DORAL, FL – Small businesses economically impacted by the coronavirus can still apply for loans of up to $30,000 through Miami-Dade County’s RISE emergency aid program.
The loan program has received about 1,300 applications since the program was announced in June which means there is still funding available for qualified businesses, as reported by the Miami Herald.
To be elegible, businesses must meet the following criteria as specified in the RISE website: Operate in Miami-Dade County, be in operation for at least two years, have gross sales of less than $2,000,000 and 25 or fewer employees/independent contractors.
But owners must also meet a few requirements such as living in Miami-Dade County, having a credit score greater than 575, having 20% or more ownership/stake in the business and no history of bankruptcies or foreclosures in the past three years.
If your business still doesn’t qualify and your line of work is food, you may apply for a separate fund the county is preparing for struggling food businesses, according to the Herald.
County commissioners approved a total of $35 million aimed at providing financial assistance to local independently owned and operated restaurants and non-home-based caterers impacted by COVID-19.
That program is scheduled to open on August 3 and it will give priority to businesses that have not been approved or received funds from any institution under the Paycheck Protection Program Loan (PPP) or other federal or state assisted business loan program and have a single establishment.