AVAILABLE LOANS FOR PALM BEACH COUNTY BUSINESSES IMPACTED BY COVID-19

Published Thursday, March 19, 2020

As the nation navigates a global pandemic of the novel Coronavirus, the Business Development Board of Palm Beach County is spreading awareness of the resources open to local businesses. Two loans are available for companies experiencing impacts.

 

1. Small Business Administration Economic Injury Disaster Loans

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Florida small businesses suffering substantial economic injury as a result of COVID-19.  SBA Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The application period runs through December 18, 2020.

  • These working capital loans are intended to assist small businesses in meeting their financial obligations through the disaster recovery period.
  • 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. 
  • The application is available online at https://disasterloan.sba.gov/ela
  • The interest rate for businesses is 3.75% with loan terms up to 30 years.

SBA offers loans with long-term repayments to keep payments affordable for businesses without the financial ability to weather the adverse impacts of COVID-19. Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.

 

2. Florida Small Business Emergency Bridge Loans

Palm Beach County businesses can also apply for a Florida Small Business Emergency Bridge Loan. These short-term, interest-free working capital loans are intended to "bridge the gap" between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance. The application period runs through May 8, 2020.

The application form and additional details can be found at http://www.FloridaDisasterLoan.org  

 If you need local support with accessing these loans, the Small Business Development Center at FAU is happy to help:
Click Here for Assistance >

 

Additional resources for businesses impacted by COVID-19:

  • Florida Small Business Emergency Bridge Loans - Deadline is May 8, 2020
    Click Here >
  • U. S. Small Business Administration (SBA) Economic Injury Disaster Loans - Deadline is Dec. 18, 2020
    Click Here >
  • U.S. Small Business Administration Customer Service Center
    800-659-2955
  • Small Business Development Center's Business Continuation Services
    Click Here >
  • Business Development Board Coronavirus Resource Page
    Click Here >
  • Palm Beach County Government COVID-19 Latest Briefings
    Click Here > 
  • Employ Florida for Access to Jobs
    Click Here >
  • Florida Department of Health
    Click Here >
  • Workplace Tips for Employees
    Click Here >
  • Center for Disease Control and Prevention
    Click Here >

 

 

Investors

#1 Palm Beach County Board of County Commissioners Aerojet Rocketdyne Bank of America Bank United Baptist Health South Florida
Caler, Donten, Levine, Cohen, Porter & Veil, P.A. CareerSource Carrier DePuy Synthes Power Tools, a Johnson & Johnson Company Equestrian Center
Florida Crystals Corporation FPL Greenberg Traurig Gunster Hardrives, Inc.
HCA Palm Beach Hospitals Hedrick Brothers Construction Hospital for Special Surgery J.C. White JP Morgan Chase
LRP Publications Martens Group Minto Communities, LLC NCCI Nova Southeastern University
Palm Beach Aggregates, LLC Palm Beach Park of Commerce PNC Bank Pratt & Whitney (A United Technologies Company) Raymond James Financial Services/Boynton Financial Group, Inc.
RSM South Florida Business & Wealth Magazine South Florida Business Journal Stiles-Nicholson Foundation TD Bank
Tortoise Properties Wells Fargo & Company Wexford Capital