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.
To Get Connected:
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.
SBA Economic Injury Disaster Loan Program (EIDL)
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.
To apply, visit the SBA Disaster website at https://disasterloan.sba.gov/ela/.
For additional information, please contact the SBA Disaster Assistance Customer Service Center at 800.659.2955 or email to firstname.lastname@example.org.
Applicants are strongly urged to do the following prior to completing the application:
• Preregister at https://www.lakecountyfl.submittable.com/submit. • Read the Coronavirus Relief Fund Housing Assistance Program’s Frequently Asked Questions. • Review the eligibility requirements. • Prepare, sign (where applicable) and scan required forms and documentation.
Step-by-step instructions are available at https://www.ReopenLake.com to help guide applicants through the process. Additionally, the CARES Act program helpline is available Monday through Friday from 8:30 a.m. to 4 p.m. at (352) 268-9299.
Lake County is currently allocating up to $12 million in emergency relief to support local businesses with a commercial presence within the County that have been negatively impacted by the COVID-19 pandemic. Funds are available as part of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act federal stimulus package. As a part of that relief, the County is offering emergency financial support through the Lake CARES Small Business Assistance Grant Program on a first come first serve basis for complete and accurate applications. Qualifying businesses may be eligible to receive a one-time grant of $2,000 for self-employed or sole-proprietors, $5,000 for businesses that have 2 to 9 full-time equivalent employees or $7,500 for businesses that have between 10 and 25 full-time equivalent employees to help them recover from the negative financial consequences resulting from the COVID-19 pandemic.
For-Profit Business Eligibility
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Lake County is currently allocating up to $3.5 million in emergency relief to support local non-profits and Chambers of Commerce with a presence within the County that have been negatively impacted by the COVID-19 pandemic. Funds are available as part of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act federal stimulus package. As a part of that relief, the County is offering emergency financial support through the Lake CARES Small Business Assistance Grant Program on a first come first serve basis for complete and accurate applications. Qualifying non-profits and Chambers of Commerce may be eligible to receive a one-time grant of $5,000 for organizations that have 25 employees or less to help them recover from the negative financial consequences resulting from the COVID19 pandemic.
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*A full-time equivalent (FTE) is a way for employers to measure how many full-time employees they have, along with the number of part-time employees that can be translated into full-time terms. For the purposes of the application, full-time is based off of a 40-hour work week. Your FTE number = (Total number of hours worked by part-time employees per week / 40) + The number of full-time employees you have.
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:
Financing Resource Links:
*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 continues to update Lake County’s COVID-19 Response Page regarding Reemployment and Business Resources, so check it often.
CareerSource Central Florida Coronavirus Support for Workforce
Center for Disease Control and Prevention
Occupational Safety and Health Administration
U.S. Equal Employment Opportunity Commission
U.S. Small Business Administration
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.