FLORIDA SMALL BUSINESS EMERGENCY BRIDGE LOAN PROGRAM ...

FLORIDA SMALL BUSINESS EMERGENCY BRIDGE

LOAN PROGRAM

Application Guide

Overview

The Florida Small Business Emergency Bridge Loan (EBL) program is activated to help speed up

recovery for small businesses that have been impacted by a disaster. The program offers small

business owners short-term, zero-interest loans to meet immediate financial obligations until longterm funding is secured, such as federal or commercially available loans, insurance claims, or other

resources. Business owners must attest to economic injury or physical damage from Hurricane Idalia

to qualify.

Loans are available up to $50,000 per eligible applicant.

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$5 million has been set aside for agriculture and aquaculture small businesses.

$100,000 limit for agriculture and aquaculture small businesses.

Eligibility Requirements:

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Your business must be located in Florida.

Your business must have been established prior to August 29, 2023.

Your business must be impacted by the event and located an eligible county. Businesses in

Alachua, Baker, Bradford, Citrus, Columbia, Dixie, Franklin, Gilchrist, Hamilton,

Hernando, Hillsborough, Jefferson, Lafayette, Leon, Levy, Madison, Manatee, Marion,

Pasco, Pinellas, Sumter, Suwannee, Taylor, Union and Wakulla Counties are eligible to

apply.

The business must employ two to 100 employees (including 1099-employees) *Sole

proprietors in the agriculture or aquaculture industries are not required to provide employer tax

documentation.

Credit Score of 600 or above. *580 or above for agriculture and aquaculture businesses.

You must have repaid any outstanding Emergency Bridge Loans.

Ineligible businesses include short term rentals such as Airbnb, those engaged in illegal activities,

loan packaging, speculation, multi-sales distribution, gambling, investment or lending, or where the

owner is on parole.

Loan Terms:

1. Borrower: Loans may only be made to individuals who own at least 51 percent of an eligible

business. The borrower(s) and eligible business must serve as guarantors for the loan.

2. Amount: The maximum loan will be $50,000 for small businesses that constitute an eligible

business

3. Term: Zero-interest for one year.

4. Limitation: Only one loan may be made per eligible business owner. If you own multiple eligible

businesses, you are only eligible for one loan under this program. Loans cannot be made to

multiple businesses owned by the same person. Only one loan may be outstanding at any

given time; previous loans must be repaid in full prior to Bridge Loan activation.

5. Payments: Loans must be repaid in full by the maturity date of the established term. Although

the loans are for one year, the borrower is expected to repay the loan upon receiving other

assistance as indicated on the EBL application.

6. Penalties: Penalties for non-payment will begin at the maturity date of the term of each loan and

will be 12 percent per annum on the unpaid balance thereafter, until the loan balance is repaid

in full.

7. Use of Proceeds: A borrower will be required to sign an agreement that proceeds of the loan

will be used only for purposes of maintaining or restarting the business in the designated area.

8. Dedicated Sources of Repayment: A borrower is required to certify that the proceeds of

anticipated claims, other loans applied for or to be applied for, or financial assistance grants the

borrower receives after receipt of the loan, shall be applied to the loan, and restricted from any

other use by the borrower until full satisfaction of the loan has been made.

Required Documents for Complete Application

The following loan application documents are required:

1. Individual Tax Returns ¨C at a minimum, the previous year¡¯s Federal income tax returns, IRS

Form 1040 and all schedules, for each individual business owner who completed and signed

this application.

2. Business Tax Returns ¨C at a minimum, the previous tax year¡¯s Federal income tax returns for

the applicant business:

o Sole Proprietorship ¨C Form 1040, US Individual Income Tax Return, Sch. C, Profit or

Loss from Business

o Partnerships ¨C Form 1065, U.S. Return of Partnership Income, Schedule K-1, Partners

Share of Income, Deductions and Credits

o Corporations ¨C Form 1120, U.S. Corporation Income Tax Return

o S Corporations ¨C Form 1120S, U.S. S-Corporation Income Tax Return

o Limited Liability Company (LLC) ¨C IRS will treat an LLC as either a corporation,

partnership, or as part of the LLC¡¯s owner¡¯s tax return (a ¡°disregarded entity¡±).

Specifically, a domestic LLC with at least two members is classified as a partnership

(Form 1065) for federal income tax purposes unless it files Form 8832 and affirmatively

elects to be treated as a corporation (Form 1120 or 1120S). And an LLC with only one

member is treated as an entity disregarded as separate from its owner for income tax

purposes (Form 1040, Schedule C).

3. Current Employer Tax Documentation, if applicable. At a minimum one of the following:

o IRS Form W-3 ¨C Transmittal of Wage and Tax Statements

o IRS Form 941 ¨C Employer Federal Tax Return

o State RT-6 Form ¨C Employers State Quarterly Report

o Employer's Quarterly Federal Tax Returns (IRS 941) from the previous year

o IRS Form W-2s and/or IRS Form 1099 (documenting at least 2 employees)

4. Copy of valid driver¡¯s license (front and back) or passport for all owners.

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How Can I Access My Tax Documents?

You can access your tax documents online at: . There

you can request your transcript online for the fastest results.

Step by Step

Navigate to the EBL application.

1. Open a web browser and navigate to EBL.

2. Review the Lending Guidelines and Required Documents, then select ¡°More Info/Apply Now¡±.

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3. Click ¡°Apply Now!¡±.

Create an account.

4. If this is your first time applying for an Emergency Bridge Loan, you will need to create an

account. To do this, select ¡°Sign Up¡± in the bottom right-hand corner of the login screen.

5. Fill out the following information and select ¡°Sign Up¡±:

a) First Name

b) Last Name

c) Email Address

d) Username (should be same as email address)

e) Create Password

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f) Confirm Password

Log in to the EBL application.

6. Enter your username and password, then select ¡°Log In¡±.

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