It’s a new week, and thankfully, the last one is over. We are hopeful that every one of our KCG family of clients has remained unscathed by the recent hurricanes. However, if you and/or your business were affected by the recent storms, our firm has researched government assistance programs to aid in your recovery.
The following programs outline services you may be eligible to receive. Please call our firm for more information if needed so we may help you recover as soon as possible and/or prevent potential cash flow concerns before they become a reality.
Florida Small Business Emergency Bridge Loan Program
The Florida Small Business Emergency Bridge Loan program provides short-term, zero-interest working capital loans that are intended to “bridge the gap” between the time a disaster impacts a business and when a business has secured longer term recovery funding such as federally or commercially available loans, insurance claims or other resources.
Loans made under this program are short-term, personal loans using State of Florida funds which are not grants and must be repaid. Florida Small Business Emergency Bridge Loans require repayment by the approved applicant. Owners may utilize funding from longer term financial resources, such as U.S. Small Business Administration economic injury disaster loans, to repay the Emergency Bridge Loan.
Eligibility requirements:
- Your business must be located in Florida.
- Your business must have been established prior to September 23, 2024 (Hurricane Helene) or October 5, 2024 (Hurricane Milton).
- Your business must be located in an eligible county.
- Your business must have been economically injured or physically damaged by or Hurricane Helene or Hurricane Milton.
- Businesses with less than 100 employees, including sole proprietors, are eligible.
- Credit score of 600 or above
Hurricane Helene specific eligible counties: Calhoun, Bay, Escambia, Franklin, Gadsden, Gulf, Holmes, Jackson, Jefferson, Leon, Liberty, Okaloosa, Santa Rosa, Wakulla, Walton, and Washington.
Hurricane Milton specific eligible counties: Broward, Indian River, Martin, Miami-Dade, Palm Beach and St. Lucie.
Counties eligible under both Hurricane Helene and Hurricane Milton: Alachua, Baker, Bradford, Brevard, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Gilchrist, Glades, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Lafayette, Lake, Lee, Levy, Madison, Manatee, Marion, Monroe, Nassau, Okeechobee, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, Sumter, Suwannee, Taylor, Union and Volusia.
Loan terms:
- Max Amount: up to $50,000 (Maximum Amount for Agriculture or Aquaculture is $100,000)
- Term: One year
- Loans may only be made to individuals who own at least 51% of an Eligible Business.
- The Borrower(s) and Eligible Business must serve as guarantors for the loan.
- Only one loan may be made per Eligible Applicant.
Ineligible Businesses include short term rentals, those engaged in illegal activities, loan packaging, speculation, multi-sales distribution, gambling, investment or lending or where the owner is on parole.
To apply, click here: Loan Programs for Florida Businesses
SBA Disaster Assistance Loans
Who can apply for an SBA disaster loan?
- Businesses of all sizes
How to use an SBA Disaster Loan
- Losses not covered by insurance or funding from the Federal Emergency Management Agency for both personal and business
- Business operating expenses that could have been met had the disaster not occurred
Types of Disaster Loans:
- Physical damage loans – Loans to cover repairs and replacement of physical assets damaged in a declared disaster.
- Mitigation assistance – Expanded funding to make improvements to eliminate future damage.
- Economic Injury Disaster Loans – Funding to cover small business operating expenses after a declared disaster.
- Military reservist loan – SBA provides loans to help eligible small businesses with operating expenses to make up for employees on active duty leave.
To apply for an SBA Disaster Loan, click here: MySBA Loan Portal
Should you need assistance with the application process, we will provide assistance at a deeply discounted rate.
A Word of Caution
During your recovery efforts, which may include insurance settlements, repairs, and maintenance services, it is critical that you verify and question the work performed and or the settlement offers provided. Since our firm provides financial forensic accounting services up to and including expert testimony in court, we have the experience to make this recommendation to protect yourselves. People will take advantage of the aftermath of the storms and the emotional strain can create poor decision-making. Should you need any guidance or counsel, please call our firm to discuss your unique situation. You will read below a portion of the unethical business practices and how to avoid them.
Beware of Contractor Scams
After a disaster, qualified contractors are usually in high demand. Scammers or unqualified out-of-state workers may take advantage of Floridians in need of expert service. If you have been approached to have work done on or at your home, you can check if that individual is licensed through the Department of Business and Professional Regulation (DBPR) or by going to myfloridalicense.com.
If property is damaged from the storm, the Florida Attorney General’s Office offers these tips when hiring a contractor:
Insurance evaluation – Ensure repair work will be covered under your insurance policy. Have an insurance company evaluate damage before arranging repairs.
- Estimates – Obtain at least three written, itemized estimates on bids or repairs.
- Bogus offers – Watch out for unsolicited offers or contractors claiming to perform repairs at a discount with leftover supplies from another job
- Do your research – To check on a company’s reputation, look for references online or ask a friend. Also check to see if a company is properly licensed, insured, and if there are any consumer complaints filed against a licensed contractor at Florida Department of Business & Professional Regulation or by calling the Florida Attorney General’s Office at (866) 9NO-SCAM.
- Bonded – Make sure a contractor is bonded and verified with a bonding agency
Read the fine print – Although it may be daunting, read the entire contract before signing to ensure it includes the required buyer’s right to cancel language. Understand penalties that may be imposed for cancellation. - Liens – Insist on a release of any liens that could be placed on the property from all subcontractors prior to making final payments. Homeowners may unknowingly have liens placed against their properties by suppliers or subcontractors who have not been paid by the contractor. If the contractor fails to pay them, the liens will remain on the title.
- Deposits and final payment – Never pay the full amount of a repair expense upfront and be wary before providing large deposits. Do not sign a certificate of completion or make a final payment until you are satisfied with the work performed.
Kanter Consulting Group is committed to helping our clients thrive and are here when you need us. Please contact our office if you have any questions or need assistance.
