Coronavirus: Small Business Updates and Resources
Florida SBDC at FAU helps businesses access state and federal disaster recovery loans and additional business continuity services
For the state of Florida Bridge Loan application process please read below.
For continuous updates related to economic disaster relief support and the new federal programs please visit our sbdc headquarters:
Federal / The Coronavirus Aid, Relief and Economic Security Act, CARES Act for Small Businesses:
NOTICE: Due to the high call volume please register for services at sbdc.fau.edu/consulting/. Thank you for your patience.
Updated 3.24.20, 2 p.m. – Disaster recovery specialists at the Florida Small Business Development Center (SBDC) at FAU are now assisting businesses in Broward and Palm Beach counties in applying for the following loans for COVID-19 disaster relief:
- Federal: U.S. Small Business Administration (SBA) Economic Injury Business Disaster Loan
- State: Florida Bridge Loan Programs
SBDC provides no-cost, one-on-one confidential consulting to help prepare the loan applications and assist with other disaster-related challenges. To access individualized assistance, request a consultation at sbdc.fau.edu/consulting/.
Here’s a look at the loan specifics:
Federal: U.S. SBA Economic Injury Business Disaster Loan is for businesses, private nonprofits, homeowners and renters. The purpose of the loan is to keep small businesses in business during a disaster. Eligible small businesses may qualify for a loan up to $2,000,000 at an interest rate of 3.75 percent for a term of up to 30 years.
Businesses can apply directly at disasterloan.sba.gov/ela. (Due to the high volume of applicants the link may be slow; if unable to access, keep trying.)
Sign up with a Florida SBDC at FAU consultant for a no-cost specialized consultation to support your application process.
Important: Submit applications as soon as possible.
Note: Businesses may apply for the both the SBA Disaster Assistance Loan and the Bridge Loan (see details below). Once the SBA application is submitted, be sure to take note of the loan application number, as this number will be part of the bridge loan application. If you are approved for the SBA Disaster Assistance Loan, the SBA may contribute to the pay off the State of Florida Bridge Loan from the loan proceeds prior to disbursement to your company.
Eligibility (updated 03/24/2020)
To be eligible to apply as a business, all of the following must be true:
- The business must be a for-profit, privately held business, a small agricultural cooperative, or a non-profit organization that maintains a physical place of business in Florida.
- The business must not have, or be able to, acquire credit available elsewhere. (This will be determined by the SBA.)
- Must demonstrate that the business has suffered or is suffering significant economic injury and unable to meet its obligations to pay ordinary and necessary operating expenses as a result of COVID-19.
If all of the above are true, you can find more information and apply at disasterloan.sba.gov/ela
Florida Small Business Emergency Bridge Loan: available to small business owners in Florida experiencing economic damage as a result of COVID-19. (Applicants may also apply to SBA Disaster Loans for COVID-19.)
- Designated disaster areas include all of Florida per Executive Order 20-52.
- 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 two to 100 W-2 and/or 1099 employees.
- Amount: Up to $50,000 available 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.
- Term: one year
- Limitations: 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 (one year). The interest rate will be 12 percent 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.
- Application period: Applications will be accepted through May 8, 2020, contingent on the availability of funds.
Steps to apply
- Review eligibility requirements and loan process.
- Gather required support documentation.
- Request a SBDC consultation at sbdc.fau.edu/consulting/.
- Fill out application by following the information at floridadisasterloan.org
or sign up and apply at deosera.force.com/RebuildFloridaBusinessLoanFund/login.
Note: Florida SBDC at FAU is currently providing professional consultation at no cost, via phone call or video chat. Your consultant will coordinate with you the best solution for communications.