FDEO sets aside $50 million for Small Business Loans
The Florida Department of Economic Opportunity has set aside $50 million in small business loans to bridge the gap until SBA loans/commercial loans are finalized. Employers with 2 – 100 employees are eligible to apply for these loans which can be up to $50,000. The loans are interest free and have to repaid within one year. The application dates start today and can be applied for throughout May 8 2020.
Other criteria to be eligible for the loan include being established as a business before March 9 2020 and being able to demonstrate that COVID-19 has caused economic impact on your business.