04/02/2020
We hope everyone is well and that business is not suffering too greatly. If you ARE being affected economically, please consider these loan options available.
[1] Florida Disaster Loan – Small business Emergency Bridge Loan
This loan is capped at $50,000 and is 0% interest for one year. This is meant to be temporary and repaid with other financing, so may not be as desirable as other options below.
Information: http://floridajobs.org/rebuildflorida/businessrecovery
Application: https://deosera.force.com/RebuildFloridaBusinessLoanFund/s/
[2] SBA EIDL - Economic Injury Disaster Loan
Since the financing process takes time, via Florida above or the SBA PPP below, this loan is available to meet short-term needs. It is supposed to be funded up to $10k within three days and may not require repayment, although it may be taken into account in applying for other financing. The application does not require documentation.
Information: https://www.sba.gov/page/disaster-loan-applications -header-0
Application: https://covid19relief.sba.gov/ #/
[3] SBA PPP – Paycheck Protection Program
This program is the one most business people have anticipated. It is an SBA loan based on a few months of wages, so could be a large amount for some businesses. The best part is that, if employees are kept on during the next few months, with no decrease in wages, then forgiveness applies to at least a portion of the loan. This is how the government is hoping to finance the massive disruption of the next few months, so please take advantage.
Information: https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
Application: Contact your bank and see if they are participating. Many banks have already notified their business customers. Applications should be available starting Friday, April 3rd at your preferred bank.
