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FINAL DEADLINE: Hurricane Irma Recovery Assistance for Businesses

FINAL DEADLINE THIS WEEK: Hurricane Irma Recovery Assistance for Businesses

The Florida SBDC at FIU has informed us about the coming deadline for applying for Irma Recovery Assistance for businesses. We are providing this information as key deadlines for assistance are approaching very soon.

 

Florida Small Business Emergency Bridge Loan Program

  • Businesses in Miami-Dade County are eligible for assistance from the Florida bridge loan program for physical or economic impact from Hurricane Irma.
 
  • Completed applications will be accepted through November 30, 2017.   Any applications received after the deadline, whether complete or incomplete, will not be accepted.
 
  • These short-term, interest-free working capital loans are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer-term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims, or Federal disaster assistance.
 
  • To be eligible, a business must:
    • Have been established prior to September 4, 2017;
    • Have between two (2) to 100 employees; and
    • Demonstrate economic or physical damage as a result of Hurricane Irma
 
  • Loan amounts can be from $1,000 to $50,000.
 
  • The loan term is 90 or 180 days based on individual business circumstances.  Loans will be interest-free for the loan term but must be repaid in full by the end of the loan term or penalties apply.
 
 
  • If you are eligible and have a completed application, they must be dropped off in person at Florida SBDC at FIU and must include the following documents:
    • Driver’s License (REQUIRED)
    • Signed application by 51% owner (REQUIRED)
    • 2 years business tax returns (e.g. 1120, the 1120s)  (REQUIRED)
    • 2 years personal tax returns (1040 and all schedules) (REQUIRED)
    • Documentation of minimum 2 employee compensation (ie. copies of employees’ W-2s) (REQUIRED)
    • Interim P&L for 2017 (optional)
    • Letter of explanation (optional)
      • Credit Issues
      • Repayment issues
      • Explain physical damages or economic impact on your business

SBA Disaster Assistance

  • Businesses in Miami-Dade County are also still eligible for Economic Injury Disaster Loans from the U.S. Small Business Administration (SBA) for damages from Hurricane Irma.
 
  • The deadline to apply for Economic Injury assistance is June 11, 2018.
 
  • Businesses and private nonprofit organizations of any size may borrow up to $2 million to recover from economic impact suffered as a result of Hurricane Irma.
 
  • Interest rates are as low as 3.305 percent for businesses and 2.5 percent for nonprofit organizations, 1.75 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
 
 
 

Accion Hurricane Irma Small Business Relief Loan Fund Program

  • Accion has created a program to assist business owners affected by Hurricane Irma.
 
  • The program provides up to $50,000 with an interest rate of 4.99%.  There is no payment required for the first three (3) months and no pre-payment penalty.
 
  • To be eligible, applicants must have a credit score of 575 or higher or no credit score.  Bankruptcies are acceptable if discharged one year or more.  Additional requirements may apply.
 
 

Florida SBDC at FIU Resources

  • Our team of experienced business consultants is available to offer confidential, no-cost advising to business owners impacted by Hurricane Irma.
  • More information on our program and the services that we offer can be viewed here:   http://sbdc.fiu.edu

 

Request a Confidential Consultation

FAS CPA & Consultants

9000 SW 137 AV Suite 224 Miami, FL 33186 T: 786-462-7899 E: support@fascpaconsultants.com

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