These are unprecedented times. The coronavirus (COVID-19) is threatening the livelihoods of countless Americans.
The State of Florida is offering emergency disaster bridge loans to help small businesses suffering from the economical downturn and loss of income. These disaster bridge loans are meant to help small businesses recover in the coronavirus and steer clear of bankruptcy in the short-term.
But trying to get these loans is complicated, especially if you're unsure in case your company qualifies or else you don't know how to navigate the applying. This is where we are able to help.
Associates Mortgage loan will help you file a credit card applicatoin. We'll work with you thru the entire process of gathering documents – and we'll make sure you have the strongest application possible to increase your chances of success.
Florida Small Business Loan Details
Small businesses can receive as much as $50,000 – or as much as $100,000 in special cases. You can use this loan as you see fit, whether that's making payroll or paying off company bills.
Companies can only receive one loan. It's interest-free for approximately twelve months, after which it comes with an rate of interest of 12% per annum.
Applications Should be submitted by May 8, 2023. And be warned – the loan program has $50 million to allocate across Florida for small businesses hurt through the coronavirus, so funds might run out before May.
Disaster Loan Eligibility
Your company must fit certain requirements to become eligible for a Florida disaster loan. You have to:
o Possess a place of business in Florida.
o Have between 2 and 100 employees. Including W-2 employees and independent contractors.
o Have been in existence before March 9, 2023. This is the date Florida designated because the start of the disaster.
o Have suffered economically as a result of COVID-19. That can be everything from losing clients to having to laid off employees or close down storefronts.
However, there are certain types of companies that are excluded from receiving Florida disaster bridge loans. They include:
o Non-profits
o Massage parlors
o Hot tub facilities
o Escort services
o Businesses receiving more than a third of the revenue from gambling, e.g. casinos
o Businesses receiving a lot more than 2.5% of the revenue from sexual performances or products, e.g. adult entertainment venues and adult superstores
Associates Home Loans can help you determine if your small business is eligible for a Florida disaster bridge loan.
The Loan Process
On the surface, the process seems pretty simple:
1. Gather the relevant financial documentation
2. Fill out and submit your application
3. Wait for processing and committee review
But the difficulty comes in when gathering supporting documentation for the application. You'll need a pile of tax documents with respect to the type of company ownership. You will also have to explain exactly what your economic losses are and the reason why you require the loan.
But you might not know what these documents look like or how to find them. That's where we come in. Associates Home Loan stands ready to help Florida smaller businesses figure out what they need to apply for a disaster bridge loan.
How Associates Home Loan Will Help
Associates Mortgage loan will (1) assist you to determine whether your company is entitled to a tragedy relief loan, (2) aid you in completing and submitting a credit card applicatoin, and (3) answer any queries you may have on the way.
It's important to submit all the right documents to begin with. We'll look at your application to ensure it's as accurate as you possibly can.
Our experience in home loans means we be aware of particulars of applying for a loan. We understand the tax jargon. We all know the process. We are here to assist however we are able to.
To begin, you can contact Frank Grimes, the President of Associates Home Loan, directly at (813) 314-2265 or [email protected].
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FAQ
What if I am not sure if my opportunity qualifies for a disaster bridge loan?
If you aren't sure about your eligibility for a Florida disaster relief loan, we still encourage you to definitely reach out to us. We'll help you figure out if your company fits what's needed.
What do I need to apply for a disaster bridge loan?
Applying isn't as simple as putting your company name and business address on the form. You will need these:
o A government-issued ID of the applicant(s)
o Business tax statements in the past 2 years (if at all possible)
o Employer tax statements
o You(s)' personal tax returns from the past 2 years
o Any financial documents that may support your application
If you don't know how to locate these documents or aren't sure that which you specifically need, we at Associates Mortgage loan can help you.
How soon am i going to get my loan?
It's estimated to consider about 7-10 days to process the application and shut around the loan. It will require longer in case your application has errors or is missing documentation.
What if I produce other questions?
We encourage you to reach out to our President, Frank Grimes, at (813) 314-2265 or [email protected].
Associates Home Loan is here for you. You want to support our fellow Florida small businesses. The coronavirus affects us all – so now is the time for us that will help you in whatever way we are able to.