing short-term or long-term working capital and to purchase an existing business, refinance current business debt, or purchase furniture, fixtures and supplies. In the program, banks share a portion of the risk of the loan with SBA. There are many different types of 7(a) loans, you can visit this site to find the one that’s best for you. You apply for a 7(a) loan with a bank or a mission-based lender.


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 with less paperwork. 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 Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. Terms: Up to $25,000, Fast turnaround, Will be repaid in full or in part by proceeds from the EIDL loan.


Employee Retention Tax Credit

This new employee retention tax credit is a 50% tax credit for the first $10,000 of compensation, including the employer portion of health benefits, for each eligible employee. Compensation does not include paid sick or family leave for which the employer is reimbursed under the Families First Coronavirus Response Act.

The credit only applies to wages paid after March 12, 2020 and before January 1, 2021. For employers with more than 100 employees: Full-time employees who are (i) being paid but (ii) not providing service due to either a full or partial shutdown or a reduction in gross receipts count toward eligibility. For employers with 100 or fewer full-time employees: All employees, regardless of whether those employees are providing service, count toward eligibility.

Employers may not claim the same employee for this credit and the Work Opportunity Tax Credit for the same period. In addition, employers may not claim the same wages for an employee under this credit and also under the employer credit in section 45S for FMLA.

The refundable credit is applied against the employer portion of payroll taxes. The Treasury Department will develop a process for employers to receive an advance payment of the tax credit. 

Alert

Note that the Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the employee retention credit (and the availability of certain advance payments of the tax credits) under section 2301 of the CARES Act. These FAQs do not currently reflect the changes made by the Taxpayer Certainty and Disaster Tax Relief Act of 2020; however, please continue to check back at the link below for any updates related to the change in law.

https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act


We are still encouraging businesses to fill out DEO's Business Damage Assessment Survey if they haven't done so, as our state and local agencies are still compiling this information to determine the needed resources for our community. Of course, the number one priority is to stay healthy and to limit our exposure to COVID-19 per CDC guidelines. 


The Florida Department of Revenue issued Emergency Orders related to Sales and Use Tax and Property Taxes that will provide flexibility on tax due dates. To view taxpayer information regarding COVID-19, click here.


Business Information Resources and Signage

The Florida Department of Health provides printable posters, signage and digital graphics for internal and environmental use to help keep your employees and patrons informed about COVID-19. Click here to see available content.


Other Business Resources 

Mid-Florida SCORE

https://midflorida.score.org/

SCORE Mid-Florida serves small businesses in Florida's Sumter, Marion, and Lake Counties. Their website states “We have a strong team of skilled and experienced mentors who are ready to help you start or grow your business.”

  • Click here for a “Pandemic Business Survival Guide”.

 

FLORIDA SBDC AT UCF – LAKE COUNTY

https://sbdcorlando.com/lakecounty/

The Florida SBDC at UCF serves an eight-county area that includes Brevard, Flagler, Lake, Orange, Osceola, Seminole, Sumter and Volusia counties. The mission of the FSBDC at UCF is to provide high-quality management advice and comprehensive business training through the collaboration of higher education and economic development organizations, contributing to Central Florida’s economic growth.

FSBDC at UCF – South Lake County | Groveland

FSBDC at UCF – Leesburg | Leesburg

FSBDC at UCF – North Lake County | Mount Dora

 

Local Municipality or Chamber of Commerce

The Municipality where your business is located may have additional resources.  Also, here is a list of Chambers of Commerce in Lake County.  Chambers are involved at a local level and share up-to-date information with businesses and Chamber members.

Astor Area Chamber of Commerce

352-759-2679 | [email protected]

 

East Lake County Chamber of Commerce

352-383-8801 | [email protected]

 

Lady Lake Chamber of Commerce

352-753-6029 | [email protected]

 

Lake Eustis Area Chamber of Commerce

352-357-3434 | [email protected]

 

Leesburg Area Chamber of Commerce

352-787-2131 | [email protected]

 

Mount Dora Area Chamber of Commerce

352-383-2165 | [email protected]

 

South Lake Chamber of Commerce

352-394-4191 | [email protected]

 

Tavares Chamber of Commerce

352-343-2531 | [email protected]

 

Umatilla Chamber of Commerce

352-669-3511 | [email protected]

 


If you have questions or if we can support you in any way, please contact our Elevate Lake team at [email protected] or call 352-343-9647.


 

 

Reemployment Resources

[updated: 3/31/2021 10:57:36 AM]

Florida Department of Economic Opportunity

The Florida Department of Economic Opportunity has released a new mobile-friendly site for Floridians to apply for reemployment assistance and is encouraging anyone that has not filed an application to use this site. View link to the website here. 

As many Floridians do not have access to a computer at this time, Governor DeSantis has instructed the DEO to make paper Reemployment Assistance applications available for all Floridians.

Additional applications can be downloaded at www.FloridaJobs.org/COVID-19.

Once the application is complete, individuals should mail them to:  

Florida Department of Economic Opportunity
P.O. Box 5350
Tallahassee, FL 32314-5350

If you have questions regarding applications or general CareerSource information, please call 1-800-757-4598 or visit https://www.careersourcecentralflorida.com/coronavirus-support/

 


Restaurant Workers’ Community Foundation COVID-19 Crisis Relief Fund

In response to the pandemic, Restaurant Worker’s Community Foundation (RWCF) has established a Restaurant Workers COVID19 Crisis Relief Fund.  The fund has been available in cycles.  For up-to-date information, go to  https://www.restaurantworkerscf.org/

Frequently Asked Questions are available here:  Click Here for FAQs

For more information, please contact [email protected]erscf.org or [email protected].


Other Assistance

United Way of Lake & Sumter Counties  Call 211, call 352-787-7530, or Click Here

Second Harvest Food Bank helps keep meals on the table for seniors, families and kids in our community. Call 407-295-1066 or Click Here.

CareerSource Central Florida can be reached 800-757-4598 or Click Here.

Goodwill Job Connection Center can be reached at (407) 235-1541 or email [email protected]fl.org  or Click Here.  Goodwill Job Connection Centers are now serving virtually. See https://www.goodwillcfl.org/services/virtual-job-connection-services/ for more details and for upcoming virtual events.

Employ Florida is a free online job seeker and employer resource dedicated to matching talent and opportunity here in the State of Florida. Click here to find a job, create a resume and more.

 


Other Information

Job Opportunities

·     The Florida Department of Economic Opportunity is hiring across the state. To view a list of vacant opportunities, visit here.