March 18th Coronavirus Update
Our local businesses will soon feel the economic impact of the Coronavirus. The Greater Pensacola Chamber of Commerce wants to provide you access to the resources that are available to help your business through this time. The Florida Small Business Emergency Bridge Loan Program is now taking applications for short-term loans. Daniel Harrell, attorney with Clark, Partington here in Pensacola provided a synopsis of the Florida Small Business Emergency Bridge Loan Program:
Florida Small Business Emergency Bridge Loan Program
On Monday, March 16, 2020, Governor DeSantis announced the activation of the Florida Small Business Emergency Bridge Loan Program. This program is available to small business owners in all Florida counties that experienced economic damage as a result of the COVID-19 outbreak.
- Amount: up to $50,000 per eligible small business. Loans of up to $100,000 may be made in special cases.
- Term: 1 year.
- Interest Rate: Interest-free for 1 year. 12% per annum on any unpaid balance thereafter.
- Eligibility: For-profit employers with 2 to 100 employees that maintain a place of business in Florida and can show financial harm due to the disaster, for example, by comparing February and March income in 2020 to that in 2019 and 2018 and showing a revenue decline due to COVID-19 outbreak.
- Application Deadline: May 8, 2020.
Additional information, including application forms to print, can be found at the Florida Small Business Emergency Bridge Loan Program’s website: www.floridadisasterloan.org
Completed applications and required documents can sent by:
Mail: Florida SBDC Network Headquarters
c/o Florida Emergency Bridge Loan Process
220 West Garden Street, Suite 301
Pensacola, Florida 32502
Email: Disaster@FloridaSBDC.org
Fax: (850) 696-2693
The Florida Small Business Development Center (SBDC) can also help with applications and answer questions about the bridge loan program. Our regional Florida SBDC can be contacted by phone at (850) 474-2528 or online at www.sbdc.uwf.edu