HomeMy WebLinkAbout03/21/20 - Updates COVID-19 St. Lucie County Business AssistanceStephanie Bush
From:Jennifer DuBey <jdubey@youredc.com>
Sent:Saturday, March 21, 2020 9:03 AM
To:Jennifer DuBey
Subject:New Updates COVID-19 St. Lucie County Business Assistance
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Good Morning EDC Partners,
As we head into the weekend, we wanted to make sure you have information at your
fingertips for any needs you may have regarding business continuity in these challenging
times. In addition to our COVID-19 Business Assistance
Resource Web Portal (https://youredc.com/grow_your_business/wr), we have also prepared a
two-page Business Assistance FAQ for easy reading which can be found attached as well as on
our web portal. We will continue to update and share all federal, state and local resources as
new information is received.
If you are contemplating the need for access to capital or a reduction in workforce hours,
please review the FAQ for available programs to assist you. I have also included a snapshot of
the available programs below:
1. Small Business Bridge Loan Program (SBDC): 0% interest; 12 month term; up to
$50,000 loan; must have 2-100 employees
2. Economic Injury Disaster Loan Program (SBA): 3.75% interest (2.75% for non-profits);
up to 30 year term; up to $2 million loan; the under 100 employee restriction does not
apply for this program
3. Short-Time Compensation (STC): available to offset lost wages due to workforce
reduction of hours and to avoid layoffs. Example: An employee normally works a 40
hour work week. The employee’s work week is reduced by eight hours or 20 percent. If
the employee had been laid off and totally unemployed and determined eligible for UC,
the individual would have received a weekly benefit amount of $275.00. The employer
submits an STC plan and the plan is approved. Under the STC plan, the employee would
receive $55.00 of benefits (or 20 percent of $275) in addition to the 32 hours of wages
earned from the employer.
If you have any questions or need assistance, please do not hesitate to contact us at any time.
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Jennifer DuBey, Business Manager
Economic Development Council of St. Lucie County
500 NW California Blvd. ■ Bldg. F109 ■ Port St. Lucie, FL 34986
(Located at Indian River State College)
O: 772.336.6256 ■ C: 772.812.0107 ■ jdubey@youredc.com
www.youredc.com
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