Coronavirus: Small Business Updates and Resources

Updated: January 11, 2020, 12:51 PM

In light of the continuing concerns surrounding COVID-19 (coronavirus), the Florida SBDC at UCF has suspended all in-person activity at all of our main offices, as directed by the University of Central Florida and the Florida SBDC Network.  We will continue to provide consultation services via telephone and video chat.

On Sunday, December 27, 2020, President Trump signed the “Consolidated Appropriations Act of 2021,” which provides additional assistance to small businesses, nonprofits, and venues struggling from the impacts of the COVID-19 pandemic.

The bill provides funding for a second round of Paycheck Protection Program (PPP) forgivable loans, Economic Injury Disaster Loan (EIDL) grants, a special grant program for shuttered venues, and enhancements to other SBA lending programs.

Paycheck Protection Program (PPP) Loan

Short-term, potentially forgivable loans to eligible small businesses, independent contractors or other self-employed individuals, nonprofits, housing cooperatives, news organizations, and other eligible entities that retain employees, maintain payroll, and use for other allowable operating expenses.

PPP loans are administered and approved through SBA-certified lending institutions.

Congress has made funding available to eligible businesses that have previously received a PPP loan.

Amount: Lesser of 2.5x average monthly payroll costs or $2 million
Interest and Terms: 1% for a term of five years for any amount not forgiven
Collateral: None
Personal Guarantee: None
Deadline: March 31, 2021


Borrowers are eligible for a second-draw loan of up to $2 million if they have:

  • 300 or fewer employees
  • Used or will use the full amount of their first PPP loan on or before the expected date for the second PPP loan to be disbursed to the borrower. The IFR also clarifies that the borrower must have spent the full amount of the first PPP loan on eligible expenses.
  • Experienced a revenue reduction of 25% or more in all or part of 2020 compared with all or part of 2019.


Limited to the amount spent on payroll costs and allowable operating expenses during the 24-week period beginning on the date of the origination of the loan.

At a minimum, 60% must be expended on payroll costs to be forgiven.

Second draw borrowers with a principal amount of $150,000 or less are required to provide documentation of revenue reduction if such documentation was not provided at the time of the loan application as specified in subsection (g)(2)(iv) and (v) of the SBA’s IFR.

Proceeds may be used to pay payroll costs, mortgage interest, rent, utilities, interest on pre-existing loans, costs related to the continuation of benefits, refinancing an EIDL loan made between January 31, 2020 and April 3, 2020; covered operations expenditures, covered supplier costs, and covered worker protection expenditures.

How to Apply: Contact your local bank, credit union, or other SBA-certified lender to apply or for more information.

Economic Injury Disaster Loan (EIDL) & Emergency Advance Grant

Long-term, low-interest working capital disaster loans for qualified small businesses and U.S. agricultural businesses that suffered substantial economic injury due to COVID-19.

EIDLs are administered and approved directly by the SBA.

Amount: Up to $2 million
Interest and Terms: 3.75% for a term up to 30 years
Collateral: Loans of more than $25,000
Personal Guarantee: Loans of more than $200,000
Deadline: December 31, 2021


Small businesses with less than 500 employees (including sole proprietorships, independent contractors, and self-employed persons), private non-profit organizations, or 501(c)(19) veterans organizations affected by COVID-19 are eligible.

Agricultural businesses are also eligible, including those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).


The EIDL loan is not forgivable, however, you may apply for an EIDL loan advance, which you do not have to pay back. Applicants may request at the time of application a loan advance of up to $10,000 ($1,000 per employee).

How to Apply:

Apply online directly with the U.S. SBA at

Note: You can apply for both PPP and EIDL—you just can’t use the funds for the same purpose.

Main Street Lending Program

The Federal Reserve has announced that it is establishing a Main Street Lending Program to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF).

Please read the Frequently Asked Questions (FAQs) for more information. Also term sheets for each facility providing information regarding eligibility and conditions can be found below.

Main Street New Loan Facility (MSNLF)Term Sheet (April 30, 2020) (PDF)

Main Street Priority Loan Facility (MSPLF) Term Sheet (April 30, 2020) (PDF)

Main Street Expanded Loan Facility (MSELF)Term Sheet (April 30, 2020) (PDF)


SBA Economic Injury Disaster Loan (EIDL)

Notice: Lapse in Appropriations

SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.

Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.


In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.


The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.

Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and the Economic Injury Disaster Loan Program

SBA Express Bridge Loans

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.


  • Up to $25,000
  • Fast turnaround
  • Will be repaid in full or in part by proceeds from the EIDL loan

SBA Debt Relief

The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.

As part of SBA’s debt relief efforts,

  • The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
  • The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

Additional Debt Relief

For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.

What does an “automatic deferral” mean to borrowers?

  • Interest will continue to accrue on the loan.
  • 1201 monthly payment notices will continue to be mailed out which will reflect the loan is deferred and no payment is due.
  • The deferment will NOT cancel any established Preauthorized Debit (PAD) or recurring payments on your loan.  Borrowers that have established a PAD through Pay.Gov or an OnLine Bill Pay Service are responsible for canceling these recurring payments.  Borrowers that had SBA establish a PAD through will have to contact their SBA servicing office to cancel the PAD.
  • Borrowers preferring to continue making regular payments during the deferment period may continue remitting payments during the deferment period. SBA will apply those payments normally as if there was no deferment.
  • After this automatic deferment period, borrowers will be required to resume making regular principal and interest payments.  Borrowers that cancelled recurring payments will need to reestablish the recurring payment.

If you have questions about your current loan and whether or not your loan is automatically deferred, please contact your Loan Servicing Office directly using the following information:

  • Birmingham Disaster Loan Servicing Center:
    • Phone: 800-736-6048
    • Email:
  • El Paso Disaster Loan Servicing Center:
    • Phone: 800-487-6019
    • Email:

Employee Retention Tax Credit (ERTC)

This tax credit provides direct financial support to businesses of all sizes that retain and pay their workers, either in active or furloughed status, rather than lay them off. Please note: employers who receive a PPP loan are not eligible for a tax credit. For more information, visit

Rebuild Florida Business Loan Fund

The Rebuild Florida Business Loan Fund provides financing to assist businesses with resiliency efforts. The funds will address the current gap in available, affordable capital for businesses that can be used for inventory purchases, construction, working capital, equipment financing and more. For more information, visit

Black Business Loan Program

The Black Business Loan program (BBLP) offers alternative lending solutions to Florida-based black owned small businesses by providing short-term loans and technical assistance. For more information, visit or

Microfinance Guarantee Program

The Microfinance Guarantee Program is available to stimulate access to credit for entrepreneurs and small businesses in Florida by providing targeted guarantees to loans made to such entrepreneurs and small businesses. Funds appropriated to the program must be reinvested and maintained as a long-term and stable source of funding for the program. For more information, visit

BBIF Florida

BBIF Florida is a nonprofit community development financial institution. BBIF is a mission driven organization which helps Florida’s Black, minority and underserved small businesses thrive by providing loan capital alongside business development training.

For more information visit:


Accion is a global nonprofit organization committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing.

For more information visit:

Florida SBDC at UCF Consultation Services

All consulting appointments will be conducted either via phone call or  video chat until further notice. Your consultant will discuss with you the best method of communication.

State Resources

Florida Department of Health Covid-19 Website. Information and guidance regarding COVID-19 in Florida.

For questions related to COVID-19 in Florida, individuals and business can contact the Florida Deparment of Health dedicated COVID-19 Call Center by calling (866) 779-6121. The Call Center is available 24 hours a day. Inquiries may also be emailed to

FloridaDisaster.Biz Website: Business Damage Assessment

If your employment has been negatively impacted because of efforts to stop the spread of COVID-19, you may be eligible to receive Reemployment Assistance. For more information go to Reemployment Assistance Service Center.

Federal Resources

U.S. Small Business Administration Emergency Preparedness and Disaster Assistance

These resources can help small businesses develop a plan to protect their employees, lessen the financial impact of disasters, and re-open for business quickly to support the economic recovery of the community.

Paid Leave for Workers and Tax Credits for Small and Midsize Businesses

SBA Disaster Assistance in Response to Coronavirus (COVID-19)