MIAMI (CBSMiami) – Small businesses with low income workers can soon apply for a forgivable loan up to $25,000.
It was a motion that passed Tuesday morning in a Miami-Dade Commission meeting.
“The $5 million Small Business Assistance Forgivable Loan Program is an initial step by the County to help small businesses as we responsibly open up for business,” said Mayor Carlos Gimenez.
The loans will come from a $5 million federal fund.
“Our businesses need help right now. Many of them, if not already, have closed their doors or are on the verge of closing their doors,” said Commissioner Daniella Levine Cava. “It is incumbent upon us to make our local businesses survive whenever possible.”
The small business loan will cover expenses like rent, salaries and PPE equipment up to three months.
To be eligible, the small business must meet certain criteria such as:
- No More Than 25 Employees
- Evidence Of Being Impacted By COVID-19
- No Previous Assistance From Other COVID-19 Programs