We understand what all Small Businesses are going through, if you’re in need of financial assistance. Please make sure you check out these resources.
SBA Disaster Assistance
The U.S. Small Business Administration (SBA) is now providing up to $2 million in low-interest Disaster Loans in designated states and territories for business impacted by COVID-19.
The loans are available for economic injury caused by COVID-19. Small businesses can use loan proceeds to help overcome the temporary loss of revenue they are experiencing. Eligible uses include paying fixed debts, payroll, accounts receivable, and other bills that cannot be paid because of COVID-19 impacts.
Loan terms can be up to 30 years and the interest rate is 3.75% for businesses determined to not have credit available elsewhere. Nonprofits are eligible for loans at 2.75%. You can apply online today at this website: https://www.sba.gov/disaster
On March 26th, Florida SBDC at FIU is hosting a 30-minute webinar titled “SBA Disaster Assistance & COVID-19”. This webinar will discuss the SBA Economic Injury Disaster Loan program and provide a walkthrough on the online application process. Register for this short but insightful webinar today at: go.fiu.edu/assistance
Florida Emergency Bridge Loans
On Monday, the State of Florida activated the Florida Small Business Emergency Bridge Loan Program. Eligible business applicants can apply for an interest-free, one-year loan up to $50,000. Loans up to $100,000 can be made in special circumstances.
To be an eligible business applicant, all of the following must be true:
- The business must have been established and actively operating a business physically located in Florida prior March 9, 2020.
- The business must be a for-profit, privately held small business that has or had a minimum of two (2), but no more than one hundred (100), employees within the previous year of the date of the declared disaster (March 9, 2020). For purposes of this eligibility requirement, a minimum of two employees means the aggregate number of W-2 employees, “1099 employees” (i.e. independent contractors), and leased employees.
- The business must have repaid, in full, any previous Florida Small Business Emergency Bridge Loan.
- The business applicant must demonstrate that the business has suffered significant economic injury and is unable to pay current operating expenses as a result of COVID-19.
More information on the program is available at: https://floridadisasterloan.org/ and you can now apply online here: http://floridajobs.org/rebuildflorida/businessrecovery
Facebook Small Business Grants Program
Facebook announced it will be providing $100 million in cash grants and ad credits for up to 30,000 eligible small businesses in 30 countries. Applications are expected to roll out in a few weeks. In the meantime, more information on this program can be found here: https://www.facebook.com/business/grants
The company also has a Business Resource Hub that includes free information for small businesses on how to deal with impacts from COVID-19, best practices, and a self-assessment tool that you can download. That site is here: https://www.facebook.com/business/boost/resource