Bridge Loan Instructions:

The Florida Small Business Development Center (FSBDC) at Florida Gulf Coast University (FGCU) has created this document with instructions on completing a Bridge Loan. To apply, click here.

Coronavirus Emergency Loans Small Business Guide & Checklist:

This guide was provided by the U.S. Chamber of Commerce. The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.  Known as the “Paycheck Protection Program,” the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.  Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

Economic Injury Disaster (EIDL) Loans:

If you have suffered substantial economic injury and are one of the following types of businesses located in a declared disaster area, you may be eligible for an SBA Economic Injury Disaster Loan (EIDL):

  • Small Business
  • Small agricultural cooperative
  • Most private nonprofit organizations

Loan Amounts and Use
Substantial economic injury means the business is unable to meet its obligations and to pay its ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster. The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. Your loan amount will be based on your actual economic injury and your company's financial needs, regardless of whether the business suffered any property damage.

Eligibility and Terms
The interest rate on EIDLs will not exceed 4 percent per year. The term of these loans will not exceed 30 years. The repayment term will be determined by your ability to repay the loan. EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere. A business may qualify for both an EIDL and a physical disaster loan. The maximum combined loan amount is $2 million.

How to Apply
You can apply online for an SBA disaster assistance loan. You must submit the completed loan application and a signed and dated IRS Form 4506-T giving permission for the IRS to provide SBA your tax return information. For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

Florida Small Business Emergency Bridge Loan Program-PORTAL CURRENTLY CLOSED:

Governor Ron DeSantis activated the Florida Small Business Emergency Bridge Loan Program to support small businesses impacted by COVID-19. The bridge loan program, managed by the Florida Department of Economic Opportunity (DEO), will provide short-term, interest-free loans to small businesses that experienced economic injury from COVID-19. The application period opens on March 17, 2020 and runs through May 8, 2020. The current allocation is $50 million to be shared among the state. The program is first come, first served. 

Small business owners with two to 100 employees located in Florida affected by COVID-19 can apply for short-term loans up to $50,000. These loans are designed to bridge the gap to either federal SBA loans or commercially available loans. DEO will work with every borrower to ensure that repayment of the loan isn’t an overwhelming burden. To be eligible, a business must have been established prior to March 9, 2020 and demonstrate economic impacts as a result of COVID-19.

Paycheck Protection Program (PPP):

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.

Restaurant Employee Relief Fund:

The National Restaurant Association Education Foundation has created a fund to assist restaurant workers who have been negatively impacted due to the COVID-19 pandemic. Employees can apply for a 1 time, $500 grant starting on April 2, 2020. Grants will be awarded on a first-come first-served basis. Awards will be limited to one grant per person. To apply visit: https://rerf.us/apply-for-aid/.

U.S. Small Business Administration South Florida District Office:

Will host virtual office hours to answer questions about the SBA Economic Injury Disaster Loan Program. Limited to 250 callers at one time. Participants may call at anytime and are welcome to enter and exit at will. Callers will be muted upon entry and will be taken in the order they are received. SBA Disaster Virtual Office Hours: Monday-Friday 11:00AM - 1:00PM and 3:00PM - 5:00PM. Phone: 202-765-1264; Conference ID - 162817288