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.
3.75% APR (fixed): businesses
2.75% APR (fixed); non-profits
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.
NO – EIDL Loan
YES – EIDL Advance
*Advance funds have been fully allocated and are not currently available
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].
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!
Supplemental Targeted Advance
The Supplemental Targeted Advance provides the smallest and hardest hit eligible businesses with a supplemental payment of $5,000 that does not have to be repaid. Even if you have previously received the original EIDL Advance in the full amount of $10,000, you may be eligible for the Supplemental Targeted Advance if you meet eligibility criteria. The combined amount of the Supplemental Targeted Advance ($5,000) with any previously received EIDL Advance or Targeted EIDL Advance ($10,000) will not exceed $15,000.
Completing the Targeted EIDL Advance application is a requirement to be considered for the Supplemental Targeted Advance, and SBA is reaching out directly to those who may qualify.
Before applying, make sure your small business meets all the following eligibility criteria:
Is located in a low-income community. Use this mapping tool to see if your business is in a low-income community as defined in section 45D(e) of the Internal Revenue Code. The business address must be in a low-income community to qualify, so SBA encourages you to check the map before you apply; and
Can prove more than a 50% economic loss during an eight-week period beginning on March 2, 2020, or later, compared to the same period of the previous year. Applicants need to provide gross monthly revenue (all forms of combined monthly earnings received, such as profits or salaries) from January 2019 to the current month-to-date; and
Has 10 or fewer employees. This includes sole proprietors, independent contractors, private nonprofit organizations, and others that usually qualify for the EIDL program. However, agricultural businesses, such as farmers and ranchers, are not eligible for the Supplemental Targeted Advance. Farmers and ranchers may still apply for loan assistance through the COVID-19 EIDL program.
All application decisions or requests for additional information will be sent from an official government email account ending with @sba.gov. Do not send sensitive information via email to any address that does not end with @sba.gov.
All application decisions will be communicated via email. If approved, you will receive an email notification and a direct ACH deposit to the bank account provided in your original application for the Targeted EIDL Advance.
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.
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.
First Priority (First 14 days of grant awards): Entities that suffered a 90% or greater gross 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)
Who can apply
Eligible entities include:
Live venue operators or promoters
Live performing arts organization operators
Motion picture theater operators (including owners)
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 amounts will reflect either of the following instances:
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
Funds may be used for specific expenses, which include:
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
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
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)
This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19.
Registration for the SBA application portal will begin on Friday, April 30, 2021, at 9 am ET.
Applications will open on Monday, May 3, 2021, at noon ET.
Click Here for details: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
Sign up to receive email alerts from SBA as additional information about the Restaurant Revitalization Fund becomes available.
Get help with your application
For assistance preparing your application, you can access the following:
Go to: SBA's YouTube channel
Who can apply
Eligible entities who have experienced pandemic-related revenue loss include:
Food stands, food trucks, food carts
Bars, saloons, lounges, taverns
Snack and nonalcoholic beverage bars
Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)
Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)
Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)
Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products
Cross-program eligibility on SBA COVID-19 relief options
How to apply
You can apply through SBA-recognized Point of Sale (POS) vendors or directly via SBA in a forthcoming online application portal: https://restaurants.sba.gov. Participating POS providers include Square, Toast, Clover, NCR Corporation (Aloha). If an applicant is working with a POS vendor, they do not need to register beforehand on the https://restaurants.sba.gov application portal.
Registration with SAM.gov is not required. DUNS or CAGE identifiers are also not required.
If you would like to prepare your application, view the sample application form. You will be able to complete this form online. Please do not submit RRF forms to SBA at this time.
SBA Form 3172
Additional documentation required:
Verification for Tax Information: IRS Form 4506-T, completed and signed by Applicant. Completion of this form digitally on the SBA platform will satisfy this requirement.
Gross Receipts Documentation: Any of the following documents demonstrating gross receipts and, if applicable, eligible expenses
Business tax returns (IRS Form 1120 or IRS 1120-S)
IRS Forms 1040 Schedule C; IRS Forms 1040 Schedule F
For a partnership: partnership’s IRS Form 1065 (including K-1s)
Externally or internally prepared financial statements such as Income Statements or Profit and Loss Statements
Point of sale report(s), including IRS Form 1099-K
For applicants that are a brewpub, tasting room, taproom, brewery, winery, distillery, or bakery:
Documents evidencing that onsite sales to the public comprise at least 33.00% of gross receipts for 2019, which may include Tax and Trade Bureau (TTB) Forms 5130.9 or TTB. For businesses who opened in 2020, the Applicant’s original business model should have contemplated at least 33.00% of gross receipts in onsite sales to the public.
For applicants that are an inn:
Documents evidencing that onsite sales of food and beverage to the public comprise at least 33.00% of gross receipts for 2019. For businesses who opened in 2020, the Applicant’s original business model should have contemplated at least 33.00% of gross receipts in onsite sales to the public.
Allowable use of funds
Funds may be used for specific expenses including:
Business payroll costs (including sick leave)
Payments on any business mortgage obligation
Business rent payments (note: this does not include prepayment of rent)
Business debt service (both principal and interest; note: this does not include any prepayment of principal or interest)
Business utility payments
Business maintenance expenses
Construction of outdoor seating
Business supplies (including protective equipment and cleaning materials)
Business food and beverage expenses (including raw materials)
Covered supplier costs
Business operating expenses
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.
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.
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
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
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.
EIDL Advance (NO LONGER AVAILABLE)