Small business loan program is coming to Boca Raton

0

BOCA RATON, Florida – Thousands of small businesses in the area are doing everything they can to stay afloat. To get through the toughest time many of us have experienced.

Now a new option is in the works that could keep some small Boca Raton businesses afloat.

“We went to zero, literally from a record year to going out of business,” said Vaughan Dugan.

Dugan is a co-owner of Kapow Noodle Bars. He said they were forced to lay off employees in their two restaurants. He said when governor included DeSantis Palm Beach County in the first stage of Florida reopening he was grateful.

“We were of course very excited, we were relieved,” he said.

During their downtime, Dugan said they received some of the money from the Cares Act Paycheck Protection Program for Small Businesses. But the need for financial support is not over.

The city of Boca Raton could soon be another port of call for small businesses in need. On Tuesday evening, the city made strides in designing its own small business loan program.

SPECIAL COVERAGE: Coronavirus | The South Florida rebound | We have opened South Florida

“We talked about some of the admission requirements tonight. In this case, we said we wanted small businesses with between 3 and 25 employees, ”said Councilor Andy Thomson.

They will allocate $ 500,000 in city reserves to the program and limit it to about 100 companies that would then receive $ 5,000 each.

Thomson said the city originally planned to roll out the program in late July, but the timeframe has changed.

“People need this money now, they need this relief now. And now we’ve rolled it back based on a few tweaks through mid-June,” he said.

The city of Boca Raton is in the process of preparing an online application. A company must be up to date with its taxes, have a business license within the city limits, and its gross income must be less than a million dollars a year.

Dugan said help was a great relief.

“The biggest thing for us is just getting people back to work,” he said.


Source link

Share.

Comments are closed.