Coronavirus and COVID-19 have changed almost every aspect of our daily routines and behavior. Unfortunately, the changes that are crucial to flatten the curve and mitigate the immediate public health crisis – social distancing, reducing travel, avoiding crowded areas, working remotely, homeschooling – are also causing widespread devastation to small businesses.
The Florida Small Business Emergency Bridge Loan Program is intended to mitigate the impact of COVID-19 on small businesses. According to Governor DeSantis, $50 million will be earmarked to the loan program in the short-term to assist businesses with between two and 100 employees in the industries most affected by COVID-19. The short term-term interest-free (for the first year) working capital loans are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as insurance payments or federal disaster assistance. Eligible small businesses may borrow up to $50,000, and loans of up to $100,000 may be available in special cases. Additional information about the program and online application forms are available at floridadisasterloan.org. The program will accept applications through May 8, 2020, contingent on availability of funds.
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