Florida Small Business Emergency Loan Program
The impacts of the Corona (COVID-19) Virus is sweeping our country and our state. While we all hunker down, order more pizza than we used to, and figure out how to work from home with the kids in the other room, the Florida State Government has been working to help and protect our business law clients with the Florida Disaster Loan program.
The loan amount can be used for an injection of up to $50,000 in funds for your company (and up to $100,000) in some cases. This isn’t meant to be a companies only source of income or assistance, but it available for those who qualify. Your company’s eligibility is linked to your other financial health, so please keep that in mind.
The business lawyers of Jordan Law are here to help you ensure you are one of those eligible and that you have the guidance you need through the application process. The application period runs from now through May 8, 2020 and is contingent on the availability of funds from the State. (There are separate options for businesses from the Federal Government that are being offered and debated now as well.)
Here are some important notes about your eligibility for the Florida Disaster Loan:
- You must be a privately held, for-profit small business with a location within the State of Florida.
- Your company must have been established prior to March 9, 2020 (the assigned date of the “disaster”)
- You must be able to directly demonstrate an economic injury due to the disaster.
- Some business types are ineligible due to the type of activities they’re company conducts (massage parlors, gambling establishments, etc.)
Here are some important notes about the requirements and information on the Florida Disaster Loan:
If you are found eligible and there are still funds available, then the loan will be made to the individual(s) who own 51% or more of the company.
You will be required to sign an agreement that the funds from the loan will only be used for the purpose of keeping your company going, or restarting your regular activities in the affected area. (The entire state of Florida.) If you need funds to assist in the paying off of debts incurred prior to the disaster, funds may be available through this or another program, but only authorized on a case-by-case basis.
Borrowers will have to certify that the proceeds of any insurance claims. other loans applied for, or any other forms of financial assistance will be used to repay this loan.
If you Think you Need a Florida Disaster Loan:
Please contact us. We are here to help you and your company stays afloat during this disaster. We are continuing to keep up-to-date on the options being offered by both the State of Florida and the U.S. Federal Government. Business owners have many options for financial assistance to get them through this and any other disaster. We at Jordan Law are here to help you get that assistance if you need it.
Please fill out the contact form here and we’ll be in touch to assist you through the process.