COVID-19 Business Disaster Recovery Assistance

Other Federal & State Relief Programs

Small businesses are encouraged to look into other Federal relief programs that are made available thanks to the passage of the CARES Act, as well as additional loan programs that are currently available through the State.

Federal

SBA Debt Relief

The SBA’s Debt Relief Program provides immediate relief for new and existing borrowers of SBA’s regular loan guarantee programs. For existing borrowers with a regular 7(a), 504 or micro-loan, SBA will automatically make payments on your behalf for a period of six months. For new borrowers, SBA will automatically cover payments due prior to September 27, 2020. Debt relief is automatic, but you should check in with your lender. Under the new law, the SBA is directed to make payments within 30 days of the date on which the first payment is due. For more information about the Debt Relief Program, click here.

SBA Serviced Disaster Loan Debt Relief

For current SBA Serviced Disaster (Home and Business) Loans, if your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020. Learn more about this debt relief program by clicking here.

SBA Express Bridge Loan Pilot Program

The SBA’s Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan (EIDL). If a small business has an urgent need for cash while waiting for a decision and disbursement on an EIDL, they may qualify for an SBA Express Disaster Bridge Loan. Click here to learn more about the Express Bridge Loan Pilot Program.

Other SBA Lending Options

The 7(a) loan program is the SBA’s primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan. For information on other traditional SBA lending options, click here.

Employee Retention Tax Credit (ERTC)

The Employee Retention Credit is a refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that eligible employers pay their employees. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000. Click here for more information about the ERTC.

State

Rebuild Florida Business Loan Fund

The Rebuild Florida Business Loan Fund provides financing to assist businesses with resiliency efforts. The funds will address the current gap in available, affordable capital for businesses that can be used for inventory purchases, construction, working capital, equipment financing and more. Learn more about this loan program by clicking here.

Florida Small Business Loan Program

The Florida Small Business Loan Program is available to qualified businesses that demonstrate adequate historical and/or proposed cash flow coverage and other credit underwriting metrics. The loan proceeds must be used for a business purpose, which includes, but is not limited to: startup costs, working capital, business procurement, franchise fees, equipment, inventory, as well as the purchase, construction renovation or tenant improvements of an eligible place of business that is not for passive real estate investment purposes. Loan amounts range from $250,000 to $5,000,000. Click here to learn more about this loan program.

Black Business Loan Program

The Black Business Loan Program (BBLP) offers alternative lending solutions to Florida-based black-owned small businesses by providing short-term loans and technical assistance.  Find more information about this loan program by clicking here.

Microfinance Guarantee Program

The Microfinance Guarantee Program is available to stimulate access to credit for entrepreneurs and small businesses in Florida by providing targeted guarantees to loans made to such entrepreneurs and small businesses. Funds appropriated to the program must be reinvested and maintained as a long-term and stable source of funding for the program.  Learn more about this guarantee program by clicking here.