CORONAVIRUS: SMALL BUSINESS UPDATES AND RESOURCES

Florida SBDC at FAU helps small businesses accessing capital through both (1) the SBA Disaster Loan Assistance and (2) Bridge Loan Program for COVID-19
NOTICE: Due to the high call volume please register for services at  SBDC.FAU.EDU . Thank you for your patience.
Updated 3.19.20, 10:00 a.m.   – In Broward and Palm Beach Counties, Florida SBDC at FAU is the front door that supports businesses to apply for (1) Federal SBA Economic Injury Business Disaster Loan and (2) State of Florida Bridge Loan Programs that currently open for the COVID-19 disaster relief.
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 other post-disaster challenges you encounter. You can access that individualized assistance by contacting the Florida SBDC at FAU  http://sbdc.fau.edu  .
  • FEDERAL: U.S. SBA Economic Injury Business Disaster Loan for businesses, private nonprofits, homeowners, and renters. The purpose of the loan is to keep small businesses in businesses. Eligible small business 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.
Steps to apply
  • Verify location eligibility. The applicant business must have a location on eligible counties. Please verify it at the SBA declarations link.
  • Businesses can apply directly at https://disasterloan.sba.gov/ela. There is no-cost to apply. To verify eligibility, businesses can submit inquiries to SBA directly or work with your FL SBDC at FAU consultant. Revise and submit applications As Soon As Possible.
  • Keep track of the status of your application via the SBA portal https://disasterloan.sba.gov/ela.
  • Applying for the Bridge Loan does not prevent businesses from applying for the SBA Disaster Assistance Loan that has already been activated. Once the SBA application have been made, make sure to get 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 03/19/2020).
To be eligible to apply, all of the following must be true:
  • The business must be a for-profit, privately held small business; a small agricultural cooperative, or a non-profit organization that maintains a physical place of business in Florida.
  • The business must have not have or be able to acquire credit available elsewhere. (Determined by 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 application at https://disasterloan.sba.gov/.
  • STATE - Florida Small Business Emergency Bridge Loan is currently available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19. Applicants can also apply to SBA Disaster Loans for COVID-19 and let your SBDC consultant know.
  • Designated Disaster Areas: All Florida counties statewide per Executive Order 20-52.
  • Qualified Applicant: 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 2 to 100 W-2 and/or 1099 employees.
  • Amount: Up to $50,000 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: 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.
  • Application Period: Applications will be accepted through May 8, 2020, contingent on the availability of funds.
To Get Started:
How Do I Submit My Documentation and Completed Application Remotely?
(processes and procedures are changing daily, please visit  https://floridadisasterloan.org/  for official updates)
  • Submit completed and signed application and support documentation to the Florida SBDC at FAU consultants.
Florida SBDC at FAU Consultation Services
Florida SBDC supports businesses grow and succeed by providing professional consultation at no-cost. All our consulting appointments are being conducted via phone call or video chat tools until further notice. Your consultant will coordinate with you the best solution for communications.
© 2020 - State Designated as Florida's Principal Provider of Business Assistance [§ 288.001, Fla. Stat.]
The Florida SBDC at Florida Atlantic University is a member of the Florida SBDC Network, a statewide partnership program nationally accredited by the Association of America’s SBDCs and funded in part by the U.S. Small Business Administration, Defense Logistics Agency, State of Florida, and other private and public partners, with the University of West Florida serving as the network's lead host institution. Florida SBDC services are extended to the public on a nondiscriminatory basis. Language assistance services are available for limited English proficient individuals.


Updated 3.18.20, 10:00 a.m.   – In light of the continuing concerns surrounding COVID-19 (coronavirus), the Florida SBDC at FAU has suspended all in-person activity at all of our main offices through at least Friday, May 1, as directed by the Florida Atlantic University and the Florida SBDC Network. We will continue to provide consultation services via phone call or video chat tools until further notice. Your consultant will coordinate with you the best solution for communications.

At this time, the U.S. Small Business Administration economic injury loans have not been activated yet, but the Florida Small Business Emergency Bridge Loan program was activated March 16, 2020 at 6 p.m.

State of Florida Opens Bridge Loan Program for COVID-19
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.

Designated Disaster Areas: All Florida counties statewide per Executive Order 20-52.
Qualified Applicant: 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 2 to 100 W-2 and/or 1099 employees.

Amount: Up to $50,000 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: 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.
Application Period: Applications will be accepted through May 8, 2020, contingent on the availability of funds.
FLORIDA SBDC AT FAU HELPS SMALL BUSINESSES ACCESS CAPITAL
To Get Started:
How Do I Submit My Documentation and Completed Application Remotely?
Florida SBDC at FAU Consultation Services
Florida SBDC supports businesses grow and succeed. All our consulting appointments are being conducted via phone call or video chat tools until further notice. Your consultant will coordinate with you the best solution for communications.

STATE RESOURCES:
Information and guidance regarding COVID-19 in Florida.
For questions related to COVID-19 in Florida, individuals and business can contact the Florida Department of Health dedicated COVID-19 Call Center by calling (866) 779-6121. The Call Center is available 24 hours a day. Inquiries may also be emailed to  COVID-19@flhealth.gov .