Cashless Florida Small Business Emergency Bridge Loan Program | Jax Daily Record | Jacksonville Daily Record
Florida’s emergency bridging loan program for small businesses is closed after approving 1,000 of the more than 38,000 applications received since its activation on March 17 due to the COVID-19 outbreak.
The Florida Department of Economic Opportunity said on April 14 that the program had reached the $ 50 million allocated to it.
The program has allowed businesses to apply for interest-free loans of up to $ 50,000. After one year, the loans must be repaid at an interest rate of 3.75%.
Florida Small Business Development Center CEO Michael W. Myhre said there are federal options available to businesses.
“We share Governor DeSantis and our partners at the Florida Department of Economic Opportunity in helping small businesses in our state survive and recover from COVID-19,” Myhre said in a press release. “To do this, we are now devoting all of our attention to helping unfunded applicants access and secure the vital federal disaster resources at their disposal. “
Federal business assistance includes the Paycheck Protection Program and the Economic Injury Disaster Loan program, administered by the US Small Business Administration.
The PPP loan comes from the CARES Act and cancels loans if a company keeps all of its employees on the payroll for eight weeks.
The EIDL program allows businesses to apply for an emergency loan advance of $ 10,000 that does not need to be repaid. It also offers loans of up to $ 2 million to meet financial obligations that might have been met had the disaster not occurred. Small businesses can repay the loan at an interest rate of 3.75%.
The Florida SBDC offers professional consultants and disaster specialists to provide free advice to affected businesses to assess their options and help them prepare loan applications.