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SBA Economic Injury Disaster Loan

Coronavirus (EIDL)


The U.S. Small Business Administration announced that small businesses located in the State of Florida adversely impacted by COVID-19 can now apply for disaster loans.

Designated Disaster Areas: All 67 Florida counties are included in the disaster declaration for Coronavirus.

Qualified Applicant: For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations.

Amount: Up to $2 million in economic assistance. Loan amounts are set by the SBA and based on each applicant's financial condition.

Term: Up to 30 years.

Interest Rate: Interest rates offered as low as 3.75% for businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.75%.

For Local Assistance: The Tampa Bay Women's Business Centre

Apply ONLINE

 


 

 

Paycheck Protection Program

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

  • For a top-line overview of the program CLICK HERE
  • If you're a lender, more information can be found HERE
  • If you're a borrower, more information can be found HERE
  • The application for borrowers can be found HERE

 


 

CARES Act Flow Chart

The CARES Act tasks the Small Business Administration with overseeing the distribution of millions of dollars in loans and grants to help small businesses survive the pandemic. It also provides additional funding for SBA's Resource Partners to provide advice and training to help small businesses respond to the unprecedented challenges in communities throughout the country.

 


 

The Florida Small Business Emergency Bridge Loan COVID-19

Emergency Bridge Loan

The Florida Small Business Emergency Bridge Loan Program is currently available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19. These short-term, interest-free working capital loans are intended to 'bridge the gap' between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance.

The Florida Small Business Emergency Bridge Loan Program is not designed to be the primary source of assistance to affected small businesses, which is why eligibility is linked pursuant to other financial sources.

Note: Loans made under this program are short-term debt loans made by the state of Florida using public funds - they are not grants. Florida Small Business Emergency Bridge Loans require repayment by the approved applicant from longer term financial resources.

HOW TO APPLY:

1. Review the eligibility requirements and loan process.

2. Gather the required support documentation.

3. Submit your application online here.

Applicants may also submit a completed application and required documents by mail or courier to:

Florida Department of Economic Opportunity
107 E. Madison Street, MSC-160
Tallahassee, Florida, 32399-4120

For assistance in completing the application, contact The Tampa Bay Women's Business Centre at 813-251-8437or contact us, Florida Department of Economic Opportunity,  toll-free (833) 832-4494.

DESIGNATED COUNTIES
All 67 counties in Florida.

APPLICATION PERIOD
Applications will be accepted under this program through May, 8, 2020, contingent on availability of funds.

ELIGIBILITY
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 a business with 2 to 100 employees.

TERM
1 year.

LIMITATION
Only one loan may be made per eligible business. All previous bridge loans received must be paid in full.

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.

 


With the continuing concerns surrounding COVID-19 (coronavirus), The Tampa Bay Women's Business Centre (WBC) has suspended all in-person activity at our office.  Additionally, our coaching sessions will take place via appointment only. We can make accommodations for coaching via phone, Zoom conferencing or Skype. If you have a scheduled appointment, a team member will reach out to you to make necessary arrangements. To schedule a one-on-one coaching session please contact us at 813-251-8437.