Upon Governor Ron DeSantis’ request, Florida small businesses and private, non-profit organizations are now eligible for up to $2 million in SBA low-interest federal disaster loans for working capital to help alleviate economic injury caused by the Coronavirus (COVID-19). Here are some details:
- SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
- The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
- Apply on-line www.SBA.gov/disaster | 3-Step Application Process
- For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.