FLORIDA DISASTER RELIEF LOAN SUMMARY
Florida has a disaster loan that is available to all small business owners that are experiencing economic damage due to the effects of COVID-19. This loan is known as The Florida Small Business Emergency Bridge Loan Program. These loans are to “bridge the gap” during this economic crisis.
It should be noted that these are loans and have to be repaid, these are not grants.Those who are eligible for this loan must have a business in any Florida county. The businesses must have been established prior to March 9, 2020 and suffered economic hardship as a result of COVID-19. As a small business owner, you must have between 2 to 100 employees to qualify as well.
Businesses that are excluded are those who obtain 1⁄3 or more of their annual revenue from gambling, engaging in the sale of products, services, or performances, of a prurient sexual nature, massage parlors, businesses that facilitate polyamorous relationships, hot tub facilities, and escort services.
The amount of the loan for Florida, is up to $50,000 per eligible small business. In special cases, a small business may obtain a loan for up to $100,000. The term of the loan is for a year interest-free and anytime after a year the interest rate will rise up to 12% on the unpaid balance until the loan balance is repaid in full. The loan default is subject to the normal commercial collection process, and there will not be forgiveness. You may only apply and receive one loan per eligible business. If you have received a previous bridge loan, that must be paid in full prior to applying otherwise you will not be eligible.
In order to apply for the Florida Disaster Loan, please visit their website Click Here.Make sure that you have the following documentation prior to applying:
❏ Business Tax Returns (minimum the past two years)
❏ Employer Tax Information (minimum of at least 2 employees)
❏ Individual Tax Returns (minimum of the past two years)
❏ Profit and Loss Statements Current Year-to-Date
❏ Monthly Sales Figures
❏ Explanation of Credit Report Concerns and Issues
The following may not be required but will be helpful to have on hand for the application process:
❏ Valid ID for each owner
❏ Current County Business License
❏ Previous 6 months of Bank Statements and Bank Accounts
❏ Income Statements (Previous 3 years)
❏ Personal Financial Statements (For Each Owner)
❏ Business Financial Statement (For Each Owner)
❏ Business Liability Policy
❏ List of all Outstanding Liabilities
❏ Credit Check Authorization
After submitting the application, the application will be sent to Florida First Capital Finance Corporation, and they will review the application. If your application is approved, then they will have a representative contact you and have you execute the loan documents. If you are denied, you will receive a written statement as to why you were declined. If approved, you will have to sign a document stating that this loan will be used to keep the business afloat during this time and if it’s needed to pay off debt, that will be reviewed on a case by case basis. Once that has been completed, then you will finish the loan process.
If for any reason you need to contact the Florida Disaster Loan representatives for any questions or concerns you may call them at 1-833-832-4494 or email [email protected]