A small business waiting for its Florida disaster relief loan

Florida Small Business Emergency Bridge Loans: How to Apply (and How We Can Help)

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April 21, 2020

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These are unprecedented times. The coronavirus (COVID-19) is threatening the livelihoods of millions of Americans.

The State of Florida is offering emergency disaster bridge loans to help small businesses suffering from the economic downturn and loss of income. These disaster bridge loans are meant to help small businesses bounce back from the coronavirus and avoid bankruptcy in the short-term.

But applying for these loans is complicated, especially if you’re unsure if your company qualifies or you don’t know how to navigate the application. That’s where we can help.

Associates Home Loan will help you file an application. We’ll work with you through the process of gathering documents – and we’ll make sure you have the strongest application possible to maximize your chances of success.

Florida Small Business Loan Details

Small businesses can receive up to $50,000 – or up to $100,000 in special cases. You can use this loan as you see fit, whether that’s making payroll or paying off company bills.

Companies can only receive one loan. It’s interest-free for up to one year, after which it has an interest rate of 12% per annum.

Applications MUST be submitted by May 8, 2020. And be warned – the loan program has $50 million to allocate across Florida for small businesses hurt by the coronavirus, so funds may run out before May.

Disaster Loan Eligibility

Your company must fit certain requirements to be eligible for a Florida disaster loan. You must:

• Have a place of business in Florida.

• Have between 2 and 100 employees. This includes W-2 employees and independent contractors.

• Have been established before March 9, 2020. That’s the date Florida designated as the start of the disaster.

• Have suffered economically as a result of COVID-19. That can be anything from losing clients to needing to lay off employees or close down storefronts.

However, there are certain kinds of businesses that are excluded from receiving Florida disaster bridge loans. They include:

• Non-profits

• Massage parlors

• Hot tub facilities

• Escort services

• Businesses receiving more than a third of their revenue from gambling, e.g. casinos

• Businesses receiving more than 2.5% of their revenue from sexual performances or products, e.g. adult entertainment venues and adult superstores

Associates Home Loans can help you figure out if your small business is eligible for a Florida disaster bridge loan.

The Loan Process

On the surface, the process seems pretty simple:

1. Gather the relevant financial documentation

2. Fill out and submit your application

3. Wait for processing and committee review

But the difficulty comes in when gathering supporting documentation for your application. You’ll need a pile of tax documents depending on the type of company ownership. You’ll also need to explain exactly what your economic losses are and why you need the loan. 

But you may not know what these documents look like or how to find them. That’s where we come in. Associates Home Loan stands ready to help Florida small businesses figure out what they need to apply for a disaster bridge loan.

How Associates Home Loan Will Help

Associates Home Loan will (1) help you determine if your company is eligible for a disaster relief loan, (2) aid you in filling out and submitting an application, and (3) answer any questions you may have along the way. 

It’s critical to submit all of the right documents the first time around. We’ll check your application to ensure it’s as accurate as possible.

Our experience in home loans means we know the ins and outs of applying for a loan. We understand the tax jargon. We know the process. We are here to help however we can.

To get started, you can contact Frank Grimes, the President of Associates Home Loan, directly at (813) 314-2265 or [email protected].

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What if I’m not sure if my company qualifies for a disaster bridge loan?

If you’re not sure about your eligibility for a Florida disaster relief loan, we still encourage you to reach out to us. We’ll help you figure out if your company fits the requirements.

What do I need to file for a disaster bridge loan?

Applying isn’t as simple as putting your name and business address on a form. You’ll need these:

• A government-issued ID belonging to the applicant(s)

• Business tax statements from the past 2 years (if possible)

• Employer tax statements

• The applicant(s)’ personal tax returns from the past 2 years

• Any financial documents that may support your application

If you don’t know where to find these documents or aren’t sure what you specifically need, we at Associates Home Loan can help you. 

How soon will I get my loan?

It’s estimated to take about 7-10 days to process your application and close on the loan. It will take longer if your application has errors or is missing documentation. 

What if I have other questions?

We encourage you to reach out to our President, Frank Grimes, at (813) 314-2265 or [email protected].

Associates Home Loan is here for you. We want to support our fellow Florida small businesses. The coronavirus affects us all – so now is the time for us to help you in whatever way we can.

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