Read part 1 of this series here.
So, you may have recently followed me in my saga of deciding which CARES Act stimulus program was right for my small business, Christina’s Magical Unicorn Sales. Like many of you, however, I took the opportunity to apply for the Florida Small Business Emergency Bridge Loan Program. Opened by Governor Ron DeSantis on March 17, the Florida Small Business Bridge Loan Program was one of the first disaster-related loans for small businesses available in the wake of COVID-19. The window to apply for this loan closed April 14, and, as I’m sure many of you are, I am wondering when I will see benefit.
Unlike the funds offered as a result of the CARES Act, the Florida Small Business Emergency Bride Loan Program is NOT an SBA loan. Rather, it is run through the Florida Department of Economic Opportunity to provide short-term, interest-free loans to small businesses that experienced economic injury from COVID-19. I know that this loan was not intended to be a primary source of assistance during a disaster like COVID-19, but it might help bridge the gap (….hey, I see what they did there…) while I wait for further assistance or recovery.
Since I do maintain a physical storefront here in Florida that opened before March 9, 2020, employ between 2 and 500 people (5 actually, since I decided to keep Gaston on….but he is being closely monitored), do not currently owe any money on previous state emergency bridge loans, have been injured economically by the current situation, and own at least 51% of the equity in my business (I own my office, but rent my stables) I should easily qualify. Thankfully, I have kept excellent records and it was easy for me to fill out the application and attach my Business Tax Returns, Employer Tax Documentation, Individual Tax Returns, and government issued ID. I feel I should be in good shape.
But, jeez, I’m impatient. I want to know the status of my loan NOW. I called my good buddy Rafael Pratts at the Florida Small Business Development Center at UCF (he’s a real person, please contact him if you have questions about your bridge loan application), to see where I stand. Apparently, the state received a high volume of applications for this loan and they are in the process of reviewing applications.
Rafael gave me some good advice. Since I submitted my application online, I can visit www.floridajobs.org to check the status of my loan application. So, now I spend my time between episodes of Tiger King alternately checking my loan status and checking my bank account for that stimulus check we’re all supposed to receive (okay, and watching the occasional entertaining YouTube video…I’m only human…).
My business acquaintance Adolfo also applied for a Bridge Loan. Since he was assisted by Rafael and mailed in his application and attachments directly to the DEO, he decided he would be better off checking on his application status by calling their toll-free number (833-832-4494), or alternately emailing them at FloridaBusinessLoanFund@deo.myflorida.com.
While we wait to learn the status of our loan applications, it is reassuring to know that 1,000 businesses throughout Florida have already been approved for a total of $49 million. Rafael assured me that the DEO will continue to approve loans until available funds are expended.
Rafael also advised Adolfo and me that there are a number of other loans for small businesses available through the SBA that are worth looking into. We advised him that we have been there, done that regarding the Paycheck Protection Program and EIDL Loans that were a product of the CARES Act. He said that there are other state and federal loan options available, such as the state’s Florida Small Business Loan Program and Rebuild Florida Business Loan Fund, and suggested we visit FloridaSBDC.org to learn more about some of those and how the SBDC can assist us. A comprehensive overview of state and federal resources for small businesses affected by COVID-19 is available at Floridajobs.org/COVID-19 as well.
One item that piqued my interest was the SBA Debt Relief program, which was also part of the CARES Act. This program will provide a reprieve to small businesses that already have outstanding loans. For example, my feed supplier SparkleHay™, which had a rough year last year due to new tariffs imposed on trade between fantastical realms, was moved to take out a 7(a) loan last July through the SBA. The SBA Debt Relief Program will pay the principal and interest on their current loan for a period of six months. This is great news for them because their current loan may make it difficult to apply for new ones, but this will help aid them from slipping into debt from repaying a loan they are now not as equipped to repay due to a drop in business brought on by COVID-19.
The SBDC will be receiving additional funding as well to design new training and consulting services as they work to aid small businesses around Florida in their recovery efforts. I will make sure I get on Rafael’s mailing list so I will be alerted when any relevant (free!) classes or consultations are offered. I know that Adolfo, the folks at SparkleHay™, Judy my handyman, the do-gooders at Save the Unicorns! Inc., and I are all ready to get back to businesses and optimistic that this confusing time of economic strain won’t last. And when it’s safe, and you’re ready to get back out and about and looking for a way to stimulate our economy, I plan to be there for all of your Magical Unicorn needs.
Homelessness affects nearly 5,000 Central Floridians. The Osceola Chamber member Pathway Homes of Florida is a nonprofit working to prevent and end homelessness.
“We make home possible for people facing a lot of challenges and connect them with services they need to recover their lives,” explained Sylisa Lambert-Woodard, CEO, Pathway Homes. “We are excited to engage with The Osceola Chamber and the local business community to help more struggling families and individuals succeed.”
By partnering with the Central Florida Homeless Services Network to use funding from the U.S. Department of Housing and Urban Development, the Central Florida Foundation, Orange County, the City of Orlando, and other public and private partners, Pathways helps chronically homeless families and adults with severe mental illnesses, substance abuse disorders, and/or other co-occurring disabilities find permanent, stable housing and receive services they need to recover and move forward.
To educate, advocate, and raise funds to provide mental health services and help prevent homelessness, Pathways Homes of Florida is holding its 2nd annual DUCK RACE on Friday, June 10th at 8:30am. Pathway Homes invites chamber members to sponsor and/or attend this quacky race being held at Island H2O Waterpark. In addition to a variety of dignitaries, Tom Sorrells, News 6 Chief Meteorologist, will serve as Race Emcee.
Sponsor either a jumbo duck, neon duck, duckling or a special Orlando Magic Mo Bamba duck and cheer them on in-person or virtually as 5,000 ducks race down the lazy river. Ducks range from $5-$100. Those sponsoring a duck will receive half off admission to the park during the 2022 season. All proceeds will go toward Pathway’s efforts to provide housing and supportive services to those experiencing homelessness and mental illness.
What is it?
The Florida Small Business Bridge Loan is NOT an SBA loan. Rather, it is through the Florida Department of Economic Opportunity. It is intended as a short term, interest free loan to tide businesses over before returning to normal or receiving other forms of funding. It is NOT intended to be the primary source of assistance for small businesses affected by a disaster like COVID-19 and eligibility for the loan is linked to other financial sources. The Florida Small Business Emergency Bridge Loan Program is currently maxed out. Retain this info in case further funds are made available.
Who Qualifies?
Eligible applicants must:
Who does NOT Qualify?
What does the loan entail?
How do I apply?
By mail:
Florida SBDC Network Headquarters
C/O Florida Emergency Bridge Loan Process
220 West Garden Street, Suite 301
Pensacola, FL 32502
By Fax: (850) 696-2693
By Email: disaster@FloridaSBDC.org
Do you have questions or need assistance with your loan application? You can contact your local SBDC office to schedule a one-on-one consultation. Our local FSBDC consultants are based out of our chamber offices at 1425 E Vine St, but are currently working remotely. Contact Rafael Pratts -
Rafael E. M. Pratts
Business Consultant
FSBDC at UCF
T. 407-847-2458
C. 863-617-9545
rpratts@ucf.edu
-to schedule a consultation via phone or video conference. This loan is open until May 8, 2020.
The SBA has ongoing loans that may be of assistance at this time. The SBA's Express Bridge Loan is designed for businesses who already have a standing relationship with an SBA lender. The loan amount is up to $25,000. It is intended to tide over businesses in a fix while they await further loan funding.
Who qualifies?
What does this loan entail?
How do I apply?
Apply through an SBA lender with whom you have a previous relationship.
