Coronavirus Update: Miami Business Owners Praise City's $1 Million Program Of Loans & Grants
MIAMI (CBSMiami) - Kim Coe says she is facing her biggest challenge ever in keeping her business open during this economic crisis that's tied to the coronavirus.
Coe has operated Kim's Valet Cleaners on Biscayne Boulevard at 51st Street in Miami since 1985 and says while she has not received any money from the Payroll Protection program, she has still somehow managed to keep all 11 employees on the payroll.
Now Coe like other business owners in Miami may be getting some relief with a new $1 million program announced by Miami Mayor Francis Suarez to help businesses through a series of grants and loans.
"Oh this could be a saving grace," Coe told CBS4'S Peter D'Oench.
"My employees have been faithful to me for so many years and I want to be faithful to them. I want to do a favor for them. It's been tough with everything shut down and a lot of people don't come to the cleaners because they are staying home and they don't need cleaning and they are afraid because of the virus."
"It's very hard because I want to keep them on the payroll. I have 11 employees and I keep them working," she said. "We are also starting to make re-usable masks that are all cotton. It helps us and them and what I don't use I give to a nursing home."
Miami Mayor Francis Suarez spoke about the program in a virtual news conference. He said there would be $400,000 in grants to Microbusinesses and it would provide up to $10,000 a business for salaries, rent, and other bills.
"Those businesses are those not receiving PPP funds that can apply for the grants," said Suarez.
There would also be $600,000 in emergency loans which would mean $5,000 to $20,000 for each business for salaries, rent or mortgages, utilities, and insurance payments.
Those loans could become grants if jobs are retained for at least a year and at least half the jobs are for low and middle-income employees. They would be based on merit and fill the gaps left by the Payroll Protection Program.
"In terms of small business," said Suarez, "they feel a gap that is not met by other programs and supplemented by the PPP program."
A City spokeswoman said owners should be able to apply for the loans and grants by May 4th and said the city would be unveiling a new website next week on how people can apply. "They can also apply in person at Net offices" and "you could can find out about their locations online. You should also follow the Mayor's social media to learn more."
She said funds should be made available by May 14th.
Mayor Suarez said the number to call for information was (305) 416-2080 or email: Communitydevelopment@miamigov.com.
On Thursday business owners were also urged to contact the City's Director of Housing and Community Development.
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