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Homelessness affects nearly 5,000 Central Floridians.  The Osceola Chamber member Pathway Homes of Florida is a nonprofit working to prevent and end homelessness.

“We make home possible for people facing a lot of challenges and connect them with services they need to recover their lives,” explained Sylisa Lambert-Woodard, CEO, Pathway Homes. “We are excited to engage with The Osceola Chamber and the local business community to help more struggling families and individuals succeed.”

By partnering with the Central Florida Homeless Services Network to use funding from the U.S. Department of Housing and Urban Development, the Central Florida Foundation, Orange County, the City of Orlando, and other public and private partners, Pathways helps chronically homeless families and adults with severe mental illnesses, substance abuse disorders, and/or other co-occurring disabilities find permanent, stable housing and receive services they need to recover and move forward.

To educate, advocate, and raise funds to provide mental health services and help prevent homelessness, Pathways Homes of Florida is holding its 2nd annual DUCK RACE on Friday, June 10th at 8:30am. Pathway Homes invites chamber members to sponsor and/or attend this quacky race being held at Island H2O Waterpark. In addition to a variety of dignitaries, Tom Sorrells, News 6 Chief Meteorologist, will serve as Race Emcee.

Sponsor either a jumbo duck, neon duck, duckling or a special Orlando Magic Mo Bamba duck and cheer them on in-person or virtually as 5,000 ducks race down the lazy river. Ducks range from $5-$100. Those sponsoring a duck will receive half off admission to the park during the 2022 season. All proceeds will go toward Pathway’s efforts to provide housing and supportive services to those experiencing homelessness and mental illness.

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Florida Small Business Emergency Bridge Loan Program

What is it?
The Florida Small Business Bridge Loan is NOT an SBA loan.  Rather, it is through the Florida Department of Economic Opportunity.  It is intended as a short term, interest free loan to tide businesses over before returning to normal or receiving other forms of funding.  It is NOT intended to be the primary source of assistance for small businesses affected by a disaster like COVID-19 and eligibility for the loan is linked to other financial sources.   The Florida Small Business Emergency Bridge Loan Program is currently maxed out.  Retain this info in case further funds are made available.

Who Qualifies?
Eligible applicants must:

• Be a for-profit, privately held small businessthat maintains a physical location in the state of Florida prior to March 9,2020
• Employ between 2 and 100 employees
• Have all previous loans received from the stateemergency bridge lain program repaid in full
• Demonstrate economic injury
• Own at least 51% of the equity in the business

Who does NOT Qualify?

• A business deriving more than one-third of grossannual revenue from legal gambling activities
• A business engaged in any illegal activity
• A business that presents live performances of anindecent sexual nature or derive directly or indirectly more than 2.5 percentof gross revenues through the sales of products and services or thepresentation of any depictions or displays of an indecent sexual nature
• A business that has a primary purpose offacilitating polyamorous relationships
• Massage parlors
• Hot tub facilities
• Escort services

What does the loan entail?

• Applications will be accepted through May 8,2020
• The maximum loan amount is $50,000 perapplicant, though loans of up to $100,000 may be made on a case-by-case basis
• The loan repayment time is one year
• Loans will be interest-free for a period of oneyear
• After one year there will be a 12% interest rateper annum on the unpaid balance

How do I apply?

• Download the application here: 
• Verify that your business meets all of the abovequalifications
• Complete the application
• Attach the following supporting documents
• Business Tax Returns as defined within Section III of the application
• Employer Tax Documentation as defined withinSection III of the application
• Individual Tax Returns as defined within SectionIII of the application
• Government-issued personal identification of allindividual applicants (ex:  driver’slicense or passport)
• Attach any additional information that theapplicant believes will assist the loan review committee in making adecision.  These could include:
• Year-end financial statements for the past twotax years
• Interim financial statements (profit & loss)for the current year-to-date
• Additional filing requirements providing monthlysales figures
• Explanation of credit report concerns and issues
• Applications must be submitted to the FloridaSmall Business Development Center

By mail: 
Florida SBDC Network Headquarters
C/O Florida Emergency Bridge Loan Process
220 West Garden Street, Suite 301
Pensacola, FL 32502
By Fax:  (850) 696-2693
By Email:  disaster@FloridaSBDC.org

Do you have questions or need assistance with your loan application?  You can contact your local SBDC office to schedule a one-on-one consultation.  Our local FSBDC consultants are based out of our chamber offices at 1425 E Vine St, but are currently working remotely.  Contact Rafael Pratts -  

Rafael E. M. Pratts
Business Consultant
FSBDC at UCF
T. 407-847-2458
C. 863-617-9545
rpratts@ucf.edu  

-to schedule a consultation via phone or video conference.  This loan is open until May 8, 2020.

SBA Express Bridge Loan

The SBA has ongoing loans that may be of assistance at this time.  The SBA's Express Bridge Loan is designed for businesses who already have a standing relationship with an SBA lender.  The loan amount is up to $25,000.  It is intended to tide over businesses in a fix while they await further loan funding.

Who qualifies?

• Businesses with a prior relationship with an SBA Express Lender

What does this loan entail?

• Up to $25,000 can be accessed with less paperwork.
• Businesses will usually receive the funds within 45 days and in no more than 90 days.
• The loan can be paid in full or in part by the EIDL loan.
• The maximum loan term is 7 years.

How do I apply?
Apply through an SBA lender with whom you have a previous relationship.

Lea este blog en español aquí.

On Friday, March 27, the House passed the Coronavirus Aid, Relief, and Economic Security (or “CARES”) Act following passage in the Senate the day prior.  The CARES Act includes two new loan programs through the SBA that are designed to put money in the hands of business owners and operators to provide liquid assets.  Here is a breakdown of the Paycheck Protection Program and the Economic Injury Disaster Loans.

Small Business Paycheck Protection Program

What is it?
The Paycheck Protection Program is an easy to secure, up to 100% forgivable loan through the Small Business Administration designed to put cash into businesses in a timely manner that can be used to keep staff on payroll.  $349 billion has been set aside for this program.

Who qualifies?

• Small businesses as defined by SBA size standards (generally up to 500 employees, but up to 1,500 employees in certain revenue-based sectors)
• Businesses in the Accommodations and Food Services sector with up to 500 employees at each location
• 501(c)(3) non-profit organizations with fewer than 500 employees
• Sole proprietors, the self-employed, and independent contractors

Who doesn't qualify?

• Those who are engaged in illegal activity
• Household employers (employer of nannies or housekeepers)
• A business with an owner of 20% or more of its equity who is incarcerated, on probation, on parole, subject to an indictment, or has been convicted of a felony within the last five years
• A business or business owner with a currently delinquent SBA loan

What does the loan entail?

• Employers can apply for (roughly) up to 2.5 times (or 250%, or 2.5 months’ worth) of their average monthly employee payroll costs, excluding compensations paid to individuals (including self-employed) over $100,000 per year
• The total amount applied for may not exceed $10 million
• The employer must certify that the loan will be used for the following uses:
  • To retain employees
  • To maintain payroll
  • To make mortgage or lease payments
  • To pay utilities
• Applicants must apply through an SBA 7(a) lender.
• The loan will be forgiven in full as long as the borrower can provide documentation that funds were spent on covered mortgage obligations and utility payments and consistent payroll and pay rates
• The amount forgiven will be reduced if the employer reduces employment.  The amount forgiven will be reduced by a percentage equal to the reduction in employees, or if salaries or wages are reduced by more than 25%.
• Loan forgiveness should also be applied for through the SBA 7(a) lender.
• If funds are owed on the loan, they will go interest free for one year an then acquire an interest rate of 4%.
• This loan is available until June 30, or until all funds are exhausted.

What does this mean?
Basically, a small business, restaurant, hotel or 501(c)(3) non-profit with 500 or fewer employees will be compensated for 2.5% their average monthly payroll.  So, if Bob’s Barber Shop calculates its payroll at $5,000 per month, Bob will be awarded $12,500 per the Paycheck Protection Program.  Bob is required to use these funds to pay his staff, mortgage, rent, or utilities.  Repayment of this loan will be forgiven as long as Bob uses the funds exclusively for those purposes.  However, if Bob has 4 employees and he lets one go, thereby reducing his employment base by 25%, Bob’s loan forgiveness will also be reduced by 25%.  Therefore, Bob will now have to repay $2500 (or 25%) of the original loan.

The PPP will open on April 3.  Find the application here, but you must apply through your SBA 7(a) lender.

SBA Economic Injury Disaster Loans (EIDL)

What is it?
The SBA Economic Injury Disaster Loans, or EIDL loans, can provide small businesses with loans of up to $2 million of funds to be used to pay

Who qualifies?

• Startups
• Cooperatives
• Employee-owned small businesses
• Non-profits, including 501(c)(6)s
• Independent contractors
• All of these must have fewer than 500 employees

Who doesn't qualify?

• Accommodation or food & beverage franchises with more than 500 total employees

What does the loan entail?

• This loan includes an up to $10,000 advance that can be accessed within three days of applying  and is 100% forgivable
• To secure this advance, businesses must first apply for the Economic Injury Disaster Loans and then request the advance.
• The advance does not have to be repaid even if the larger EIDL loan is denied.
• The EIDL loan (up to $2 million) is subject to repayment.
• The advance may be used for any regular operational business expenses and obligations affected by loss of revenue following the disaster, including payroll, sick leave, inventory, production costs, rent, and mortgage payments.
• The full loan amount has more flexible use, but is not forgivable.

Find the application here.  Consult your lender or lawyer for application assistance.