COVID-19: Emergency Financing Options
Florida Emergency Bridge Loan program- this is temporary assistance for 12 months
Businesses that have a good estimate of the funding need should also apply to SBA- this is permanent assistance.
- Visit hhttps://disasterloan.
- Review eligibility requirements and loan process
- Gather required support documentation.
- Apply online whenever possible and ONLY for Economic Injury Loan
- Make sure to include amount needed to cover expenses for 3-4 months PLUS repayment of bridge loan, if applicable.
- SBA Disaster Loan Phone: 1-800-659-2955
- Email firstname.lastname@example.org for additional assistance
- See attached document describing the Paycheck Protection Program factsheet, details, and sample application. You will apply with your bank for this program.
- Companies eligible to borrow 2.5x monthly payroll
- Capped at $10m
- Amounts within first 8 weeks used for payroll, rent, mortgage, and utilities can be forgiven
- 0.5% interest; 2-year term on amount not forgiven. There are Zero fees on these loans. SBA will cover Bank fees.
- Available to small businesses, Section 501(c)(3)s, Section 501(c)(19)s and Tribal businesses of 500 total employees or fewer.
- Employee Retention Payroll Tax Credit.
- Refundable payroll tax credits of up to $5,000 for each employee available to eligible employers
- Available to small businesses, Section 501(c)(3)s, Section 501(c)(6)s, and Tribal businesses
Other temporary cashflow options:
- Reach out to your bank for mortgage payment options or discuss your situation with your landlord, when applicable.
- Utilities companies are allowing for payment deferrals without a penalty
- Supplier may be able to extend payment terms