HomeMy WebLinkAbout03/31/20 - Updates COVID-19 St. Lucie County Business AssistanceStephanie Bush
From:Jennifer DuBey <jdubey@youredc.com>
Sent:Tuesday, March 31, 2020 7:49 AM
To:Jennifer DuBey
Subject:New Updates COVID-19 St. Lucie County Business Assistance
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Good Morning EDC Partners
This week, the Families First Coronavirus Response Act (FFCRA) becomes effective on
st
Wednesday, April 1. We had an informative webinar yesterday on FFCRA and extend a big
thank you to Daryl Krauza of DEAN MEAD Attorney at Law and Chris Fogal at Carr, Riggs &
Ingram for sharing their time and expertise. We will continue to host special webinar sessions
to help guide you through the various federal and state programs during these challenging
times. Our next session will be focused on the new CARES Act with more information to follow
this week.
Please find below a brief on the various federal and state programs currently available for
access to capital, payroll tax credits and the new Paycheck Protection Program to assist you
and your business:
CARES ACT – NEW Small Business Administration (SBA): PAYCHECK PROTECTION PROGRAM
(PPP)
Interest Rate: 4%
Term: up to 10 years
Loan Amount: up to $10 million
Application: a) Please visit your financial institution to see if they are an SBA 7a
participating lender or b) the SBA will be providing a lenders list once application is
released later this week
Business
Programs: https://youredc.com/images/uploads/CARES_Act_Business_Programs.pdf
Paycheck Protection Program
Summary: https://youredc.com/images/uploads/PPP_Summary_3.27.20_v2_.pdf
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Paycheck Protection Program Guide and
Checklist: https://youredc.com/images/uploads/CARES_Act_-
_PPP_Loan_Information_COC.pdf
Families First Coronavirus Response Act (FFCRA): FAMILY LEAVE AND PAID AND SICK LEAVE
ACT
The Department of Labor has prepared an extensive FAQ to help guide you through the many
questions you may have. Please click here to
view: https://www.dol.gov/agencies/whd/pandemic/ffcra-questions
Small Business Development Center (SBDC): SMALL BUSINESS BRIDGE LOAN
Interest Rate: 0%
Term: 12 months
Loan Amount: up to $50,000 (Special Circumstance: $100,000)
Application: www.floridadisasterloan.org
Deadline to Apply: May 8, 2020
Small Business Administration (SBA): ECONOMIC INJURY DISASTER LOAN PROGRAM (EIDL)
Interest Rate: 3.75%
Term: up to 30 years (determined by SBA)
Loan Amount: up to $2 million
Application: https://covid19relief.sba.gov/#/
Tax Credits
The Tax Foundation has prepared an overview of the various tax credits available through the
FFCRA and CARES Acts. Please click here to view: https://taxfoundation.org/cares-act-senate-
coronavirus-bill-economic-relief-plan/
If you have any questions or need any assistance for your business or employees, please do
not hesitate to contact us.
Please continue to view and share our COVID-19 Business Assistance Web Portal at
https://youredc.com/grow_your_business/wr for updated information on programs and
services to assist your business and employees.
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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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