While the Senate is in the midst of debating a stimulus plan proposed by the Trump Administration, Governor Desantis has activated the Florida Small Business Emergency Bridge Loan Program (the “Program”) to provide support to small businesses that experience economic injury from COVID-19.
The short-term, interest-free loans are designed to “bridge the gap” between the time of a major catastrophe and the business owner’s ability to secure either federal SBA loans, commercially available loans or other capital resources. Small business owners who employ two to 100 employees located in Florida and who, individually or collectively, own 51% or more equity of the business may apply for the short-term loans.
The loans, which must be repaid in full by the maturity date, are up to $50,000 (and up to $100,000 for extenuating circumstances) and must be used for purposes of maintaining or restarting the business in its designated area.
Notably, the U.S. Small Business Administration has deferred payments of SBA loans provided in response to prior disasters. Those SBA loan deferments are automatic, eliminating the need for borrowers to contact SBA to request deferment, and through December 31, 2020.
If you have any questions regarding the Florida Small Business Emergency Bridge Loan Program, please email business and corporate attorney Jodi Ruberg at firstname.lastname@example.org or call 941.748.0100.