If your business has been adversely impacted by COVID-19 you may qualify for a no-interest state and/or a low-interest federal business disaster loan. In this section of our website, you will find a wealth of information to help you with your business recovery efforts, including details about State and Federal Disaster Loan Programs; information on Where to Find Assistance; Additional Resources; and more.
Click Here for information about eligibility, loan program details, and how to apply.
Application Filing Deadline: June 30, 2020
Passed by Congress, and signed by the President, the Coronavirus Aid, Relief, and Economic Security (CARES) Act established the Paycheck Protection Program intended to provide eligible small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loan from the U.S. Small Business Administration. To apply for forgiveness, small businesses must submit documentation regarding the eligible uses of loan funds (payroll costs, mortgage interest, utilities, etc.), a certification that such documents are true and correct, as well the amount to be forgiven, and any other documentation deemed necessary by the U.S. Small Business Administration. The amount any small business is eligible to borrow and be forgiven is 250 percent of their average monthly payroll expenses, up to a total of $10 million.
Click Here for information about eligibility, loan program details, and how to apply
Application Filing Deadline: December 18, 2020
The President has activated a presidential disaster declaration in response to COVID-19. Impacted businesses, small agricultural cooperatives, and private nonprofit organizations may apply for low-interest loans through the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) Program. If your business has suffered substantial economic injury, you may qualify for an EIDL. EIDLs provide working capital to help 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.
Our Florida SBDC disaster recovery specialists are available to provide no-cost, one-on-one confidential consulting to help you prepare disaster loan applications and assist with other post-disaster challenges you encounter. Please note that consultations are taking place via phone call or virtual meeting.
Contact the Small Business Development Center at Florida A&M University: 1-850-599-3407