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The U.S. Small Business Administration is offering low-interest federal disaster loans to provide working capital for Florida small businesses that are being substantially injured by the coronavirus pandemic.
Loans of up to $2 million are available to help meet financial obligations and operating expenses for small businesses statewide that have been impacted since Jan. 31, as well as for private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises. The deadline to apply is Dec. 18.
“We will be swift in our efforts to help these small businesses recover from the financial impacts of the coronavirus,” Small Business Administration Administrator Jovita Carranza said in announcing the loans. “These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact."
This week, the state of Florida also made $50 million worth of bridge loans available to businesses with two to 100 employees that have been hurt by the pandemic. To apply for state loans of up to $50,000 per business, go to floridadisasterloan.org/eligibility-and-loan-process/.
The federal economic injury disaster loans have interest rates of 3.75 percent for small businesses and 2.75 percent for nonprofit organizations. Repayment plans of up to 30 years are available.
You can apply online, get disaster assistance information and download applications at disasterloan.sba.gov/ela. For more information, call the Small Business Administration’s customer service center at (800) 659-2955 or email firstname.lastname@example.org. Individuals who are deaf or hard‑of‑hearing can call (800) 877-8339. Mail completed applications to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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