State of Florida Funds
The availability of the State of Florida Emergency Bridge Loan Program for Small Businesses impacted by COVID-19 (Coronavirus), with the application period opening on March 17, 2020 and ending on May 8, 2020. These are short-term, interest-free loans (for the term of the loan) to small businesses that have experienced economic injury from COVID-19. It allows small businesses to receive cash immediately to lessen the impacts felt as a result of COVID-19, and it helps “bridge the gap” between the time the economic injury occurred and when the small business secures other financial resources, such as payment of insurance claims or longer-term Small Business Administration (SBA) loans or other sources of long-term financing. Up to $50 million has been allocated for the program.
To learn more about the program itself as well as eligibility requirements and to apply online go to www.floridadisasterloan.org or you can contact the Small Business Development Center Network at 866-737-7232 or email Disaster@FloridaSBDC.org.
Economic Injury Disaster Loans: Up to $2 million in assistance. 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 and 2.75% for non-profits. The repayment term is up to 30 years. To learn more, visit https://www.sba.gov/disaster-assistance/coronavirus-covid-19.
For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY:1-800-877-8339) or email email@example.com.