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The Small Business Owner’s Guide to the CARES Act & Additional Useful Resources for BID Businesses

The Business Improvement District of Coral Gables has been monitoring the progress of the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act and how it can help Downtown Coral Gables small businesses. Below, please review a summary of the CARES Act guide created by the U.S. Senate Committee on Small Business & Entrepreneurship, as well as other resources that may be useful to your small business.

The Small Business Owner’s Guide to the CARES Act

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain nonprofits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA. Please click here for the full guide. 

To keep up to date on when these programs become available, please stay in contact with your local Small Business Administration (SBA) District Office, which you can locate here. The BID will also provide up to date information for its members as soon as it becomes available.

Please click here for the full guide. Struggling to get started? The following questions might help point you in the right direction. Do you need:

  • Capital to cover the cost of retaining employees? Then the Paycheck Protection Program might be right for you. LINK
  • A quick infusion of a smaller amount of cash to cover you right now? You might want to look into an Emergency Economic Injury Grant. LINK
  • To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help. LINK 
  • Just some quality, free counseling to help you navigate this uncertain economic time? The resource partners might be your best bet. LINK

4/26/20 – Important Update: Some banks have already maxed out their PPP loans, and are no longer taking applications from their own clients. Other banks are still accepting applications so please check with your bank first before reaching out to another lender.  Ocean Bank is able able to take on new clients to apply for the PPP loan online. Interested businesses can contact Thomas Pla for more information at tpla@oceanbank.com. City National Bank is also accepting new applicants.  Please apply as quickly as possible.  ***Updated FAQ as of 4/26/20 for the PPP loans can be found here

 

Additional Useful Resources

In addition, please see a list of grants, funds, loans, and other resources below that may be useful to your business and/or employees:

  • The Florida Small Business Emergency Bridge Loan Program is providing loans up to $50,000 with one-year terms to small businesses with 2 to 100 employees.
  • In order to measure the impact of the COVID-19 crisis on our business community, the City of Coral Gables is launching a Business Assessment Survey. We encourage all businesses in Coral Gables to complete the Survey as it will provide valuable information on the economic impacts on the business community, the level of preparation and immediate needs. Please complete this simple survey at www.coralgables.com/businesssurvey. 
  • The Florida Department of Economic Opportunity (FDEO) is trying to help employers keep their staff. The Short Term Compensation Program would allow employers to reduce employees weekly working hours during temporary slowdowns instead of temporarily laying them off. The employee meeting the qualifications would file a reemployment assistance claim and receive a partial reemployment check to supplement your reduced paycheck. For more information please click here. 
  • The U.S. Department of Labor has launched the National Disaster Dislocated Worker Grants, a program to assist displaced workers with finding disaster relief employment. Disaster-relief temporary workers are allowed to work for governmental and nonprofit agencies in limited capacity and on a temporary basis. For more information, including qualifying criteria and available positions in Miami-Dade County, click here.
  • GablesTakeout.com is an online directory of take-out and delivery options in Coral Gables. Inclusion is FREE – sign up here.
  • The SOBEWFF® & FIU Chaplin School of Hospitality have set up an Industry Relief Fund.
  • The GMCVB’s Miami Eats program is FREE for EVERY restaurant and is geared towards asking locals to call the restaurants directly to place their order. Similar to the Miami Spice program, the GMCVB will be launching a comprehensive marketing program that will include digital, print and social media as well as a dedicated public relations outreach. This program is for all restaurants in Miami-Dade County regardless of location or price point. 
  • The Greater Miami Chamber of Commerce has put together a resource guide for small businesses.
  • The Miami Herald has created a dedicated section of their website for partners to provide essential information and updates for customers. An auto-fill form with instructions for listing your business can be found here.
  • The United States Bartenders’ Guild (USBG), through its national charity foundation, is offering grants of up to $2500 to bartenders impacted by COVID-19. To learn more about the program or to apply, click here.
  • Bacardi has pledged $3 million in relief to bars and restaurants affected by the COVID-19 shutdowns as part of its #RaiseYourSpirits campaign.
  • Facebook announced a $100 million grant for small businesses impacted by COVID-19 and launched the Business Resource Hub, which features recommendations to help small businesses stay connected to customers and stay on track.
  • Faire, an online marketplace startup, launched a financial calculator tool that helps small businesses understand the changes in their finances before and after COVID-19.
  • GoFundMe has partnered with Yelp to allow independent businesses to start fundraisers and accept donations through Yelp’s pages. The Yelp Foundation and GoFundMe also both pledged to donate up to $1 million to the GoFundMe.org Small Business Relief Fund.
  • Google’s pledge to donate $800 million for COVID-19 relief includes efforts to help small and medium-sized businesses gain access to capital.
  • James Beard Foundation started a Food and Beverage Industry Relief Fund to provide microgrants to independent food and beverage small businesses in need.
  • JPMorgan pledged $50 million to help struggling customers, and $8 million in aid to small businesses, specifically.
  • Kabbage launched an online hub to help boost sales for U.S small businesses impacted by COVID-19, including a system through which businesses can sell gift cards to consumers for use at a later date.
  • Kiva is urging small businesses to apply for 0% interest loans for up to $15,000. The company is also offering a longer grace period: New borrowers can access a grace period of up to six months.
  • MainVest, a crowdfunding platform, announced its new Main Street Initiative: a $2,000, 0% interest, 120-day loan for restaurants or other brick-and-mortars affected by the shutdown, in addition to its normal fundraising offerings.
  • Opportunity Fund, which specializes in money lending to small businesses owned by women, immigrants and people of color, is collaborating with investors and nonprofits to put together a coronavirus relief fund that will provide grants and low-interest-rate loans to business owners in need.
  • Seated launched a hotline for restaurant owners to get advice from finance and law experts in the hospitality industry.  
  • The National Restaurant Association Educational Foundation announced the Restaurant Employee Relief Fund that will provide grants on a first-come first-served basis to restaurant owners and employees in need.
  • The Restaurant Workers’ Community Foundation formed a COVID-19 Emergency Relief Fund for small businesses and their restaurant workers, and is accepting donations.
  • Wefunder, an investment crowdfunding platform, launched a Coronavirus Crisis Loans program enabling small businesses to crowdfund loans of $20,000 to $1 million from supporters.

The BID is here as a resource for you during this time and always. Please heed all warnings and instructions provided by state and local government officials. BID staff will continue to monitor the situation and make necessary operating adjustments in accordance with guidance from national, state and local health officials.  If you have any questions, we are always available via email at info@shopcoralgables.com or by phone at 305-569-0311.