As a service to our members, the FAA is providing information on 2 small business loan programs now available.
1. Small Business Emergency Bridge Loans
(Florida Department of Economic Opportunity)
Governor Ron DeSantis activated the Florida Small Business Emergency Bridge Loan Program to support small businesses impacted by COVID-19. The bridge loan program, managed by the Florida Department of Economic Opportunity (DEO), will provide short-term, interest-free loans to small businesses that experienced economic injury from COVID-19. The application period runs through May 8, 2020. Non-profits are not eligible to apply for this program.
The DEO will administer the Florida Small Business Emergency Bridge Loan Program in partnership with the Florida SBDC Network and Florida First Capital Finance Corporation to provide cash flow to businesses economically impacted by COVID-19. The short-term, interest-free loans help bridge the gap between the time the economic impact occurred and when a business secures other financial resources, including payment of insurance claims or longer-term Small Business Administration (SBA) loans. Up to $50 million has been allocated for the program.
The Florida Small Business Emergency Bridge Loan Program information is
available here.
2. Economic Injury Disaster Loans
(US Small Business Administration)
A component of this package will be low interest loans administered by the
U.S. Small Business Administration to businesses impacted by the virus. An Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).
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. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
To begin, a county needs to be approved by the SBA for an Economic Loss Declaration, through a request submitted by the governor.
Governor Ron DeSantis announced the activation of the
Business Damage Assessment survey to assess the impact of COVID-19 on Florida's local business operations. The survey, managed by the Florida Department of Economic Opportunity (DEO), will evaluate businesses affected by COVID-19 and the impacts the virus has had on the local economy so actions to implement appropriate relief programs can begin.
For inquiries or assistance with the survey, businesses can contact Emergency Support Function 18 at ESF18@em.myflorida.com
For additional information on SBA programs, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov
