March 17, 2020
Florida Department of Economic Opportunity Is Pushing Out Emergency Bridge Loans to Small Business at 0% Interest For One Year
To assist small businesses to stay open and pay employees during the COVID-19 slowdown, Governor DeSantis has authorized the Florida Department of Economic Opportunity to extend 0% interest emergency bridge loans to small businesses. The loans are for up to $50,000 and are at 0% interest for 1 year, escalating to 12% after the first year. The application deadline is May 8, 2020. Hill Rugh Keller & Main is offering small businesses help free of charge, to help in developing their loan applications. More information from the State of Florida is available at https://floridadisasterloan.org/ or you can email the State of Florida at Disaster@FloridaSBDC.org or call via phone toll‐free to (866) 737‐7232. According to the State of Florida’s website, eligible businesses must: (1) be a for‐profit, privately held small business that maintains a place of business in the state of Florida; (2) be located in a designated disaster area; eligible Florida counties per Executive Order 20‐52 are all counties statewide; (3) be established prior to March 9, 2020, the date of the designated disaster; (4) be able to demonstrate economic injury as a result of the designated disaster, and the need for the loan and use of proceeds must be directly related to the economic injury caused by the designated disaster; and (5) be eligible for assistance based on the types of activities the business conducts according to State of Florida guidelines. Here is a link to the application form: https://floridadisasterloan.org/a/w/wp-content/uploads/2020/03/20200316-COVID-19-Florida-Emergency-Bridge-Loan-Application3.pdf (This link is updated from our previous post). If you have questions, please direct them to Andy Showen at HRKM at 407-808-8357 or firstname.lastname@example.org.