Miami-Dade launches $5 million forgivable loan program for businesses hurt by COVID-19

Miami-Dade is offering $5 million worth of forgivable loans for small businesses employing low-wage workers and suffering during the coronavirus pandemic, with federal dollars covering the grants.

County commissioners approved the program Tuesday, following efforts by Miami, Hialeah and other cities to convert federal aid into direct cash for businesses and individuals.

The county plans to offer zero-interest loans up to $25,000 through the program using money from federal block grants. Miami-Dade would cancel the debt if borrowers met job-retention requirements of the loans, which would be approved by two local nonprofits hired by the county.

Those nonprofits, Tools for Change and Partners for Self-Employment, will administer the loan program and negotiate some of the terms, said Michael Liu, director of the county’s housing department, which oversees the program.

To be eligible, businesses must employ 25 or fewer people.

The loans can be forgiven based on how many jobs are retained for workers earning less than 80 percent of the county’s average income. That amounts to $51,200 for a single person.

For more information, visit partnersforselfemployment.org or tfcmiami.org.

Miami-Dade is also earmarking $1 million for a rental relief program for people at risk of homelessness from a pending eviction or other action. The program is run by the Citrus Health Network, through its existing Housing Assistance Network of Dade. The network can be reached at 877-994-4357.

This story was originally published May 19, 2020 at 5:41 PM.