Business Damage Assessment Survey (BDA)

Florida’s Business Damage Assessment Survey is now activated to assess the needs of Florida business owners impacted by the May North Florida Tornadoes. If your business was affected by the storm, please fill out the survey here.

Florida Small Business Emergency Bridge Loan (EBL) - Apply Now!

APPLICATION DEADLINE: JULY 10, 2024

Eligibility requirements:

• Your business must be located in Florida
• Your business must have been established prior to May 10, 2024
• Your business must be located in an eligible county. Businesses in Baker, Colombia, Escambia, Gadsden, Hamilton, Jefferson, Lafayette, Leon, Liberty, Madison, Okaloosa, Santa Rosa, Suwannee, Taylor, and Wakulla counties are eligible to apply.
• Your business must have been economically injured or physically damaged by the North Florida Tornados.
• Your business must employ 100 employees or less.
• Credit Score of 600 or above.
• You must have repaid all outstanding previous Emergency Bridge Loans.

Loan terms:

• Max Amount: up to $50,000
• Term: One year
• Loans may only be made to individuals who own at least 51% of an Eligible Business.
• The Borrower(s) and Eligible Business must serve as guarantors for the loan. 
• Only one loan may be made per Eligible Applicant.

Ineligible Businesses include short term rentals, those engaged in illegal activities, loan packaging, speculation, multi-sales distribution, gambling, investment or lending or where the owner is on parole.

Required Documents

The following documents are required for all owners on the application to be considered complete:

1. A copy of the owner(s) driver's license(s) or passport(s) for all owners on the application. This must include the front and back of the document.
2. Current Business Tax Return, Most Current Year (All Pages) at a minimum, previous year’s Federal income tax returns for the applicant’s business, including all schedules, such as Form 1040, Form 1065, Form 1120, and Form 1120S (as applicable).
3. Current Personal Tax Return, Most Current Year (All Pages) for all owners on the application.
4. Documentation showing minimum of 2 employees – independent contractors or 1099s do count as employees. Documentation can be copies of employees’ W-2s, IRS Form 941 and/or Employer's Quarterly Federal Tax Return.
5. Copy of a voided check

IRS transcripts are accessible at https://www.irs.gov/individuals/get-transcript

Additional Information

You will need to complete all sections and upload all required documents for your application to be considered complete and proceed to the review and loan decision process.

If you have any additional questions regarding our loan programs, please call 1-833-832-4494 or email EmergencyBridgeLoan@commerce.fl.gov.

Economic Injury Disaster Loan (EIDL) - Apply Now!

If you have suffered substantial economic injury and are one of the following types of businesses located in a declared disaster area, you may be eligible for an SBA EIDL:

• Small business
• Small agricultural cooperative
• Most private nonprofit organizations

Eligibility

• Substantial economic injury means the business is unable to meet its obligations and pay its ordinary and necessary operating expenses.
• EIDL provides the necessary working capital to help small businesses impacted by a disaster survive until normal operations resume.  
• EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.

SBA can provide up to $2 million* to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. The loan amount will be based on your actual economic injury and your company's financial needs, regardless of whether the business suffered any property damage.

*A business may qualify for, both, an EIDL and a physical disaster loan.

The maximum combined loan amount is $2 million. A separate SBA Disaster Assistance program known as business physical disaster loans covers property damage.

Use of Proceeds

Working capital and normal expenses such as the continuation of health care benefits, rent, utilities, and fixed debt payments.

Business Physical Disaster Loan - Apply Now!

If you own a business located in a declared disaster area that has experienced damage, you may be eligible for financial assistance from SBA. Businesses of any size and most private non-profit organizations may apply to SBA for a loan to recover after a disaster.

Eligibility

• Up to $2 million to qualified businesses or most private nonprofit organizations to cover disaster losses not fully covered by insurance.
• Covers disaster losses not fully covered by insurance or other sources. If required to apply insurance proceeds to an outstanding mortgage on the damaged property, that amount can be included in your disaster loan application.
• Proceeds from insurance coverage on business property may be deducted from the eligible loan amount.

Use of Proceeds

Loan proceeds may be used for the repair or replacement of the following:

• Real property
• Machinery
• Equipment
• Fixtures
• Inventory
• Leasehold improvements

Disaster loan funds may not be used to upgrade or expand a business, except as required by building codes. If you apply for mitigation assistance to make improvements that help reduce the risk of future property damage, you may be eligible for up to a 20% loan amount increase above the real estate damage, as verified by SBA.