SARASOTA, Fla. - Low-interest loans will be made available for small businesses directly impacted by the coronavirus pandemic in Sarasota County.
Starting Monday, April 27, those business owners can begin applying for the loan provided by the county. Loan amounts awarded can be up to a maximum of $25,000 with the first payment deferred until June 15, 2021. No interest will be accrued on the principal amount of the loan until May 15, 2021.
County officials said they teamed up with the Economic Development Corporation of Sarasota county to provide $4.3 million to small businesses. The program is anticipated to open at 9 a.m.
"Sarasota County recognized the unprecedented strain that the COVID-19 Pandemic has put on our local businesses," according to a Sarasota County statement. "The Small Business Resiliency Loan program was created to provide Sarasota County businesses with immediate, short-term relief now."
The following businesses are deemed eligible:
For-profit businesses that have continuously maintained an active business location in Sarasota County for three years as of February 15, 2020.
For-profit businesses registered with the tax collector in Sarasota County for at least three years as of February 15, 2020, based on individual Sarasota County Business Tax Receipt numbers (Business License). You can find your Business Tax Receipt number on the Tax Collector’s Website
One loan per Sarasota County Business Tax Receipt number (Business License).
Businesses with 50 or fewer FTE* employees. *The abbreviation FTE is short for “full-time equivalent.” A full-time employee is one who works 40 hours per week. To determine the FTE number for part-time employees, add the total number of hours worked in a week by all part-time employee, and then divide that number by 40. For example, if a business has four part-time employees who work a total of 10 hours per week, those employees equal one FTE.
Sole proprietors, independent contractors, self-employed individuals and “gig” workers, and have a Sarasota County Business Tax Receipt number for at least three years.
This loan is being provided so that the borrower can maintain business operations in Sarasota County. Eligible expenses covered that have been incurred in the operation of the business in Sarasota County beginning on February 15, 2020:
- Payroll for employees working in Sarasota County
- Utility service (phone, cable, electric, water, sewerage, garbage, and internet service) used for business operations in Sarasota County
- Pay rent and/or mortgages on active business locations within Sarasota County
- Marketing of the business operations in Sarasota County
- Insurance to cover the business operations in Sarasota County
- Pay for the cost of goods needed for business operations in Sarasota County
Will attest to a hardship due to the COVID-19 Pandemic.
Applicant must be an agent of and legally able to apply on behalf of the business.
The following items are required to complete the application:
Sarasota County Business Tax Receipt (also known as Business License) number found on your annual Sarasota County business tax renewal or on the Tax Collector's Website
Completed PPP application. If you do not have a completed application, use this link to complete the application and save to your files.
Completed and saved Proof of Ownership document. Use this link to complete the form and save to your files.
Copy of your Driver's License or U.S. Passport
Completed Form W9 (rev Oct. 2018)
Supporting documents that you must have ready to upload on the application - to support loan requested amount:
Monthly payroll justification in the form of:
- Form 941, line 5a, column 1 divided by 3
- Form 944, line 4a, column 1 divided by 12
- Form 1040 Schedule C, line 29 divided by 12
- Schedule K-1, line 19 divided by 12
- Payroll Register from PEO
Rent/Mortgage in the form of: Rental or Mortgage Agreement, Copies of Canceled Checks, Money Order Receipts, Rent Receipt, Bank Statement with Description
Utility in the form of: Utility Account Statements, Bank Statement with Description