The Small Business Administration Office of Disaster Assistance – as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act – is offering low-interest federal disaster loans to Florida small businesses suffering economic injury as a result of the Coronavirus (COVID-19), according to SBA Administrator Jovita Carranza.
Acting under its own authority, the SBA declared an official disaster following a request from Florida Governor Ron DeSantis. The disaster declaration makes small business administration assistance available statewide.
The “SBA is strongly committed to providing the most effective and customer-focused response possible to assist Florida small businesses with federal disaster loans,” stated Carranza. “We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19).”
Eligibility for Economic Injury Disaster Loans is based on the financial impact caused by the Coronavirus (COVID-19). Offered with long-term repayments, they are available to businesses lacking the financial ability to offset an adverse impact without hardship. Interest rates for non-profit organizations have been set at 2.75 percent, while small businesses will pay a point higher.
“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Carranza.
“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. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza concluded.
Impacted businesses can apply for an Economic Injury Disaster Loan online or through the SBA’s customer service center at (800) 659-2955. Hearing or sight-impaired applicants should contact the Small Business Administration at (800) 877-8339. The deadline to apply is December 18, 2020.
For more information about the Coronavirus (COVID-19), please visit: Coronavirus.gov