The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Florida small businesses suffering substantial economic injury as a result of COVID-19.
Economic Injury Disaster Loans
offer 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.
- These working capital loans are intended to assist small businesses in meeting their financial obligations through the disaster recovery period.
- These 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 application is available online at https://disasterloan.sba.gov/ela
- The interest rate for businesses is 3.75% with loan terms up to 30 years.
SBA offers loans with long-term repayments to keep payments affordable for businesses without the financial ability to weather the adverse impacts of COVID-19.
Pinellas businesses can also apply for a Florida Small Business Emergency Bridge Loan. 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 application period runs through May 8, 2020.
Businesses located in Pinellas County can visit
to complete the appointment form. Our staff at the Florida SBDC at Pinellas County Economic Development will then email or phone to help you with your application(s) for assistance. Please do not visit the FSBDC at Pinellas County Economic Development. In accordance with the Center for Disease Control's best practices for containing COVID-19, we will assist our small business clients by phone or email only.
Additional resources for businesses impacted by COVID-19.