The SBA made Florida small businesses eligible to apply for coronavirus relief loans worth up to $2 million.
The SBA listed all 67 counties in Florida as eligible for the relief loans, meaning small businesses statewide who are impacted by the coronavirus outbreak, and related slowdowns and lockdowns, can apply for loans to pay bills and help make payroll.
The loans were part of a program announced by President Donald J. Trump. But many small businesses were confused about how to apply for the coronavirus relief loans.
Governors of individual states need to formally request the SBA declare counties within the state eligible in order for small businesses to apply for the loans.
The SBA relaxed that requirement this week, allowing governors to seek statewide eligibility for coronavirus loans. This was intended to make loan applications available at a quicker pace. The SBA has said that eligibility approval for states takes no more than 48 hours, and that a credit decision on individuals loans can take two to three weeks. Approved loans can be disbursed within five days.
The SBA loans can go up to $2 million with interest rates of 2.75% for nonprofits and 3.75% for small businesses. Repayment plans can be as long as 30 years.
Florida joins a growing list of approved states and counties for coronavirus relief loans.
The SBA said that small businesses can apply for the loans directly on their website at www.sba.gov/disaster. Business owners can call the disaster customer service center at 800-659-2955, or email [email protected]. The deaf and hearing impaired may call 800-877-8339.
Editor’s Note: Neither Workest or Zenefits is affiliated with the Small Business Administration (SBA) or a lending organization. This article is intended for informational purposes only