The State of Florida has created the Florida Small Business Emergency Bridge Loan Program to help small business owners located in all Florida counties statewide that have experienced economic damage as a result of COVID-19. The loans are short-term, interest-free working capital loans intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance. These loans are available until May 8, 2020, contingent on availability of funds.
Who is Eligible?
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 COVID-19. Qualified small business applicants must be a business with 2 to 100 employees (including independent contractors).
What are the Terms?
The loans are for a maximum of $50,000 for a term of one year and are interest-free for that one 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.
What Restrictions are in place?
Only one loan may be made per eligible business. All previous bridge loans received must be paid in full. A borrower will be required to certify that the proceeds of insurance claims, other loans applied for or to be applied for, or other financial assistance will be used to repay the loan. The loans are designed to bridge the gap to either federal SBA loans or commercially available loans.
Visit here for details: http://floridajobs.org/rebuildflorida/businessrecovery
Contact Lalchandani Simon for More Information.
For more information on whether you are eligible for this type of loan, please contact Lalchandani Simon PL at INFO@LSLAWPL.COM or call at (305) 999-5291.