State of Florida Disaster Loan for Small Businesses
With the new global pandemic of the COVID-19 (coronavirus) spreading throughout the world, the impact is felt both personally and professionally by many people. With the number of infected persons continuing to climb, most local and state governments have issued shelter-in-place ordinances requesting that people stay at home in order to stay safe. While it is absolutely critical that people follow this order to attempt to slow the spread of this virus, the impact on small business owners has been substantial, and in some cases catastrophic. The state of Florida has created a loan program specifically in light of this new situation in order to aid small businesses during this tumultuous time.
Florida Small Business Emergency Bridge Loan
The Florida Small Business Emergency Bridge Loan Program (EBL) will provide small business owners short-term, interest-free and fee-free loans that have been impacted due to the coronavirus. This EBL program is administered by the Florida Department of Economic Opportunity in partnership with the Florida SBDC Network and Florida First Capital Finance Corporation. This small business loan will attempt to bridge the gap financially for small businesses when there is a time of a disaster, such as the COVID-19 global pandemic.
This small bridge loan can be invaluable for those small businesses who are waiting for permanent financial assistance from the U.S. Small Business Administration Economic Injury Disaster Loan or any proceeds that are going to be made available through the Paycheck Protection Program.
The following are some important details regarding the EBL Program. The small business must be maintained in the state of Florida and established prior to March 9, 2020, and have suffered economic damage due to the coronavirus. The company must have between 2-100 employees. There is up to $50,000 available for every small business, and the loan is for the term of one year. The loan will be interest-free and if unpaid after one year, the interest rate will be 12% per annum.
There are several additional eligibility requirements listed on the Florida Disaster Loan website, which also includes additional information regarding the supporting documentation needed to apply. The application may be done online or mailed, and any questions may be answered at the Florida Department of Economic Opportunity at (833) 832-4494.
Reach Out to Us Today for Help
While the website and phone number listed above will have a great deal of information regarding the EBL Program, they are also receiving a high volume of inquiries and you may not receive immediate personalized attention. If you are considering applying for this loan, or have any questions regarding other financial assistance available during this global pandemic, please contact our experienced West Palm Beach bankruptcy attorneys at Kelley, Fulton & Kaplan today at 561-264-6850 for a free consultation. We can help you determine which resources are available for your small business, and what types of financial assistance may benefit you most during this time of financial unrest.