Amid the current Coronavirus (COVID-19) pandemic, the world has experienced significant loss of life and economic disturbance. While the medical community finds the resources needed to help coronavirus victims, the business community also strives to recover as quickly as possible. However, as companies across the globe shut their doors, business owners and employees stand to suffer a considerable loss of income. Businesses affected by Coronavirus will need major assistance in the coming months. In fact, federal and state agencies recently announced some of their disaster recovery plans.
Federal Coronavirus Business Recovery Efforts
In the United States, the federal government has proposed several plans to get the U.S. economy and its workers back on their feet. In a recent press release, the Small Business Administration (SBA) outlined some of the actions it will be taking:
“The President took bold, decisive action to make our 30 million small businesses more resilient to Coronavirus-related economic disruptions. Small businesses are vital economic engines in every community and state, and they have helped make our economy the strongest in the world. Our Agency [SBA] will work directly with state Governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation.”
Specifically, the SBA will offer Economic Injury Disaster Loans of up to $2 million to small businesses damaged by Coronavirus (COVID-19). These loans will provide working capital to help companies recover from their loss of revenue.
To get started, affected businesses can learn more by visiting the SBA website devoted to disaster assistance: https://www.sba.gov/funding-programs/disaster-assistance
State-Level Assistance
Florida Governor Ron DeSantis announced some of the support available to small businesses:
“By activating the Florida Small Business Emergency Bridge Loan Program, we are providing the opportunity for Florida’s small businesses to receive cash immediately to ensure they can lessen the impacts felt as a result of COVID-19.”
Business owners may complete a Business Damage Assessment Survey to begin the process of applying for a bridge loan. The Florida Department of Economic Opportunity (DEO) uses responses to the survey to evaluate the impact Coronavirus has had on state and local businesses and respond accordingly.
Are You One of the Businesses Affected by Coronavirus (COVID-19)?
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with business and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. we represent clients throughout South Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, and surrounding communities.