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Small Business Administration Opens COVID-19 Economic Injury Loans to Florida Small Businesses

Friday, March 20, 2020   (0 Comments)
Posted by: Diane Berg
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Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida. All qualified applicants must have been established prior to March 9, 2020, and suffered economic injury as a result of the designated disaster. Qualified small business applicants must be an employer business with 2 to 100 employees.

 

Loan Details

    • Designated Disaster Areas: All Florida counties statewide per Executive Order 20-52.
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    • Qualified Applicant: Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida. All qualified applicants must have been established prior to March 9, 2020, and suffered economic injury as a result of the designated disaster. Qualified small business applicants must be an employer business with 2 to 100 employees.
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    • Amount: Up to $50,000 per eligible small business.  Loans of up to $100,000 may be made in special cases as warranted by the need of the eligible small business.
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    • Term: 1 year.
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    • Limitation: Only one loan may be made per eligible business. All previous bridge loans received MUST be paid in full.
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    • Interest Rate: Loans will be interest-free for the loan term (1 year). The Interest rate will be 12% per annum on the unpaid balance thereafter, until the loan balance is repaid in full.  Loan default is subject to a normal commercial collection process.
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    • Application Period: Applications will be accepted by qualified Florida small businesses under this program through May 8, 2020, contingent on the availability of funds.

 

https://floridadisasterloan.org/


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