Small Business Assistance Forgivable Loan Program in Miami Dade County
Loans will
be up to $25,000 with a 0% interest rate and no origination fees. Eligible
borrowers will have no more than 25 employees. The company must retain
employees in their permanent jobs.
The goal
of the program is to maintain and strengthen small businesses in Miami,
Florida, and to provide financial support needed to retain jobs, of which 51%
must be held by low to moderate-income persons. After twelve (12) months from
the date of approval for assistance, the borrower will be deemed to have met
the requirements of the program and the loan will be satisfied so long as the
employer can show documentation that no jobs have been lost.
WHO IS
ELIGIBLE TO APPLY FOR THE LOAN?
* Business
is a for-profit located and operating in Miami Dade County
* Business
must not have been approved or received funds from any institution under the
Paycheck Protection Program Loan (PPP)
* Jobs
created or retained by the assisted business may also be presumed to be low-
and moderate-income (LMI) if the job and business are located in an area that:
* Has a
20% poverty rate (30% poverty rate if the area includes the central business
district) and the area evidences pervasive poverty and general distress; or
* Is part
of a federally designated Empowerment Zone or Enterprise Community; and
The jobs
will be located in a qualifying area
* HUD
eligible businesses
Allowed
Uses of Funds
Loans can
be used for expenditures that will allow the business to remain feasible and
cover expenses for up to three months. Such expenses include, but are not
limited to, the following;
* Rent
(executed lease agreement must be attached)
* Salaries
of current employees based on payroll register
* Personal
protective equipment
* Payment
of all expenses needed to keep the business safely operational, meeting all
local, state, and federal requirements, i.e. utilities, licenses, insurance,
etc.
Ineligible
* New
construction
* Vehicle
purchases
*
Repayment of outstanding business loans
* Payment
of federal tax liens
For
additional info, required documentation, and application form go to:
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