Ensuring Tampa Bay area businesses stay open
40% of all businesses that close following a disaster never re-open.When disaster strikes, businesses in the Tampa Bay region can find the education, training and assistance needed to survive through our Business Continuation Services.
Our professionally certified business consultants provide consulting at no cost, and training events to help you minimize losses and increase survivability when affected by natural and man-made disasters.
We can help business owners develop a plan tailored for your business, at no cost.
For questions about the Emergency Bridge Loan Program, the U.S. SBA Physical and Economic Injury Loan Programs, and how the Florida SBDC Network can help, please contact the Florida SBDC Network at (850) 898-3489 or Disaster@FloridaSBDC.org.
Types of Disaster Loans
Florida Small Business Bridge Loan Program
When activated by the Governor, the Florida Small Business Bridge Loan Program, administered by the Florida Department of Economic Opportunity in collaboration with Florida First Capital Finance Corporation (FFCFC) and the Florida SBDC Network, provides short-term, interest-free working capital loans intended to help impacted businesses “bridge the gap” between the time a major catastrophe hits and when a business has secured long-term recovery resources, such as insurance claims or federal assistance. Eligible businesses with two to 100 employees may apply for loans up to $50,000 for 90 or 180-day terms. Visit www.FloridaDisasterLoan.org for full details.
Red Tide Disaster Loans Open
Governor Rick Scott declared a state of emergency due to impacts of red tide in Collier, Lee, Charlotte, Sarasota, Manatee, Hillsborough and Pinellas counties. Red tide is a naturally occurring algae that has ben documented along Florida’s Gulf Coast since the 1840s and occurs nearly every year. Interest free loans (six month) of up to $50,000 are available to businesses in these counties that are affected.
Deadline to Apply: October 12, 2018
Contact the Florida SBDC at USF for assistance in applying or visit floridadisasterloan.org.
U.S. Small Business Administration (SBA)
Business Physical Disaster Loans
Businesses and most private non-profit organizations located in a declared disaster area that incurred damage during a disaster may apply for a low-interest loan to help replace or restore damaged property if federal assistance is activated. SBA makes physical disaster loans of up to $2 million to qualified businesses and most private non-profit organizations. Visit www.SBA.gov for full details.
Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
U.S. Small Business Administration (SBA)
Economic Injury Disaster Loans (EIDL)
If federal assistance is activated and you are in a declared disaster area, have suffered substantial economic injury regardless of physical damage, and you are a small business, small agricultural cooperative, or private nonprofit organizations, you may qualify for an EIDL. EIDLs provide working capital to help businesses survive until normal operations resume after a disaster. SBA can provide up to a maximum of $2 million to help meet financial obligations and operating expenses. A business may qualify for both an EIDL and a physical disaster loan, not to exceed the maximum of $2 million. Visit www.SBA.gov for full details.
Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
Activated: Economic Injury Loans are currently available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in Florida as a result of Hurricane Irma on Sept. 9 – 12, 2017. The loans are available in the following counties: Charlotte, Desoto, Glades, Hardee, Hendry, Highlands, Hillsborough, Indian River, Manatee, Martin, Okeechobee, Osceola, Palm Beach, Polk, Saint Lucie and Sarasota. Deadline to apply: March 4, 2019
Two Mobile Assistance Centers (MACs)
The MACs are 38’ RVs outfitted as mobile Florida SBDC Network centers. As a principal responder in the state’s Emergency Support Function (ESF) 18 for Business & Industry, the MACs are deployed during a disaster to provide an on-the-scene workspace for our consultants to assist impacted businesses. When not in use during a time of emergency, the MACs provide services to businesses in rural areas of Florida.
Disaster Assistance App
As part of its service offering, the Florida SBDC offers Bizaster, a free mobile disaster assistance app. Bizaster, available in both English and Spanish for Android and iOS, features risk assessments, customizable checklists, and other resources to help businesses prepare, respond, and recover from natural and man-made disasters. Bizaster can be downloaded from the App Store or via Google Play.
- www.flvbeoc.org – Business Damage Assessment Survey
- www.FloridaDisasterLoan.org – Florida Emergency Bridge Loan Application
- www.FloridaDisaster.org – Florida Division of Emergency Management
- www.SBA.gov – Federal Disaster Loans
- Get a Plan | Florida Division of Emergency Management
- Hurricane Checklist for Business | PreparednessGuide.org
Do I have to be physically located in a federally declared disaster area to be considered an “affected taxpayer?”
An affected taxpayer can be:
- An individual
- Any business entity or sole proprietor
- Any shareholder in an S Corporation
I own an interest in a partnership, or I am a shareholder in an S Corporation that is located in a federally declared disaster area. However, I do not live in the disaster area myself. I rely on information (Schedule K-1) from the partnership or S Corp to file my tax return. Do I qualify as an affected taxpayer for purposes of receiving filing and payment relief?
To get the postponement for filing or payment, you must:
- Call the Disaster Assistance Hotline at 1-866-562-5227
- Explain that your necessary records are located in a covered disaster area
- Provide the FEMA Disaster Number of the county where the affected partnership or S Corp is located
- See Treas. Reg. § 301.7508A-1 and Rev. Proc. 2007-56 for a list of taxpayer acts that may be postponed in response to a federally declared disaster
- 12% per annum on the unpaid balance for the first 180 days following expiration of the established term.
- 18% per annum on the unpaid balance thereafter.
- Default is subject to normal commercial collection process.
By law, the interest rates depend on whether each applicant has Credit Available Elsewhere. An applicant does not have Credit Available Elsewhere when SBA determines the applicant does not have sufficient funds or other resources, or the ability to borrow from non-government sources, to provide for its own disaster recovery. An applicant, which SBA determines to have the ability to provide for his or her own recovery is deemed to have Credit Available Elsewhere. Interest rates are fixed for the term of the loan. The interest rates applicable for this disaster are:
|No Credit Available Elsewhere||Credit Available Elsewhere|
|Non-Profit Organization Loans||2.500%||2.500%|
|Economic Injury Loans||3.305%||N/A|
|Businesses and Small Agricultural Cooperatives||3.305%||N/A|
If your loan application is approved, you may be eligible for additional funds to cover the cost of improvements that will protect your property against future damage. Examples of improvements include retaining walls, seawalls, sump pumps, safe rooms, etc. Mitigation loan money would be in addition to the amount of the approved loan, but may not exceed 20 percent of total amount of physical damage to real property, including leasehold improvements, and personal property as verified by SBA to a maximum of $200,000 for home loans. It is not necessary for the description of improvements and cost estimates to be submitted with the application. SBA approval of the mitigating measures will be required before any loan increase.
You may use your SBA disaster loan to relocate. The amount of the relocation loan depends on whether you relocate voluntarily or involuntarily? If you are interested I relocation, an SBA representative can provide you with more details on your specific situation.
To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of 1) the total of the disaster loan, 2) the insurable value of the property, or 3) the maximum insurance available.
For more information, contact SBAs Disaster Assistance Customer Service Center by calling (800)659-2955, emailing email@example.com, or visiting SBAs Web site at http://www.sba.gov/disaster. Deaf and hard-of-hearing individuals may call (800) 877-8339. Applicants may also apply online using the Electronic Loan Application (ELA) via SBAs secure Web site at
- SBA can refinance all or part of prior mortgages that are evidenced by a recorded lien, when the applicant (1) does not have credit available elsewhere, (2) has suffered substantial uncompensated disaster damage (40 percent or more of the value of the property or 50% or more of the value of the structure), and (3) intends to repair the damage.
- Businesses Business owners may be eligible for the refinancing of existing mortgages or liens on real estate, machinery and equipment, up to the amount of the loan for the repair or replacement of real estate, machinery, and equipment.
- Homes Homeowners may be eligible for the refinancing of existing liens or mortgages on homes, up to the amount of the loan for real estate repair or replacement.
- Uninsured Losses Only uninsured or otherwise uncompensated disaster losses are eligible. Any insurance proceeds which are required to be applied against outstanding mortgages are not available to fund disaster repairs and do not reduce loan eligibility. However, any insurance proceeds voluntarily applied to any outstanding mortgages do reduce loan eligibility.
- Ineligible Property Secondary homes, personal pleasure boats, airplanes, recreational vehicles and similar property are not eligible, unless used for business purposes. Property such as antiques and collections are eligible only to the extent of their functional value. Amounts for landscaping, swimming pools, etc., are limited.
- Noncompliance Applicants who have not complied with the terms of previous SBA loans may not be eligible. This includes borrowers who did not maintain flood and/or hazard insurance on previous SBA loans.Note: Loan applicants should check with agencies / organizations administering any grant or other assistance program under this declaration to determine how an approval of SBA disaster loan might affect their eligibility.
My business was failing before the hurricane. Can I use a Bridge or SBA loan to get out of the hole?
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