We, in Sunrise, know our businesses, employees and residents need more help from the State and Federal Government. We are seeing proposals and some relief has been enacted.
We are learning more each day about available relief. We will try to digest the information and share. Over time, it will hopefully be easier to navigate.
Be patient with us as we struggle with you to figure it all out.
BUT, if you are having particular problems navigating the process we outline, let us know so we can talk to our Congressional and Senate representatives.
Short-Term Compensation Program for Employers
An organization is eligible to apply for this program through the Florida Department of Economic Opportunity when a reduction of hours for employees will prevent layoffs. An employer needs to prepare a plan outlining how a reduction of 10-40% of a full-time employee’s hours.
Florida submitted a declaration of emergency at the end of this past week which opened up federal SBA loans. The federal government is offering loans up to $1 million (and $2 million in certain circumstances) at an interest rate of 3.75% with payment plans up to 30 years. Non-profits are also eligible and will receive an interest rate of 2.75%.
Florida Small Business Emergency Bridge Loan Program
As part of one of Governor DeSantis’ early declarations, he activated this program. Small businesses are eligible to receive $50,000 no interest loans from the state. Non-profits are not eligible for this program.