Coronavirus: Small Business Updates and Resources

IMPORTANT / LATEST NEWS: See SBA EIDL LOAN OPPORTUNITY Below. $10,000 Advances. Grants Available

Updated: April 1, 2020, 9:59 AM

In light of the continuing concerns surrounding COVID-19 (coronavirus), the Florida SBDC at UCF has suspended all in-person activity at all of our main offices through at least Friday, May 1, as directed by the University of Central Florida and the Florida SBDC Network.  We will continue to provide consultation services via telephone and video chat.

At this time, the U.S. Small Business Administration Economic Injury and the Florida Small Business Emergency Bridge Loan program are activated.

SBA Economic Injury Disaster Loan (EIDL)


On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

If you wish to apply for the Advance on your EIDL, please visit as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

Click here for video on the Economic Injury Disaster Loan


The U.S. Small Business Administration announced that small businesses located in the State of Florida adversely impacted by COVID-19 can now apply for disaster loans.

Designated Disaster Areas: All 67 Florida counties are included in the disaster declaration for Coronavirus.

Qualified Applicant: For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations.

Amount: Up to $2 million in economic assistance. Loan amounts are set by the SBA and based on each applicant’s financial condition.

Term: Up to 30 years.

Interest Rate: Interest rates offered as low as 3.75% for businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.75%.

For Local Assistance: SBA Resource Partners information can be obtained on the SBA website

CARE Act Paycheck Protection Program (PPP) Loan

Passed by Congress, and signed by the President, the Coronavirus Aid, Relief, and Economic Security (CARES) Act established the Paycheck Protection Program (PPP).

Unlike existing federal business disaster loans currently available through the SBA, these loans are potentially forgivable up to 100% of the principal amount borrowed. Additionally, unlike the disaster loans, these forgivable loans are not tied directly to establishing losses suffered during the COVID-19 disaster. Finally, these loans do not require collateral or guarantees.

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

  • For a top-line overview of the program CLICK HERE
  • If you’re a borrower, more information can be found CLICK HERE
  • The application for borrowers can be found CLICK HERE

Loan Application Process


You are eligible to apply for a PPP loan if you are a/an:

  1. The small business must have been actively operating on February 15, 2020, and
  2. The small business must meet the federal small business size standards. To determine, you can access SBA’s Small Business Size Standards Guide.*

* Sole proprietors, independent contractors, gig economy workers, or self-employed individuals are eligible.

* The CARES Act also waives the strict SBA affiliation rules for this new loan for: (i) businesses with no more than 500 employees that is assigned a NAICS code beginning with 72; (ii) businesses operating as a franchise that is assigned a franchise identifier code by the SBA; and (iii) businesses that receive financial assistance from a company licensed under section 301 of the Small Business Investment Act. Businesses not provided a waiver to the SBA affiliation rules by the CARES Act would need to determine if a waiver under existing law applies.

If you are eligible, continue to Step 2. 


Contact the lending institution you are using to apply for the loan (see Step 3) to determine the documents that you will be required to gather.

Step 3. APPLY 

You can apply for the Paycheck Protection Program (PPP) at any lending institution that is approved to participate in the program through the existing U.S. Small Business Administration (SBA) 7(a) lending program and additional lenders approved by the Department of Treasury. This could be the bank you already use, or a nearby bank.

For more information about the U.S. SBA PPP program, click here.

State of Florida Opens Bridge Loan Program for COVID-19

The Florida Small Business Emergency Bridge Loan Program is currently available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19.

Designated Disaster Areas: All Florida counties statewide per Executive Order 20-52.

Qualified Applicant: Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida. All qualified applicants must have been established prior to March 9, 2020, and suffered economic injury as a result of the designated disaster. Qualified small business applicants must be an employer business with 2 to 100 employees within the previous year of the declared disaster date.

Amount: Up to $50,000 per eligible small business.  Loans of up to $100,000 may be made in special cases as warranted by the need of the eligible small business.

Term: 1 year.

Limitation: Only one loan may be made per eligible business. All previous bridge loans received MUST be paid in full.

Interest Rate: Loans will be interest-free for the loan term (1 year). The Interest rate will be 12% per annum on the unpaid balance thereafter, until the loan balance is repaid in full.  Loan default is subject to a normal commercial collection process.

Application Period: Applications will be accepted through May 8, 2020, contingent on the availability of funds.

To Get Started:
  1. Review eligibility requirements and loan process.
  2. Gather required support documentation.

How Do I Submit My Documentation and Completed Application?

  1. Apply Online (Must use Google Chrome web browser to apply. Mobile devices are not compatible with the application)
  2. An FSBDC at UCF staff member will contact you with the next steps.

Click here for video on the Emergency Bridge Loan

Florida SBDC at UCF Consultation Services

All consulting appointments will be conducted either via phone call or  video chat until further notice. Your consultant will discuss with you the best method of communication.

Florida SBDC at UCF Seminars Canceled

We will not offer seminars through at least April 30, 2020.

Google Analytics Workshop

If you registered for our April 19 Google Analytics workshop, the workshop has been rescheduled to September 17, 2020. If you prefer a refund, please email

All Other Workshops

If you registered for another seminar during this time frame, a refund has been issued. For further questions please email

State Resources

Florida Department of Health Covid-19 Website. Information and guidance regarding COVID-19 in Florida.

For questions related to COVID-19 in Florida, individuals and business can contact the Florida Deparment of Health dedicated COVID-19 Call Center by calling (866) 779-6121. The Call Center is available 24 hours a day. Inquiries may also be emailed to

FloridaDisaster.Biz Website: Business Damage Assessment

If your employment has been negatively impacted because of efforts to stop the spread of COVID-19, you may be eligible to receive Reemployment Assistance. For more information go to Reemployment Assistance Service Center.

Federal Resources

U.S. Small Business Administration Emergency Preparedness and Disaster Assistance

These resources can help small businesses develop a plan to protect their employees, lessen the financial impact of disasters, and re-open for business quickly to support the economic recovery of the community.

Paid Leave for Workers and Tax Credits for Small and Midsize Businesses

SBA Disaster Assistance in Response to Coronavirus (COVID-19)