2655 Le Jeune Road Suite 700-C
Coral Gables, FL 33134 Tel. (305) 548-5020
FLORIDA DISASTER RELIEF LOAN SUMMARY
March 30, 2020
Florida has a disaster loan that is available to all small business owners that are experiencing economic damage due to the effects of COVID-19. This loan is known as The Florida Small Business Emergency Bridge Loan Program. These loans are short term and also interest-free. These loans are to “bridge the gap” during this economic crisis. It should be noted that these are loans and have to be repaid, these are not grants.
Those who are eligible for this loan must have a business in any Florida county. The businesses must have been established prior to March 9, 2020 and suffered economic hardship as a result of COVID-19. As a small business owner, you must have between 2 to 100 employees to qualify as well.
Businesses that are excluded are those who obtain 1⁄3 or more of their annual revenue from gambling, engaging in the sale of products, services, or performances, of a prurient sexual nature, massage parlors, businesses that facilitate polyamorous relationships, hot tub facilities, and escort services.
The amount of the loan for Florida, is up to $50,000 per eligible small business. In special cases, a small business may obtain a loan for up to $100,000. The term of the loan is for a year interest-free and anytime after a year the interest rate will rise up to 12% on the unpaid balance until the loan balance is repaid in full. The loan default is subject to the normal commercial collection process, and there will not be forgiveness. You may only apply and receive one loan per eligible business. If you have received a previous bridge loan, that must be paid in full prior to applying otherwise you will not be eligible.
In order to apply for the Florida Disaster Loan, please visit their website Click Here. Make sure that you have the following documentation prior to applying:
❏ Business Tax Returns (minimum the past two years)
❏ Employer Tax Information (minimum of at least 2 employees)
❏ Individual Tax Returns (minimum of the past two years)
❏ Profit and Loss Statements Current Year-to-Date
❏ Monthly Sales Figures
❏ Explanation of Credit Report Concerns and Issues
The following may not be required but will be helpful to have on hand for the application process:
❏ Valid ID for each owner
❏ Current County Business License
❏ Previous 6 months of Bank Statements and Bank Accounts
❏ Income Statements (Previous 3 years)
❏ Personal Financial Statements (For Each Owner)
❏ Business Financial Statement (For Each Owner)
❏ Business Liability Policy
❏ List of all Outstanding Liabilities
❏ Credit Check Authorization
After submitting the application, the application will be sent to Florida First Capital Finance Corporation, and they will review the application. If your application is approved, then they will have a representative contact you and have you execute the loan documents. If you are denied, you will receive a written statement as to why you were declined. If approved, you will have to sign a document stating that this loan will be used to keep the business afloat during this time and if it’s needed to pay off debt, that will be reviewed on a case by case basis. Once that has been completed, then you will finish the loan process.
If for any reason you need to contact the Florida Disaster Loan representatives for any questions or concerns you may call them at 1-833-832-4494 or email FloridaBusinessLoanFund@deo.myflorida.com.
Please note that this information is accurate as of March 30, 2020, and it can change at any time.
Yoel “Mo” Molina, I am a lifelong resident of Miami, Fl. I am a graduate of Miami Senior High, Class of 1992, Georgia Institute of Technology, B.S. 1997 and University of Maine School of Law, J.D. 2001. I have been practicing law in Miami Since 2001. I am a former training prosecutor in the Miami-Dade State Attorney’s Office. I have experience in jury trials, appeals, and administrative hearings. I have appeared before judges across the State. My experience ranges from civil litigation matters, collection matters, foreclosure, business and corporate, contracts, real estate, leases and employment matters..
"Mr. Molina has always been there for us with timely, reliable and competent advice. He is an important and valuable part of our team." Corporate Client Eric Delgado, President of American International Export, Inc., a worldwide importer and exporter of brand name appliance parts.
"Yoel has been responsive and attentive to our company’s best interests and needs. He has been a valuable resource to our company. Any company that enlists his services would be in good hands-- including our own clients.” Corporate Client Gibran Flynn - Co-Owner and Founder of Eleva Solutions, Inc., the South Florida leader of outsourced HR, Staffing, Training, and Loss Prevention.
"My name is Anastasia Yecke Gude and I am the owner of Healing Hands Therapeutic Massage LLC. In the process of my company’s growth and expansion, I suddenly found myself a few weeks ago in need of a 1099 contractor agreement, and I needed it ASAP. As in, the very next day! I contacted the Law Office of Yoel Molina and his assistant put me in touch with Mo. I sent him what I had drafted up and he replied within a few hours with suggested revisions and clarifications, as well as a few insights I had not even considered. I was thoroughly impressed by the quality of work he provided, especially considering the time crunch I put him in (sorry, Mo!). I definitely recommend his services to anyone in need of a good contract attorney, and I will be calling him again for future work…hopefully in less of a rush next time!"