Updated Thurday, April 2, 2020
Paycheck Protection Program Application Available
Recently released by the US Treasury and the Small Business Administration (SBA.gov) is a summary of the Paycheck Protection Program (PPP) for small businesses and other eligible organizations.
Scroll to the middle of the page to the section “Assistance for Small Businesses.” Here you will find an overview of the program as well as when to apply plus the borrower application to complete and provide to your lender of choice.
Current and accurate financial records will be key to moving the process along in an efficient manner.
We will include guidance on the Program rules and process once they are released.
Disaster Loan Programs (Local)
The Intergovernmental Blueprint Agency in Tallahassee/Leon County has created a local relief package with $1 million of funding for small businesses. Under the package, businesses with 1-10 employees would receive $1,500, businesses with 11-24 employees could receive $2,500, and businesses with 25-50 employees can receive $5,000.
City and County staff described the grants as a "bridge to a bridge," with a goal of covering operational costs such as utilities and rent for one month, to avoid additional unemployment. Unemployment claims in Florida have risen by 9.7%.
The Blueprint Board's goal is not to duplicate any federal and state incentives and programs.
The package comes with multiple terms for small businesses. They must:
- be for-profit businesses
- have at least 1 employee, but less than 50
- have seen a minimum of a 50% reduction in revenue
- have an active utility account in good standing
- provide proof of an application for either the State Emergency Bridge Loan program or the US SBA Disaster Loan Assistant program (see below)
- pledge in good-faith to remain in business for at least 45 days after the funding is distributed
Funds will be released on a rolling basis over a period of several days..
Apply by clicking here.
Disaster Loan Programs (State and Federal)
Representatives from the Small Business Development Center (SBDC) encourage small business owners to fill out the damage assessment survey at: https://floridadisaster.biz/BusinessDamageAssessments .
It is also important to note the order in which owners are encouraged to request assistance.
- The Emergency Bridge Loan Program
- The SBA’s Disaster Loan Program
Download the COVID-19: Assistance for Small Business guide which will walk you through both processes:
New information will be updated as soon as it's available following the passage of the stimulus bill passed Friday, March 27, 2020.
State of Florida Funds: short-term, interest-free loans (for the duration of the loan) are being made available to small businesses that have experienced injury from COVID-19. This allows small businesses to receive cash immediately to lessen the impacts and helps “bridge the gap” until other resources (insurance claims, etc.) become available. For eligibility and to apply online visit http://www.floridadisasterloan.org/ or call 866-737-7232.
SBA Disaster Assistance - The U.S. Small Business Administration (SBA) provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. Businesses can apply for loans online through a 3-step loan process. https://.www.sba.gov/funding-programs/disaster-assistance
Tips from Our Treasury Management Team
While there are no changes to the processing of ACH files, Remote and Mobile Deposits at this time, clients that are operating their business or organization remotely should consider the following:
- If you and your employees are working remotely, provide us with alternative phone numbers where we may reach you.
- If your remote scanner is being moved off site, you may need help downloading and installing new drivers. Contact our Treasury Team at (850) 907-2300 for help.
- Confirm access to Online Banking. Be sure you have access to your credentials and are able to login successfully. Store sensitive information securely.
- Download our Mobile App
- Plan for remote transmission of ACH files. Print extra blank copies of our ACH Transmittal Form so you can submit from outside the office. Call (850) 907-2300 for assistance if needed.
- Ensure access to secure tokens. If you use a secure physical token/fob to log in to Online Banking, ensure that you and your employees have access to the token(s) or contact us for assistance setting up a Virtual Secure Token.