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.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA is offering Economic Injury Disaster Loans to help meet working capital needs caused by the Coronavirus
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA is offering Economic Injury Disaster Loans to help meet working capital needs caused by the Coronavirus
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U.S. Small Business Administration: Disaster Assistance in Response to the Coronavirushttps://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19
Florida has received a Disaster Declaration by the Small Business Administration (SBA) that now means small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations adversely impacted by COVID-19 can apply for Economic Injury Disaster Loans. Loans of up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%. Loans have long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. Click Here to see the Disaster Loan three step process. [PDF] Click here to download a handout detailing the SBA’s COVID-19 Disaster Assistance Response. [PDF] Click here to download an Estimated Economic Injury Worksheet. [PDF] For additional information, please contact the SBA Disaster Assistance Customer Service Center: 1-800-659-2955 (TTY: 1-800-877-8339) or disastercustomerservice@sba.gov. |
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