Coronavirus Disaster Relief Loans for Businesses

The Florida Small Business Emergency Bridge Loan Program

The Florida Small Business Emergency Bridge Loan Program is available to small business owners in all Florida counties that experienced economic damage for the Coronavirus.

Designated counties

• All 67 counties in Florida.

Deadline

• May, 8, 2020, contingent on availability of funds.

Limit

• $50,000.

Eligibility

• 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 a business with 2 to 100 employees.

Term

• 1 year.

Limitation

• Only one loan may be made per eligible business.

Interest Rate

• Loans will be interest-free for the loan term of 1 year.
• The Interest rate will be 12% per year on the unpaid balance thereafter, until the loan balance is repaid in full.
• Loan default is subject to a normal commercial collection process.

Application website

• http://floridajobs.org/rebuild... Tax Returns – At a minimum, copies of the previous two years federal income tax returns for the applicant business, including all schedules.
• Employer Tax Documentation, i.e., IRS Form 941, IRS Form, IRS Form W-2s and/or IRS Form 1099-MISC for a minimum of two employees.
• Individual Tax Returns: At a minimum, copies of the previous two years federal income tax returns (IRS Form 1040 and all schedules).

Small Business Administration Economic Injury Disaster Loan

The Small Business Administration (SBA) has made Economic Injury Disaster Loans (EIDL) for working capital available to small businesses. loans are directly through the SBA. To apply to need to go to www.disasterloan.sba.gov or www.sba.gov/disaster. Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus.

Here are details on the loan:

Purpose

• Payroll
• Accounts payable
• Debt Payments

Limits

• Up to $2 million.
• $25,000 loans or less can be unsecured.
• $25,000 or over loans must be secured.

Collateral

• Real estate.
• Equipment, machinery, vehicles, etc.
• The SBA will not decline a loan for lack of collateral.

Rates

• 3.75%

Terms

• Up to 30 years.

Payment

• First payment is deferred one year from the date of the promissory note.

Ineligible Businesses

• Agricultural Enterprises
• Religious Organizations
• Charitable Organizations
• Gambling Concerns
• Casinos

Processing Time

• 21 days.
• Closing documents by mail.
• 60 days to sign and return.
• 3 days to disburse funds once they receive signed closing documents.

Application website

• https://www.sba.gov/disaster-a... History.
• Repayment Ability.
• Tax authorization Form 4506T. It must be completed on the business AND any owner of 20% or more of the business.
• Last three years of business tax returns.
• Last three years of year-end balance sheet and income statements.
• Year to date 2020 balance sheet and income statement.
• SBA Form 2202 schedule of liabilities.
• SBA Form 413 personal financial statement.
• Last three years of personal tax returns.
• SBA Form 1368 monthly sales figures.