COVID-19 Information & Resources
Updated 4-6-2020
In Partnership with Citizens First Bank
Citizens First Bank provides step by step instructions on how to apply and a list of required documents using the button below. Please contact your SBA approved lender as soon as possible to start the application process. If you don’t already have a banking relationship, use the button below to visit their commercial lending page to get started.
Learn More
Economic Injury Disaster Loans (EIDL)s
The Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to help overcome the temporary loss of revenue they are experiencing.
Through this program Small Businesses can:
Receive an advance of up to $10,000
Advance funds will be available within three (3) days of a successful application
Full funding will be available in approximately 30 days following a successful application
It appears that congressional guidance intends for the advance funds to be forgiven if your application for full funding is denied
Hometown Businesses can apply for an EIDL and the new $10,000 advance option right now. The application process takes about two hours. You may also learn more on the SBA website HERE.
As guidance for other programs continue to be developed, we recommend that businesses proceed with applications for the EIDL immediately.
Download EIDL Application
Paycheck Protection Program (PPP)
The Paycheck Protection Program is a new loan option that was established through the recently passed CARES act to specifically address the need to support payroll for small businesses during the COVID-19 pandemic.
According to initial guidance released from the SBA, the loan will be fully forgiven if:
All employees are kept on the payroll for eight weeks
Funds are used for payroll, rent, mortgage interest, or utilities
Additionally:
No collateral or personal guarantees are required
Neither the government nor lenders will charge small businesses any fees
An outline of the PPP and more information can be found HERE
Hometown Businesses can take action TODAY by downloading the PPP Application to complete and send to your lender.
To submit your application to the SBA, you may go through any community bank in your area or through any existing SBA lender. Lenders will receive your application in advance if it is prepared and will submit for processing beginning Friday, April 3rd, 2020.
Download PPProgram Application
It’s important to remember that there is no cost to apply and no obligation to accept the loan, even if approved for assistance. Businesses who have yet to take these steps should do so as soon as possible. There is a limited amount of funds for relief that businesses across the country will be competing to receive and your immediate and thorough action will put your business in the best position to access these resources.
A Message from The Villages Commercial Property Management
In this unprecedented time in our history we are faced with many challenges. Our core values of Hard Work, Creativity and Innovation, Stewardship, and Hospitality continue to help us navigate through these challenges.
While our focus remains on supporting our Hometown Businesses who choose to remain open, we are focusing now more than ever on providing owners with information on resources available to them through the U.S. Small Business Administration (SBA) and through the CARES act.
Below you will find information on two federal loan programs: The Economic Disaster Loans (EIDL)s and the new Paycheck Protection Program. These two loan programs are specifically designed to serve the needs of small businesses during emergencies and businesses can use both programs so long as they qualify and do not use the funds from these programs for the same expenses.
Step 1: Prepare
– Maintain a rolling calculation of revenue losses;
– Compile basic business information including:
– All State and Federal tax documents for the last three years
– Any legal documents, business licenses establishing the business in the state; and
– Collecting personal financial information including all assets and liabilities held by the business owner
Step 2: Apply
You may go through any community bank in your area or through any existing SBA lender. We are in contact with local lenders and can refer you to someone if you do not have a contact of your own.
Let’s take steps together today so that we can all hit the ground running together once we weather the storm.
Please don’t hesitate to reach out. We’d be happy to take your call.
Matt Hoopfer, CSM
Operations Manager
The Villages Commercial Property Management
Hometown businesses now offering take-out, drive-through or delivery services can request to be included
in a directory that will be published in The Villages Daily Sun online and print.
Note: Email addresses are for verification only and will not be published.
Request Directory Inclusion