ORLANDO, Fla. – The Federal Small Businesses Administration announced on Thursday it is no longer accepting applications for the payroll protection loan program because it has run out of funding amid the spread of the coronavirus.
“So you kind of had your hopes up and then now all the funds are dry you are just wondering what’s going to happen next?” Closson asked.
This was a federal program many local businesses were hoping to be their lifeline.
Orlando-area leaders are hoping to get the results.
The Orlando Economic Partnership and the city of Orlando launched a new program for small businesses called BRACES.
BRACES stands for The Businesses Recovery Assistance and Collaborative Engagement or BRACE program is a case management platform connecting small and medium-sized businesses to the resources they need most, including crisis recovery funding from the Small Business Administration and the State of Florida.
Businesses can sign up and will be connected with an Ambassador to help point those businesses to what other resources are out there.
Ambassadors want to point businesses in the right direction as state and federal resources are running out of funding.
“This is going to ensure that our business leaders know they are not alone,” said Orlando Mayor Buddy Dyer.