Loans up to $50,000 per eligible small business (special cases loans up to $100,000) One year loan term with no interest during that period (if there is a balance after 1 year – 12% per annual interest rate will then apply). Only one loan per eligible businesses. All businesses in all counties in Florida are eligible.
- Business must have been established prior to March 9, 2020
- Have between 2-100 employees
- Business must have experienced economic injury as a result of COVID-19
- If there is a default, normal collections will apply
- Business must be for-profit, privately held business that maintains a place of business in the state of Florida
- Businesses deriving more than one-third of gross annual revenue from legal gambling activities
- Businesses engaged in any illegal activity
- Businesses that present live performances of an indecent sexual nature or derive directly or indirectly more 2.5% of gross revenue through the sale of products or services, or the presentation of any depictions or displays, of an indecent sexual nature
- Businesses that have a primary purpose of facilitating polyamorous relationships
- Massage parlors
- Hot tub facilities
- Escort services.
- Loans will be made to individuals who, individually or collectively, own at least 51% of the equity of the business.
- A borrower will be required to sign an agreement that the proceeds of the loan will be used only for purposes of maintaining or restarting the business in the designated area. Use of proceeds to pay off debts already incurred for qualifying business maintenance or restart purposes may be authorized on a case-by-case basis
- A borrower will be required to certify that the proceeds of insurance claims, other loans applied for or to be applied for, or other financial assistance will be used to repay the loan.
Deadline for application is May 8th,2020
Documents needed to apply:
- Government Issues ID
- Federal Business tax returns for last 2 completed years
- Employer tax documentation
- Personal tax returns for last 2 completed years with Schedule C
- Additional Information applicant believes is important for the Loan Review Committee to review
For further questions please visit http://floridasbdc.org/locations/
For questions on how to apply, here is a step by step Florida loan guideline
Federal loan available to Florida residents. More details on the loan provided at the top of the page. For more info please visit FL 16353 – SBA Offers Disaster Assistance to Florida Small Businesses Economically Impacted by the Coronavirus (COVID-19)