Florida Senate - 2021                                    SB 1414
       
       
        
       By Senator Jones
       
       
       
       
       
       35-00756-21                                           20211414__
    1                        A bill to be entitled                      
    2         An act relating to the COVID-19 Relief Cash Flow Loan
    3         Program; creating the COVID-19 Relief Cash Flow Loan
    4         Program for the purpose of assisting small businesses
    5         impacted by the COVID-19 pandemic in making timely
    6         payments to continue operating; providing eligibility
    7         requirements for receiving a cash flow loan; requiring
    8         the Department of Economic Opportunity to provide
    9         certain information and instructions, administer the
   10         loans, distribute loan funds, and deposit repaid funds
   11         into the Budget Stabilization Fund, subject to certain
   12         requirements; providing an effective date.
   13          
   14  Be It Enacted by the Legislature of the State of Florida:
   15  
   16         Section 1. (1) There is established for the 2021-2022
   17  fiscal year a COVID-19 Relief Cash Flow Loan Program. Small
   18  businesses that need assistance with cash flow in order to make
   19  timely payments to contractors, suppliers, employees,
   20  independent contractors, landlords, or creditors to continue
   21  operating may apply to the Department of Economic Opportunity
   22  for a cash flow loan. The amount of the loan may not exceed the
   23  amount the small business needs to meet timely payments to
   24  contractors, suppliers, employees, independent contractors,
   25  landlords, or creditors for continued operation. To be eligible
   26  for a cash flow loan, a small business must meet all of the
   27  following requirements:
   28         (a) Be impacted by the COVID-19 pandemic and provide
   29  evidence of such impact.
   30         (b) Have an agreement to pay contractors, suppliers,
   31  employees, independent contractors, landlords, or creditors for
   32  continued operation and be able to provide proof of insufficient
   33  cash flow to make timely payments.
   34         (c) Agree to repay the full amount of the funds received
   35  from the cash flow loan program.
   36         (d) Agree that if repayment is not made in a timely manner,
   37  the department must withhold future distribution of funds until
   38  repayment is received by the department.
   39         (2) The Department of Economic Opportunity shall provide
   40  information and instructions for applying for a cash flow loan
   41  and shall administer the loans in accordance with this act. The
   42  department shall distribute loan funds based on the small
   43  business’s certification of the amount needed for payments that
   44  are due within the following 30 days from the date of an
   45  application. All funds repaid must be deposited unallocated into
   46  the Budget Stabilization Fund within 30 days after receipt by
   47  the department.
   48         Section 2. This act shall take effect upon becoming a law.