Small Business Administration Disaster Assistance

Ruben Fields
March 24, 2020

That's good news for the many mom-and-pop businesses locally who have been forced to lay off employees, reduce hours, go to an alternative business model, or shutter indefinitely.

As we hear of more required closures, we can only imagine the financial impact on our community small businesses.

However, a number of state offices and private entities are providing aid and resources to impacted businesses.

The SBA, which provides many loan resources to assist small businesses, is helping those suffering economic losses as a result of COVID-19 by offering low-interest federal disaster loans to help with operation costs.

"We are hopeful that this loan program will be helpful to small businesses in the City and County during this COVID-19 Crisis". Those businesses account for 96,189 jobs with a combined annual payroll of $3.16 billion. These loans are created to help small business owners and independent contractors get the working capital they need to weather the economic crisis. "So an incomplete application means slowing down the process". Businesses and non-profits can access the Business Damage Assessment survey at FloridaDisaster.BIZ Select "COVID-19" from the drop-down menu on the survey page. Congress authorized up to $7 billion early this month for small business disaster loans through the Small Business Administration. The interest rate for non-profits is 2.75%.

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Mellon said it is imperative for businesses to submit their economic data for the past several years, and not just for the past year or two. The grants will be provided to businesses in more than 30 countries.

As a principal responder in the state's Emergency Support Function (ESF) 18 for Business & Industry, the Florida SBDC Network is a key economic development organization that supports disaster preparedness, recovery, and mitigation.

7 (a) Loan Program: Offers loans up to $5 million to use for working capital, expansion/renovation, new construction, purchase of land or buildings, purchase of equipment, purchase of fixtures, leasehold improvements, refinancing debt for compelling reasons, seasonal line of credit, inventory or starting a business. "But it is different". Your generous donation will help us continue this work and keep it free of charge.

Applicants may apply online, receive additional disaster assistance information and download applications at sba.gov/disaster. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth TX 76155.

The deadline to apply for an economic injury disaster loan is December 21.

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