April 14, 2020

UPDATED: South Florida banks accepting PPP loan applications

South Florida businesses are scrambling to submit applications for the Paycheck Protection Program, the $350 billion loan program backed by the U.S. Small Business Administration.

The program, enacted March 27, offers forgivable, low-interest loans to businesses with up to 500 employees. The funds are intended to cover payroll, rent and utilities costs for businesses suffering financial losses due to the coronavirus pandemic.

“Most Florida banks were uploading applications to the SBA as of Tuesday evening,” said Alex Sanchez, president and CEO of the Florida Bankers Association. “I advise business owners to apply at an FDIC-insured institution that’s familiar with their credit history to minimize regulatory concerns.”

Lenders note that the multibillion-dollar loan program is drying up quickly, so businesses need to apply as soon as possible to receive funds. On Tuesday, U.S. Sen. Marco Rubio, R-Fla., told his social media followers the Senate aimed to pass a bill that would add $250 billion more to the small-business loan program.

Here is a look at how some of South Florida’s largest lenders are handling the PPP application process:

• International Finance Bank in Miami is accepting applications from new and existing customers. CEO Jose Cueto told the Business Journal the bank had secured close to $10 million in loan approvals as of April 13.
• American National Bank, based in Oakland Park, is accepting applications from new customers on a limited basis, said CEO Ginger Martin. Borrowers can learn more here.
• Sunstate Bank in Miami is accepting applications from current customers. CEO Lloyd DeVaux said the bank had processed about 100 applications as of April 13 and expects to fund some of those loans this week. Customers should contact the bank to apply.
• Bank is only accepting applications from existing business customers that must have a deposit account at TD to receive funds. According to its website, the bank is experiencing a high call volume and recommends customers contact their relationship managers with questions about the application, which is available online. TD was South Florida’s top SBA lender in 2019, and is the region’s eighth-largest deposit holder. Apply here.
• Bank of America is currently accepting applications from small businesses that had a Bank of America checking account before Feb. 15. Apply here.
• Chase Bank is accepting applications from customers with an existing business checking account. Chase is the region’s third-largest SBA lender and third-largest deposit holder. Apply here.
• Wells Fargo announced Wednesday it would process additional PPP applications after initially closing its loan window Sunday. The bank relaunched the submission process Wednesday afternoon, it reported on social media. Existing small business customers can begin the application process online, and will receive updates via email. Wells Fargo is South Florida’s second-largest SBA lender and second-largest deposit holder.
• Truist Bank: The parent to the recently merged BB&T Bank and SunTrust Bank told the Charlotte Business Journal that the program is available to business and nonprofit clients that have a business loan or deposit relationship with BB&T or SunTrust.
• Valley National Bank: The New Jersey-based bank is processing applications for existing account holders and borrowers only, South Florida Regional President Jeff Klink said. To apply, customers must submit an inquiry on the bank’s website. From there, the inquiry will be assigned to a bank employee, who will follow up with a digital application. Klink said the bank received about 16,000 inquiries as of Wednesday. Submit an inquiry here.
• BankUnited, South Florida’s largest community bank by assets, is accepting PPP applications from existing business customers only, according to its website. A link to an application is not available from its website. BankUnited did not return a request for comment on how customers should apply for the program.
• Amerant Bank declined to say how many applications it has processed since it began taking applications on April 3. As of Tuesday, the bank was still accepting applications from new customers. Applicants should contact their banker or call 888-629-0810 for more information.
• Professional Bank is accepting applications from new and existing clients, CEO Dan Sheehan said. Applicants should contact their banker or visit its website for more information.
• Banesco USA is currently processing PPP applications for existing customers only, but hopes to begin accepting applications from non-customers “within a few days,” a spokesperson told the Business Journal. The website does not have an online portal to submit applications. Customers should contact their business banker to apply.
• Legacy Bank of Florida: The Boca Raton-based community bank is processing applications for existing clients, Chairman and CEO Dennis Bedley said. Customers should contact their banker to apply. An application is not available on the bank’s website.
• First American Bank is processing PPP loans from existing customers only, CEO Thomas Wells IV said. However, Wells said he fears the bank may need to pause funding “until the government establishes a facility to purchase the loans we’ve approved.” To apply, customers should contact their business banker, who will then send them a link to the bank’s online application portal. The Illinois-based bank was among South Florida’s top SBA lenders in 2019.
• Seacoast Bank is accepting applications from bank customers only. Customers can contact their banker or visit its website to apply. Stuart-based Seacoast is South Florida’s 12th-largest SBA lender.
• Pacific National Bank has been accepting applications from loan and deposit customers since April 3, CEO Carlos Fernandez-Guzman said. Customers should contact their bankers to apply. The Miami-based bank has more information about PPP loans on its website.
• Apollo Bank in Miami began accepting applications Monday. The bank told the Business Journal it could not confirm how many it had processed as of Thursday afternoon. Existing bank customers can apply for a loan here.

A resource guide for South Florida businesses struggling during coronavirus pandemic

For statewide business recovery resources for South Florida companies impacted by coronavirus, click here. For local charitable gestures, click here.

The Miami Dade Beacon Council launched its COVID-19 Business Resource Center page to provide local companies with information on damage assessment, emergency loans, short-term compensation and more.

The Miami Foundation‘s Community Recovery Fund is assisting nonprofits in need of financial support during the COVID-19 pandemic. Click here for details.

Click here for the Greater Fort Lauderdale Alliance of Broward County‘s website, which features a myriad of resources, including links to audio recordings of its Broward Business Leaders COVID-19 Information Calls and assistance programs for businesses, including local, state and federal agencies.

Miami International Airport, in coordination with federal and local agencies, has information for travelers and employees related to travel restrictions, quarantine orders and more related to the coronavirus.

For businesses in Palm Beach County, the Business Development Board of Palm Beach County has a page on its website for business resources.

United Way of Miami-Dade County and the Miami Herald/el Nuevo Herald launched the Miami Pandemic Response Fund to help small businesses and families. The Health Foundation of South Florida, The Miami Foundation, the Greater Miami Convention and Visitors Bureau and the Frederick A. DeLuca Foundation came together to provide seed funding of $500,000. The fund will address the short-term impact on working families with emergency needs (i.e., rent/mortgage assistance, food, medication, etc.) and issue micro-grants to small businesses. Click here for more information or to donate.

The Greater Miami Convention and Visitors Bureau has a page offering assistance for the tourism industry, including relief efforts, job and community resources, and a link to coronavirus updates.

Visit Fort Lauderdale-Hollywood International Airport‘s advisory page for preventive measures in place at FLL, travel time recommendations, flight cancellations and delays, and frequently asked airport-related questions prompted by the coronavirus.

The Miami Beach Chamber of Commerce offers resources in its Coronavirus Business Relief Guide here.

Check out the Greater Fort Lauderdale Convention & Visitors Bureau‘s advisory page for the latest updates on the region’s hotels, beaches, restaurants, shopping, transportation, large public events that have been cancelled or postponed, and more.

Accounting and advisory services firm Marcum has launched the Marcum Coronavirus Resource Center to keep business owners and executives abreast of business-critical developments linked to COVID-19. It includes content ranging from news alerts to informative analyses on regulatory developments, webinar announcements, including guidance on SBA loan opportunities and business valuations in the face of the pandemic. 

Oolite Arts launched a relief fund for Miami-Dade County visual artists impacted by COVID-19. Residents can now apply for up to $500 in relief through the Oolite Arts Relief Fund. With $25,000 in seed funding, it will cover lost income due to the cancellation of specific, scheduled employment (whether in the cultural arts sector or not) or a professional artistic opportunity, including commissions and exhibitions. The funding will be dispersed on a rolling basis, with applications accepted through April 16. Click here to apply.

SCORE Broward is offering support to the small business community by offering free online workshops that can be view from home. Click here for a listing of upcoming workshops and events.

Assurance, tax and financial advisory services firm BDO has a Novel Coronavirus (COVID-19) Impact and Risk Response Guide on its website. The guide aims to provide insights into the relevant impacts of COVID-19. It gives general risk response guidance for companies to consider when deploying business continuity planning measures to combat the pandemic and maintain the agility to overcome the difficulties faced.

Brightstar Credit Union is doing a weekly Visa card money giveaway on social media in support of individuals and locals who have been affected by COVID-19 through April 17. Participants must be following Brightstar on Facebook or Instagram at @BrightstarCU, comment why they deserve to win and tag three friends in each post. More information can be found here.

Our Fund Foundation launched the Our Fund Resilience Fund, which will provide help to LGBTQ+ nonprofits in Broward, Miami-Dade and Palm Beach counties whose operations are severely impacted by the COVID-19 crisis. Click here for more information.

Business litigation, employment law and personal injury firm Pike & Lustig LLP, which has offices in West Palm Beach and Miami, set up a toll-free hotline – 866-745-3529 – so businesses and organizations can ask questions about navigating the coronavirus crisis. Attorneys speak English and Spanish.

COVID Response, a website built by Solodev, offers free website tools that small businesses can use to keep audiences informed.

West Palm Beach-based digital marketing agency Digital Resource is offering free select services to assist businesses amid growing COVID-19 impact. Until April 30, businesses can claim free website maintenance and hosting, and free outsourced LiveChat management for 60 days. Call 561-429-2585 or email covid19@yourdigitalresouce.com.

The Miami Downtown Development Authority, South Beach Wine & Food Festival and Florida International University’s Chaplin School of Hospitality Management founded the Hospitality Industry Relief Fund, which will provide immediate financial support totaling more than $1 million to independently owned and operated restaurants and bars in downtown Miami that have been impacted by the COVID-19 pandemic. Qualifying restaurants will be selected to receive grants on a first-come, first-served basis. Applications can be completed here.

The North Miami Community Redevelopment Agency is creating two emergency relief grant programs for city businesses that have been severely impacted and are facing challenging times. The Emergency Relief for Essential Business Program, already available, will provide 25 businesses deemed essential by Miami-Dade County and the City of North Miami Offices of Emergency Management with grants of up to $1,000 each. The Emergency Relief to Jump Start Businesses Program will provide 120 businesses with grants of up to $5,000 for future operational expenses: rent, payroll, communications, etc. It will come into effect once the disaster declaration has been lifted and the board of the NMCRA approves it. Candidates must have applied for the U.S. Small Business Administration Disaster Loan and Florida Disaster Loan, so document proof of the application with receipt is necessary. Businesses interested in either program should call 305-895-9839 or email cragrants@northmiamifl.gov to receive instructions on how to complete the applications.

Entrepreneurs’ Organization South Florida has launched a You Are Not Alone initiative to help area businesses survive, then thrive, despite the economic fallout from the COVID-19 coronavirus crisis. The organization is offering free webinars and additional resources.

CareerSource South Florida launched the Regional Reemployment Assistance Hub in partnership with Miami-Dade County Mayor Carlos A. Giménez, Monroe County officials, the Miami-Dade County Library System and the Florida Department of Economic Opportunity to afford people in Miami-Dade and Monroe counties alternative unemployment filing methods. The call center will operate daily from 8 a.m. to 8 p.m. For assistance, call 305-929-1547. Downloadable applications are also available online at www.floridajobsresources.com.

The National YoungArts Foundation, based in Miami, launched the YoungArts Emergency Microgrant program to support YoungArts alumni who are experiencing loss of income due to the cancellation of scheduled professional engagements or unexpected expenses related to COVID-19 precautionary measures. The $1,000 grants will be distributed in three cycles from April through June 2020. Applications will be selected using a lottery system, with the goal of awarding more than 80 emergency microgrants each cycle. Click here to apply.

Click here to go to our Small Business Resource Guide for South Florida’s small and midsize businesses seeking help during the coronavirus pandemic.