We want to share the following information with you in case it can be of assistance. This pandemic is taking a toll not only on our health but it is having a devastating economic impact to our business owners too. We wanted to make you aware of two programs that provide low interest rate loans for business owners that are impacted by this pandemic.
The first article below is a state loan fund program. The second program is through the SBA.
Please note that both loans are direct loans via the state and the SBA respectively so you apply directly with the state and SBA.
The key to expediting your loan approval is to carefully complete the loan application including gathering all of your business and personal financials. You will also have to document how you are calculating the working capital needed to sustain your business.
Program 1: Florida Accepting Applications for Small Business Emergency Bridge Loan Program
The Florida Small Business Emergency Bridge Loan program is accepting applications for all Florida counties statewide per Executive Order 20-52 for businesses negatively impacted by the Coronavirus (COVID-19). With an emergency declaration in place, bars and restaurants closing, and steep drops in sales, small businesses across sectors are facing very uncertain times.
From now until May 8th, small business owners with 2 to 100 employees can apply for loans of up to $50,000. Up to $50 million has been allocated for the program, according to Governor Ron DeSantis.
These loans are short-term debt loans made by the state of Florida using public funds. Since they are not grants, Florida Small Business Emergency Bridge Loans require repayment by the approved applicant and the loan will remain interest-free for the term of one year.
To qualify, businesses must have been established before March 9 and be able to demonstrate the impact that the Coronavirus has had on their cash flows. Visit floridadisasterloan.org/ to learn more.
Program 2: According to an update received by the Small Business Administration:
The U.S. Small Business Administration announced that small businesses located in the State of Florida adversely impacted by COVID-19 can now apply for disaster loans.
For small businesses, small agriculture companies, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA is offering Economic Injury Disaster Loans to help meet working capital needs caused by the Coronavirus,
All 67 Florida counties are included in the disaster declaration for Coronavirus.
SBA South Florida District Director Victoria Guerrero stated, "I am encouraging all small businesses located in Florida to visit the SBA Disaster Assistance website and submit your application today. While there, you will find information on how to contact our customer service team who can answer any disaster-related application questions. You can also reach out to one of our many resource partners for application assistance."
SBA Resource Partners information can be obtained on the SBA website found here.
SBA Economic Injury Disaster Loans offer up to $2 million in economic assistance to help small businesses overcome the temporary loss of revenue resulting from the disaster. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact.
To apply, visit the SBA Disaster website by clicking here.
For additional information, please contact the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339) or email disastercustomerservice@sba.gov.
