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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.
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:
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Additional resources for businesses impacted by COVID-19: