SBA programs are complicated, let us guide you through it

Help for your small and medium sized businesses

We are sure you have heard about numerous programs implemented by government and other organizations that are providing funding and other assistance to small and medium sized businesses. Our lawyers are dedicated to helping our clients and our community obtain access to these programs and answer any questions that may arise during these unique and sometimes difficult times. To help you, below is a list of programs and information that your company may find useful. 

If you would like to further discuss your options with an experienced attorney, please give us a call at your convenience –
Phil DiComo, 561.627.8100 ext. 117 or
Brad Jankowski, 561.627.8100 ext. 115 or
The first conversation will not cost you anything, and hopefully it will start you on the road to peace of mind.

Paycheck Protection Program (PPP) from the Small Business Administration (SBA)

The PPP has two main goals:

  1. To help small businesses cover their near-term operating expenses, and
  2. Provide a strong incentive for employers to retain their employees

Generally, this *Program provides as follows –

  • 250% of the employer’s average monthly payroll costs (approximately 10 weeks of payroll expenses) or $10 million, whichever is less;
  • Six (6) months to one (1) year of deferred repayment, fee waivers, and streamlined application requirements;
  • Note: Borrowers are eligible for loan forgiveness equivalent to the sum spent on covered expenses during the eight-week period after the loan’s origination date. To qualify, employers must maintain their pre-crisis level of full-time equivalent employees, and Treasury noted that at least 75% of the forgiven loan must have been used for payroll;
  • Loan forgiveness benefit for paying payroll (up to $100,000 in salary, rent and utilities);
  • Good faith certifications required;
  • Certain documentation will be required such as payroll processor records or payroll tax filings;  
  • Recommendation: While there are SBA banking lenders, non-banking lenders, and brokers who find lenders who can all assist, our firm would recommend that your company go to your existing lender bank if they are an SBA lender. There is a build-in accommodation in the rules of the PPP for existing bank clients.  

*This chart is a helpful summary of the above and includes additional information:

Application for *Payroll Protection Program found here (applications submissions began April 3 for eligible companies):

Starting April 10, independent contractors and self-employed individuals can apply.

Link to resources for CPA’s, including PPP Loan Calculators:

Florida Small Business Emergency Bridge Loan Program

Short-term debt loans made by the State of Florida using public funds (not grants) –

  • Amount: Up to $50,000 (special cases up to $100,000)
  • Term: 1 year
  • Rate: Interest-free for 1 year, and 12% per annum on unpaid balance thereafter until full repayment
  • Applications accepted from now until May 8, 2020 
  • More information on how to apply can be found in the link below

Economic Injury Disaster Loans (EIDLs)

  • Available to small businesses and private, nonprofit organizations adversely impacted by coronavirus
  • Long term loans with varying repayment terms up to 30 years; up to $2 million for working capital needs.
  • Rate: 3.75% for small business and 2.75% for nonprofits
  • No fees or early payment penalties
  • Note: Can request a $10,000 advance from SBA that need not be repaid even if applicant is subsequently denied an EIDL
  • SBA requires collateral for all loans over $25,000, but can still apply with lack of collateral  
  • Loan Application and required documentation can be found here –


Funding for Nonprofit Organizations

Nonprofit organizations may be eligible to receive funding. Here are a few such programs available locally:

Community Foundation for Palm Beach and Martin Counties Covid-19 Response Fund:

Cultural Council for Palm Beach County Artist Relief Fund:

City of West Palm Beach (for-profit and non-profit businesses) Recovery and Assistance Program:  (Loans available from $5,000 – $10,000)

Town of Palm Beach United Way Covid-19 Emergency Fund:

United Way of Palm Beach County Covid-19 (Coronavirus) Response Fund for Palm Beach County:

Nonprofits First Covid-19 Resource Page:

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