BRACE - Business Recovery Assistance and Collaborative Engagement
Elevate Lake along with the Orlando Economic Partnership have collaborated to bring you a new, free service for small businesses in the seven-county Orlando region seeking financial assistance during this unprecedented COVID-19 pandemic. BRACE, which stands for Business Recovery Assistance and Collaborative Engagement, is being offered by the Orlando Economic Partnership.
This program connects business owners with resources that will be the most beneficial to them through the State of Florida and the Small Business Administration. In a time when the many government assistance programs can seem difficult to navigate, this service can serve to clarify the best way forward.
Once submitted, a Partnership “ambassador” will contact you.
Ambassadors will walk you through a variety of questions that will help determine the appropriate agency and program that can best fit your need.
We hope you take advantage of the Partnership’s free business service and can take measures now that can help save your business in this difficult environment. To learn more about the region’s economic and community development organization please click here Important Resources for BusinessesHeadline.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA is offering Economic Injury Disaster Loans to help meet working capital needs caused by the Coronavirus. SBA Economic Injury Disaster Loans offer up to $2 million in economic assistance to help small businesses overcome the temporary loss of revenue resulting from the disaster. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Interest rates offered are as low as 3.75 percent for businesses without credit available elsewhere. The interest rate for non-profits is 2.75%. Loan amounts are set by the SBA and based on each applicant’s financial condition. Repayment terms are up to 30 years. Unlike the Florida Emergency Bridge Loan, there is no lower limit on the number of employees your business must have.
New SBA Loan Advance up to $10,000 available upon completion of an SBA EIDL disaster loan application.
The Paycheck Protection Program (PPP) will take the form of a SBA 7(a) loan, but can be used for payroll, rent, mortgage, utilities, and the like. As with most 7(a) loans, those will be available through commercial and community banks. We recommend that businesses get in touch with their own commercial lenders with whom they have existing relationships in order to get the best service. For more information on the PPP, see:
Businesses are encouraged to fill out the 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 at the moment is to stay healthy and to limit our exposure to COVID-19 per CDC guidelines.
The Florida Department of Revenue issued two Emergency Orders related to Sales and Use Tax and Property Taxes last week that will provide flexibility on tax due dates. The press releases can be viewed here:
*The Florida Small Business Development Center (SBDC) at UCF in Lake County will help vet eligibility for the Florida Bridge Loan Program and help review application documents. For more information, Lake County businesses can contact the local SBDC offices at 352.404.7338 (Groveland) or 352.602.4575 (Mt. Dora).
Lake County’s COVID-19 Business Impact Survey is now active!
As part of its work to assist local businesses prepare for re-opening and recovery at the appropriate time, Lake County has launched a brief online survey to obtain input from business owners. The data collected through this survey will be used to better understand the current and expected challenges of the local business community, and ensure that the ultimate transition to reopening is handled strategically and with ongoing health considerations in the forefront. Survey participants may complete the survey by visiting elevatelake.com/survey The survey will be available until 5 p.m. on April 23rd.