Florida approves emergency bridge loans for small businesses
In order to alleviate some of economic distress faced by many small businesses as a result of the COVID-19 pandemic, the Florida Department of Economic Opportunity (FLDEO) approved a Small Business Emergency Bridge Loan program effective as of March 19, 2020. The program offers short-term, interest free loans to small businesses to bridge the gap between time that either business operations recover, the business secures other financing, or the business receives any proceeds from insurance coverage available. The program is open to small businesses formed prior March 9, 2020, with at least two but no more than 100 employees. Each applicant is eligible for a loan up to $50,000 (and even up to $100,000 in some cases) on an interest free basis for the first year. In addition to completing the loan application, applicants are asked to participate in a survey to help the FLDEO assess the impact of COVID-19. Deadline to apply is May 8, 2020. For further information, click here.