Bridge and EIDL Loans
Can Help
 
We know that business owners may already be heavily impacted by COVID-19 due to partial or complete closure of their businesses. As Congress and state governments continue to seek ways to help employers and their employees, there are resources to help now in the short-term and possibly long-term. 
 
One current resource for existing Florida small businesses facing cash flow issues is the Florida Small Business Emergency Bridge Loan program, which is offering Disaster Bridge Loan (short-term) support for applicants now. Small businesses in existence before March 9, 2020, with two to 100 employees can apply for short-term, interest-free loans of up to $50,000 through May 8, 2020.  Loans of up to $100,000 may be made in special cases. 
 
Up to $50 million has been allocated to the program, according to an announcement from Gov. Ron DeSantis. To see if you qualify and to obtain assistance with the application, visit  https://floridadisasterloan.org/ for all the details as well as links to the agencies administering the program. 

The Florida Department of Economic Opportunity (DEO) will administer the loans in partnership with the Florida Small Business Development Center (SBDC) Network and Florida First Capital Finance Corp. The loans are interest-free for up to one year and designed to bridge the gap in either federal U.S. Small Business Administration loans or commercially available loans. Unpaid loans after one year are subject to an interest rate of 12% per annum on the unpaid balance until paid in full.

SBA Disaster Loan Assistance  

For longer-term disaster loans, the federal government and states are working with the U.S. Small Business Administration to provide small business relief through  Economic Injury Disaster Loans (EIDL). Florida is among the states already designated by the SBA as an eligible disaster area due to COVID-19. Visit   https://disasterloan.sba.gov/ela/  for more information. 

With federal legislation on paid emergency FMLA leave (reimbursed through tax credits) pending, a Bridge Loan may be a good source of funding for your business. Your CPA at Anglin Reichmann Armstrong is here to help you plan your cash flow strategy for now and in the future. Contact us with your questions. 
ANGLIN REICHMANN ARMSTRONG

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256.533.1040
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