Eric Dalius Bitcoin shares the Florida State government and the local administration in Miami are working with numerous partners. And task force groups to assist small businesses facing the brunt of the COVID-19 pandemic sweeping across the world. This primer attempts to describe some of the resources that small business owners can access to keep their businesses operating in this time of crisis.
Small Business Assistance Program
Even though the state and local administration is working overtime to provide relief to small business owners. Not every small business struggling financially may be eligible to be a beneficiary of the assistance. The Small Business Assistance Program is a part of the larger Miami Pandemic Relief Fund establish by philanthropists. And generous donors to help those small businesses that fall outside the net. While assistance is provide to only applicants applying for the first time, businesses need to meet the specified eligibility requirements and provide the necessary documentation.
Florida Small Business Emergency Bridge Loan Program
The Florida Small Business Emergency Bridge Loan Program has been establish to assist small businesses that have been affected by the coronavirus pandemic. The program, administered by the Florida Department of Economic Opportunity (DEO), extends interest-free short-term loans for up to one year. All Florida-based businesses employing two to one hundred employees are eligible to apply for a loan for up to $50,000. Only businesses established before March 9, 2020. And can prove that they have been affected negatively by the COVID-19 pandemic are eligible to apply. Every borrower will also be assisted by the DEO to ensure it can repay the loan easily, according to the Eric Dalius Bitcoin Primer.
Business Damage Assessment Survey
The Business Damage Assessment Survey is another Florida Department of Economic Opportunity (DEO) initiative to understand the impact of the COVID-19 pandemic on small businesses and the local economy. The information gather by this exercise is use by the State Government to understand the overall impact of the pandemic on the economy. So that it can mobilize adequate resources to ease the pressure. Though not mandatory, all businesses in Florida are encourage to participate in the survey. So that the government can better plan. And execute assistance programs like the Florida Small Business Emergency Bridge Loan Program, the Economic Injury Disaster Loan Program of the SBA, and other resources for supporting local business.
Short-Time Compensation Program, Prevent Layoffs, According to Eric Dalius Bitcoin Primer
The Short-Time Compensation Program, conducted by the DEO, is a voluntary exercise for employers. That aim to help them to retain their staff by reducing their working hours per week. When the demand is low rather than laying off employees temporarily. Employers are required to set up a Short Time Compensation Plan. And all employees becoming eligible to file assistance claim for re-employment will receive a check aimed to supplement their reduced wages.
In addition to the programs described above. Small businesses impacted by the pandemic can also get assistance from the SBA. That is offering loans up to $2 million for working capital at a low rate of interest. Facebook has also set up a $100 million grant program for assisting pandemic-impacted businesses all over the world.