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As our community adjusts to the impacts of the COVID-19 health crisis, the EDC is working closely with local, state and federal partners to identify opportunities to assist our business community. We realize information regarding resources and programs associated with the COVID-19 health crisis is vast. Our goal with this communication is to focus on one program, the Paycheck Protection Act.

Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover up to 8 weeks of payroll and other certain expenses through existing SBA lenders. In addition, there is a provision for loans to be fully forgiven. If you are not aware of the PPP program, please see the overview information below or click here for the most current information.

Paycheck Protection Program Sample Application

Paycheck Protection Program Basic Overview

Paycheck Protection Program Fact Sheet

Although formal guidance from SBA is pending, staff have reached out to our local partners to provide you with the best practice guidance. Here is what we have learned to date:


  1. Although recent reports suggest loans may be made as early as April 3, banks are working to understand the process as well. In addition, although a loan application emerged last evening, it may not be the final application.
  2. Early feedback from banks is they will focus on existing customer applications first. To the extent that is true, reaching out to your current bankers now is suggested.
  3. Take a look at the “sample application” attached. It may or may not be the final, it is reflective of the type of information you will be asked to provide. Having the information available during the application process is critical.
  4. Since the loan/grant under the PPP is based on employment wages, past wage statements will get close scrutiny. Although less may be needed, it is recommended you have two years of payroll records available; ideally your Form 941’s.
  5. You will be asked for banking records, including business tax returns and financials (balance sheets, income statements). While not required, two years of records may be useful. If the EDC can provide further assistance to your business, please reply to this email with your questions and we will call you directly.


Best regards,

Lynda and Gregory

Lynda L. Weatherman                   Gregory Weiner, CEcD
President & CEO                           Senior Director Business Development
Economic Development             Economic Development
Commission of                            Commission of
Florida's Space Coast                Florida's Space Coast


The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans used to pay up to 8 weeks of payroll costs including benefits. Loan proceeds can be used for payroll, rent, mortgage interest, or utilities. Funds are provided in the form of loans that can be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Who Can Apply

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 coronavirus/COVID-19.

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

Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

How to Apply

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

Lenders may begin processing loan applications as soon as April 3, 2020.

Loan Details and Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of .5%.

Other Assistance

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are currently eligible to other forms of disaster assistance at www.sba.gov.


SpaceCoastEDC.org • 6525 3rd Street, Suite 304 • Rockledge, FL 32955 • (321) 638.2000

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