‘Overwhelming’ demand for emergency loans

Due to the widespread impacts of the Coronavirus (COVID-19) and small businesses’ need for emergency capital, the application process for the Florida Small Business Emergency Bridge Loan program has changed.

Effective immediately, eligible small businesses interested in applying for the Florida Small Business Emergency Bridge Loan program, a short-term loan designed to help business owners bridge the gap between the time of impact and when the business has secured long-term assistance, should apply for the program through one of two ways:

Small businesses that have applied for the bridge loan program in response to COVID-19 should not submit an additional application.

More help for Florida has been requested by Gov. Ron DeSantis in a letter to President Donald Trump. DeSantis requested disaster unemployment assistance, crisis counseling, community disaster loans and the Disaster Supplemental Nutrition Program.

Last Tuesday, DeSantis activated the Florida Small Business Emergency Bridge Loan program. DEO administers the program in partnership with the Florida SBDC Network and Florida First Capital Finance Corporation. The state has allocated up to $50 million for the program.

“We have received an overwhelming response from businesses that have applied for assistance through the Emergency Bridge Loan program,” said the Florida Department of Economic Opportunity Executive Director Ken Lawson. “We are hopeful that businesses find this resource helpful in reducing the economic impacts from the state’s mitigation efforts in preventing the spread of COVID-19.”

Through the program, qualified small businesses with two to 100 employees impacted by COVID-19 can apply for interest-free loans of up to $50,000 for one-year terms. To be eligible, a business must be located in Florida, have been established prior to March 9, 2020, and demonstrate economic injury as a result of the virus.

The Florida SBDC Network is a key economic development organization that supports disaster preparedness, recovery, and mitigation.

Florida SBDC business consultants, many of whom are Disaster Recovery Institute Certified Business Continuity Professionals, are available to assist small businesses through the loan application process and with other COVID-19-related challenges at no-cost.

“Small businesses are critical to our economy,” said Michael W. Myhre, CEO of the Florida SBDC Network. “We want business owners to know that we’re here to help and are committed to doing all we can to help them recover.”

DEO is currently surveying businesses throughout the state of Florida who have been impacted by COVID-19. Businesses and non-profits can access the Business Damage Assessment survey at FloridaDisaster.BIZ. Select “COVID-19” from the drop-down menu on the survey page. Response to the Business Damage Assessment survey is not an application for assistance. Businesses interested in the bridge loan program must fill out a bridge loan application.

To complete a Florida Small Business Emergency Bridge loan application by the May 8, 2020 deadline, and for more information about the program, please visit www.FloridaSBDC.org.

For application assistance, Tampa Bay businesses can contact SBDC offices in the region here.

For questions regarding the loan program, please contact DEO toll-free at 833-832-4494 or email [email protected].

 

You May Also Like

Shumaker Advisors talks about leading in a crisis

Navigating the coronavirus’ challenges underscores the importance of quality information, guidance and direction in making responsible and effective business decisions. A strong ethos of community service enables Shumaker Advisors Florida

Geoff Dyer is ‘Crunch’-ing business goals

By mid-April, top Crunch Fitness franchisee Geoff Dyer was, like millions of other people nationwide, pining for gym life. He could picture it: The walk through the Crunch Fitness doorway,

Silver linings found during the COVID-19 pandemic

Settling into the long Florida summer, industries and individuals are still grappling with the new normal in the aftermath of the COVID-19 pandemic. Even as our community, and business leaders,

Coronavirus is contagious, but so is compassion

As the economy grounded to a halt, many food-orientated businesses pivoted toward community service. Finding ways to feed hospital staff, people who lost their jobs and kids who suddenly couldn’t

Other Posts

These are the reopening plans for Tampa Bay area colleges and universities

Florida’s Board of Governors convened this week, to go over the state’s public universities’ plans for reopening for fall studies. The board agreed that schools could bring back faculty, and

►The Florida Board of Governors voted unanimously to formally designate USF as a “Preeminent State Research University,” which will bring the school $6.15 million in additional funding. The University of South Florida also appointed Michael Kelly the new vice president of athletics.
TBBW Reports: Where do we go from here?

From empty beaches to empty restaurants, COVID-19 has changed the Tampa Bay area and the businesses that live here. Business leaders from Publix, MarineMax, Mise en Place and more share

LEMA Construction and PDQ partner to feed health care workers at AdventHealth

LEMA Construction and PDQ restaurants worked together to help give back during the COVID-19 pandemic. On May 28, LEMA Construction and PDQ started efforts to drop off nearly 150 meals,

American Cancer Society, Superior Group and more in this week’s ‘Tell Me Something Good’

This is not a story about what could have been done better, but what is being done right. And you can find what’s being done right by looking to local