The U.S. Small Business Administration has announced that small businesses—including small agricultural cooperatives, small businesses engaged in aquaculture and most nonprofit organizations—located in the state of Florida that are adversely impacted by COVID-19 can apply for Economic Injury Disaster loans. All 67 Florida counties are included in the disaster declaration for coronavirus.
SBA Economic Injury Disaster Loans offer up to $2 million in economic assistance to help small businesses overcome loss of revenue resulting from a disaster. 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. Interest rates for small businesses start at 3.75 percent; the interest rate for nonprofits is 2.75%. Loan amounts are set by the SBA and based on each applicant’s financial condition; repayment terms are up to 30 years. To apply, visit the SBA Disaster website.