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COVID-19 BUSINESS DISASTER RECOVERY ASSISTANCE
YOUR GUIDE TO LOAN ASSISTANCE PROGRAMS

Have you or your business been impacted by the Coronavirus (COVID-19)? The Florida SBDC has resources available to provide access to the disaster capital your business needs to recover, rebuild and grow. 

If your business has been negatively impacted by COVID-19, you may be eligible and qualify for a no-interest, no-fee state and/or a low-interest federal business disaster loan. The links provided in this document provide an abundance of information to help with your business recovery efforts, including details about Federal and State Small Business Disaster Loan Programs; information on where to find assistance; additional resources; and more.

Coronavirus Aid, Relief, and Economic Security (CARES) Act

The CARES Act was passed by Congress, and signed by the President on March 17th. The legislation established the Paycheck Protection Program which is intended to provide eligible small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loan from the U.S. Small Business Administration. To apply for forgiveness, small businesses must submit documentation regarding the eligible uses of the loan funds; such as payroll costs, mortgage interest, utilities, etc. and a certification that such documentation are true and correct. Businesses must also include the amount to be forgiven along with any documentation deemed necessary by the U.S. Small Business Administration.

 

Eligible Amount

The size of the loan is 250% of an employer’s average monthly payroll cost during the period Feb. 15, 2019 to June 30, 2019, capped at $10 million.

The U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) Program.

The President has activated a presidential disaster declaration in response to COVID-19. If your business has suffered substantial economic injury, you may qualify for an EIDL. EIDLs provide working capital to help businesses survive until normal operations resume after a disaster. The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.

Who is Eligible?

In general, all of the following entities that have suffered substantial economic injury caused by a disaster provided they were in existence on January 31, 2020:

  • Businesses with fewer than 500 employees
  • Cooperatives, ESOPs, and tribal small businesses with fewer than 500 employees
  • Sole proprietors
  • Independent contractors

Florida Small Business Emergency Bridge Loan Program (EBL)
The Florida Small Business Emergency Bridge Loan Program as been activated by the Governor and provides short-term, interest-free and fee-free loans to support eligible small businesses impacted by COVID-19. The emergency bridge loan program managed by the Florida Department of Economic Opportunity (DEO) in partnership with the Florida SBDC Network and Florida First Capital Finance Corporation (FFCFC), helps small businesses bridge the gap between the time the economic impact occurred and when a small business can secure other financial assistance, such as a U.S. Small Business Administration Economic Injury Disaster Loan or proceeds from the Paycheck Protection Program.

Where to Find Assistance

Florida SBDC disaster recovery specialists are available to provide no-cost, one-on-one confidential consulting to help you prepare disaster loan applications and assist with challenges you encounter related to COVID-19. Please note that consultations are taking place via phone call or virtual meeting. 

The best and quickest way to receive individual assistance is to contact your local SBDC office.

Due to the widespread impact of COVID-19, the local SBDC office is receiving an unusually high volume of inquiries and doing the best to provide the highest level of personalized service to every request received. If you get voicemail, please it is recommended to leave a message and be patient as they work through backlog and respond to your request for assistance.