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  • As you navigate the impact of COVID-19 on your business, Teleflora encourages you to consider several key federal, state, and local programs that can provide economic relief to support your businesses.

    Federal Relief Programs for Small Businesses

    SMALL BUSINESS ADMINISTRATION RELIEF (SBA)
    The Small Business Administration is offering several federal relief options, which are summarized below. Small businesses may apply for all programs as long as the funds do not pay for the same expenses.

    The Paycheck Protection Program (Click here for information)
    This loan is highly recommended for all our member florists, as small business owners. One of the largest sections of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), the Paycheck Protection Program provides an emergency loan that can be forgiven when used to maintain payroll through June 2020.

    Starting on April 3, 2020 small businesses can apply for and receive loans through any existing SBA 7(a) lender or via any federally insured credit union or participating Farm Credit System. No list of participating lenders is currently available, but Teleflora recommends that you contact your current bank or lender as soon as possible as the program will likely be oversubscribed and banks may prioritize existing customers. Teleflora will provide a link to a list of eligible lenders as soon as the SBA approves one on its website.

    - Eligible recipients may qualify for a loan up to $10 million, determined as 2.5x the borrower's average monthly payroll costs (less any compensation over $100,000)        
    - Up to 100% of the loan is forgivable if used for payroll, rent, mortgage interest, or utilities, subject to certain restrictions. At least 75% of the amount must have been used for payroll
    - Loan maturity of two years with an interest rate of 1%

    Click here for Payment Protection Program FAQs

    Economic Injury Disaster Loans and Loan Advance (click here to apply)
    The Economic Injury Disaster Loan and Loan Advance program can help provide vital economic support to small businesses impacted by COVID-19. The program provides working capital loans of up to $2 million and an emergency loan advance of up to $10,000. Loan advance funds will be made available within three days of successful application and will not have to be repaid.

    - 3.75% loan interest rate
    - Loans may be used to cover accounts payable, debts, payroll, and other bills that COVID-19 has impacted a business’s ability to pay
    - Loan repayment terms vary by applicant, up to a maximum of 30 years

    CLICK HERE TO APPLY ONLINE

    FEDERAL INCOME TAX FILING EXTENSION
    The federal tax return filing deadline has been extended from April 15 to July 15, 2020, which may help with your business’s cash flow situation.

    - If your business is owed a refund, the IRS urges you to file electronically with direct deposit as early as possible for faster processing and payment
    - Several states have already aligned their tax filing and payment deadlines with the new federal deadline. States also may waive or reduce penalties on late tax payments
    - A payroll tax credit is available for businesses that employ less than 500 employees, whose employees take paid leave under COVID II, and do not share common management with a larger business

    State and Local Relief Assistance

    State and local relief programs continue to be added daily. Teleflora recommends checking your governor’s website for up-to-date relief available in your area as programs are frequently changing. The National Governors Association offers a list of governors’ websites.

    Below is a list of the relief programs on our radar.

    California
    - City of Los Angeles Small Business Emergency Microloan Program (Click here to apply)
    Businesses and microenterprises in Los Angeles that are responsible for providing low-income jobs can receive an emergency microloan up to $20,000

    Colorado
    - Denver Small Business Emergency Relief (Click here to submit a program form)
    This program offers cash grants up to $7,500 for businesses particularly hard-hit by COVID-19

    Florida
    - Florida Small Business Emergency Bridge Loan Program (Click here to apply)
    Loans of up to $100,000 are meant to serve short-term funding that can be repaid once businesses can access alternate funding

    Maryland
    - Maryland Small Business COVID-19 Emergency Relief Grant Fund (Click here to apply)
    $50 million fund that offers grant amounts up to $10,000 for businesses with fewer than 50 employees

    - Maryland Small Business COVID-19 Emergency Relief Loan Fund (Click here to apply)
    $75 million fund that will provide businesses with 50 or fewer employees loans up to $50,000

    Michigan
    - Michigan Small Business Relief Program (Click for updates. Applications are not yet available)
    Grants of up to $10,000 to help cover working capital. Loans in amounts from $50,000 to $200,000

    Minnesota
    - Minnesota Department of Employment and Economic Development Small Business Emergency Loans (Click here to apply)
    Interest-free emergency loans ranging from $2,500 to $35,000 to Minnesota-based businesses in need as a result of the COVID-19 outbreak

    New Jersey
    - New Jersey Economic Development Authority (Click here for more information and to apply)
    Several programs designed to support small businesses and workers facing economic hardship due to COVID-19

    New Mexico
    - New Mexico Economic Development Department COVID-19 Business Loan Guarantee Program (Click here to apply)
    Aid to small businesses seeking emergency loans or lines of credit. The program can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000

    New York
    - New York City Employee Retention Grant Program (Click here to apply)
    Small businesses with one to four employees can apply for a grant of up to $27,000

    - New York City Small Business Continuity Fund (Click here to submit an interest form)
    Businesses with fewer than 100 employees can receive up to $75,000 in interest-free loans to cover revenue losses

    Oklahoma
    - Small Business Continuity Program (Click here for more information)
    Businesses with fewer than 50 employees can receive 10-year, 0% interest loans up to $50,000; or 10-year, 2% interest loans from $50,000 to $100,000.

    Pennsylvania
    - Philadelphia COVID-19 Small Business Relief Fund (Click here to apply)
    Immediate relief to local small businesses in the form of grants and zero-interest loans

    Utah
    - Salt Lake City Emergency Loan Program (Click here to apply)
    0% interest loans up to $20,000, which can be used for working capital needs, inventory or marketing

    Washington
    - City of Seattle Business Stabilization Fund (Click here to apply)
    Grants of up to $10,000 to small businesses that meet the following criteria: the business must employ 5 or fewer employees, have a physical location, and have been impacted by the COVID-19 outbreak

    Wisconsin
    - Wisconsin Small Business 20/20 Program (Click here to apply)
    Grants of up to $20,000 to assist targeted businesses with cash flow challenges resulting from COVID-19

    If you have questions or if you are experiencing difficulty completing the Small Business Administration (SBA) application, please contact the SBA at 800-659-2955. You may also call Teleflora at 800-421-2815 (select option 4) and we can help you research your questions, as we are pleased to provide additional florist customer service support to help you during this challenging time.

    We will get through this together. Stay safe, healthy, and strong.

    Please be advised that the information provided in this communication is intended to help you seek timely and valuable assistance. Please understand that Teleflora is not providing legal or tax advice. Teleflora strongly encourages you to discuss the SBA and other loan forms with your lawyer or financial advisor.


    Click here for Canadian Relief Programs


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