Florida Community Loan Fund: PPP . . . Is my Organization Eligible? How to Apply through FCLF

February 2, 2021

By now you have probably heard quite a bit about PPP loans, and you may be asking yourself:

Is my organization eligible for PPP in 2021?

Read on for a general overview of eligibility requirements for PPP and how to apply through Florida Community Loan Fund. The requirements for first-time applicants are different than for those that received a PPP loan in 2020 and are now seeking a second draw or to modify their first draw.

These entities may be eligible for PPP, if affected by COVID-19:

   • Nonprofits

   • Small Businesses

  First Draw PPP Loan Eligibility:

   • Did not receive a PPP loan in Round 1

   • Must have under 500 employees or meet the SBA’s alternative industry size standards

   • Must have been operational on or before 2/15/2020 and remain operational

   • Loan amount 2.5x average monthly payroll; maximum loan amount $10 million

  Second Draw PPP Loan Eligibility:

   • Must have previously received a PPP loan and will use or have used the full amount only for authorized uses 

   • Must have under 300 employees or meet the SBA’s alternative industry size standards

   • Must have been operational on or before 2/15/2020 and remain operational

   • Must have experienced at least a 25% reduction in revenue / gross receipts between comparable quarters in 2019 and 2020   

• Loan amount 2.5x average monthly payroll; 3.5x average monthly payroll for foodservice and accommodations industries; maximum loan amount $2 million

Ready to take the first step?

Start by clicking on this link to submit an intake form. We will be in touch via email within 24 hours. FCLF Staff is ready to answer your questions about the program and coach you through the process to ensure your application is complete. We are committed to making sure all Florida nonprofits and small businesses that qualify can access PPP.

FCLF’s core purpose is to maximize opportunities for people and places outside the economic mainstream. Since our beginning 25 years ago, FCLF has supported Florida’s nonprofit sector. As a CDFI, we also want to make sure that small businesses, especially minority- and women-owned, have access to PPP loans.

For Florida nonprofits seeking PPP, FCLF is partnering with the Community Reinvestment Fund, USA (CRF). This partnership brings together FCLF’s knowledge and experience in lending to Florida nonprofits, and CRF’s experience as an SBA-qualified lender. Members of the FCLF PPP team are available to assist you in submitting your application through CRF.

If you are a Florida small business, you can also apply through FCLF directly or through one of our peer CDFIs specializing in small business lending.

Thank you for all your work in and commitment to Florida’s communities.

Questions? Please reach out to our dedicated PPP staff at PPP@fclf.org.​

• Our PPP focus is on nonprofit organizations based in Florida.
  • Small businesses can also access PPP through FCLF’s network.  
  • You do not need to be an existing FCLF borrower to apply. (Spread the word!)
  • No minimum loan size – we want all eligible PPP borrowers to have access

Recap of the Paycheck Protection Program, or PPP:

• PPP is essentially a cash-flow assistance program guaranteed by the federal government
• Loans are low-interest and partially-to-fully forgivable with no personal guarantee or collateral required
• Loans are for up to $10 million for first-time applications and up to $2 million for second draw applicants
• Loans are designed to cover costs related to payroll, operations, rent, utilities, mortgage interest, certain operations expenditures, property damage costs, supplier costs, and worker protection expenditures
• Borrowers can set the covered period of their PPP loan to any length between 8 and 24 weeks to best meet their business needs
• Loans are available through SBA-qualified lenders (our partner CRF is qualified)

• Loans must be funded by March 31, 2021