Important Updates for our MIAMI Members
Financial Relief – June 10, 2020
Financial Relief: https://www.miamirealtors.com/membership/updates/financial-relief/
Miami-Dade County Small Business Assistance Forgivable Loan Program. On May 19, 2020, Miami-Dade County Mayor Carlos Gimenez announced the implementation of the $5 million Small Business Assistance Forgivable Loan Program. Learn more about the program and application process HERE.
RISE Miami-Dade Fund. On June 2, 2020, the Miami-Dade County Board of Commissioners approved $25 million for the RISE Miami-Dade Fund (which stands for Re-Investing in our Small Business Economy). It is a revolving loan fund and its objective is to accumulate more than $50 million. Read more HERE.
- HAND Rental Assistance Program. Citrus Health Network is the lead agency in the Housing Assistance Network of Dade (HAND) Program, a multi-agency partnership with Miami-Dade County and local municipalities making an effort to prevent experiences of homelessness by providing temporary rental assistance for eligible low income individuals and families who are currently experiencing or at risk of experiencing homelessness. Learn more and apply HERE.
- City of Miami Gardens Rental Assistance Program. Residents of the City of Miami Gardens may be eligible for up to $4,500 in rental assistance to prevent eviction as a result of hardships associated with COVID-19.
- City of Miramar Emergency Rent and Utilities Assistance. Maximum grant of $7,000 toward payment of past due rent, utilities bills and past due fees for up to three months. Income restrictions.
Unemployment. Through the CARES Act, unemployment benefits in Florida have been expanded to self-employed individuals and independent contractors. Apply for benefits at www.FloridaJobs.org/RAApplication. Before doing so, make sure that you read through the Department of Economic Opportunity’s guidance HERE.
CARES Act Paycheck Protection Program (“PPP”). The U.S. Small Business Administration (“SBA”) is administering the PPP, which is designed to help businesses retain workers, maintain payroll and make mortgage lease or utility payments. Get more information and apply HERE.
Federal family and sick leave changes. Congress passed the Families First Coronavirus Response Act, H.R. 6201. Here are the major provisions affecting Realtors, brokers and real estate associations/boards.
Accessing Your 401(k) or IRA Penalty Free Under the CARES Act. What you need to know about the new retirement account loan and distribution rules.
Florida Small Business Emergency Bridge Loans. [DESCRIPTION]
Economic Impact Payments. Check the status of your Economic Impact Payments HERE.
Financial Relief – April 14, 2020
Florida bridge loans: Gov. Ron DeSantis has activated the Florida Small Business Emergency Bridge Loan Program to support small businesses impacted by COVID-19. As of April 14, 2020, these funds have been depleted.
Federal stimulus: The passage of the $2 trillion COVID-19 relief package provides significant resources in the form of unemployment compensation and emergency loans for small businesses. Details on relevant programs and how they affect Realtors will be available soon. Check the status of your Economic Impact Payment here.
Paycheck Protection Program: The U.S. Small Business Administration is now offering a Paycheck Protection Program (PPP), designed to help businesses retain workers, maintain payroll or make mortgage lease or utility payments. The SBA still needs to create the rules for the program and relay that information to banks. Here’s a look at how the program will work and how you can apply. As of April 16, 2020, Florida Realtors and NAR reports that the PPP has been depleted. We are waiting on additional guidance.
Federal family and sick leave changes: Congress passed the Families First Coronavirus Response Act, H.R. 6201. Here are the major provisions affecting Realtors, brokers and real estate associations/boards.
Federal loan eligibility: The U.S. Chamber of Commerce has also put together this useful Small Business Guide and Checklist that can help Realtors determine if they are eligible for the loans and what to do to prepare.