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COVID-19 Financing Options Simplified

Small Business Loan|Boynton Beach Bankruptcy Lawyer

COVID-19 Financing Options Simplified

By now, you have received numerous emails on the loans and other relief available from the State and Federal government to assist with the economic disruption caused by the pandemic. This Article is a concise explanation of what is truly available for the small business person. Note, this Article does not constitute legal, financial or tax advice. This is just a summary of the options available as of April 1, 2020.

Types of Loan Programs

The BIG THREE programs are: 1) The Florida State Small Business Emergency Bridge Loan; 2) The Small Business Administration COVID-19 Economic Injury Disaster Loan; and 3) The Coronavirus Aid, Relief and Economic Security Act Loans.

Rebuild Florida Bridge Loan

The Florida State Small Business Emergency Bridge Loan (the “State Bridge Loan”): This is a 1-year short-term loan for up to $50,000 from the State of Florida. There is no interest. You can complete an application by visiting the following website: Yes, there are all sorts of exceptions but if your business is domiciled in Florida, and the applicant owns 51% of it, you will more than likely qualify.


The Small Business Administration COVID-19 Economic Injury Disaster Loan ( the “EIDL Loan”): This is a loan from the SBA directly. This loan allows for up to $2,000,000 with a term of 30 years and very low interest rates. You can complete an application by visiting the following website:  The application is complicated and requires a number of supporting documents. Eligibility is also complicated, but you should not be deterred. There is no cost to submit an application. Also, if you apply you can receive an up to $10,000 Advance that is a forgivable grant whether you are approved for the loan or not.

PPP Loan

The Coronavirus Aid, Relief and Economic Security Act Loans (the “CARES Act Loan”): This a loan through a qualified bank whereby the SBA guarantees the loan. This loan allows for up to $10,000,000, although the specific amount is capped for each business at 2.5 times the average monthly payroll of the business. That is right; basically, you can borrow up to 10 weeks of payroll. The CARES Act Loan, also have the possibility of forgiveness. You CANNOT apply for this particular loan online. If you are interested, call your regular banker and ask if they are an SBA partner. If not, you can search online for a qualifying bank in your area on the SBA Online Lender Match or ask your banker for a referral.

Some practical suggestions:

  1. You only need the two sites linked above in this email to complete your applications. The scams are everywhere.
  2. Contact your accountant. You will need personal financial statements, tax returns, profit and loss statements, etc. to include with your application. Be prepared when you go to the websites so you do not have to return numerous times.
  3. Get up in the middle of the night to complete your application. The websites are facing heavy traffic, so you are likely to have better luck at a less popular time.
  4. Each website provides ways for checking in on your application.

Now, before everyone else in the world gets the money, complete your applications.

Should you have any questions, please contact us at 561-877-6020 or via email at as we are assisting our clients in completing the aforementioned loan applications if needed.

Steven Wallace, EsqCOVID-19 Financing Options Simplified
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