Miami-Dade County Small Business Assistance Forgivable Loan Program
Miami-Dade County Board of County Commissioners created a $5 million Small Business Assistance Forgivable Loan Program (SBAFLP) utilizing the United States Department of Housing and Urban Development (HUD) Community Development Block Grant (CDBG) funds allocated through the Federal Coronavirus Aid Relief and Economic Security Act (CARES Act).
The loans will be up to $25,000, with 0% interest and no origination fees. The "forgivable" feature of the loans rests on the ability of the small business borrower to retain jobs that are held by those of low or moderate income, meaning those who earn less than 80% of the annual Area Median Income. In Miami-Dade County, the annual AMI for a single person is $51,200.
To be eligible, the small business must meet certain criteria such as: having no more than 25 employees, providing some evidence of being impacted by COVID-19, and not previously having received assistance from other special COVID-19 programs, such as the federal Paycheck Protection Program. Click here to learn more.
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