Small Business
Administration
Relief

Count on BBIF
Your partner in times of crisis.

Small Business
Administration
Relief

Count on BBIF
Your partner in times of crisis.

BBIF Florida has partnered with Black and minority businesses throughout the state of Florida for over 30+ years. We understand that these small businesses are the backbone of local economies. In the wake of the economic challenges of the COVID-19 pandemic, we’re here for you.

The Coronavirus Aid, Relief and Economic Security (CARES) Act provides approximately $2.2 trillion of fiscal stimulus to the economy. We’re grateful to our long standing partnership with SBA, and as an SBA-preferred lender, we’re working diligently to provide hardship relief loans to our business clients and other underserved businesses.

PAYCHECK PROTECTION PROGRAM (PPP)

The Paycheck Protection Program is a federal loan program designed to help those small businesses that have been impacted by COVID-19. This program is a part of the CARES stimulus package, which seeks to provide support during these challenging economic times. Protecting Payroll is one of the first steps towards small businesses finding relief as the situation unfolds.

  • Businesses can borrow up to $10 million (Loan Amount = Applicant’s average eligible monthly payroll expense x 2.5)

  • Covered payroll costs include salary, wages, payment of cash tips (up to an annual rate of pay of $100,000), employee group health care benefits, insurance premiums, retirement contributions and covered leave.

  • Loan maturity is 2 years with an interest rate of 1.00%.

  • The SBA fee is waived, there are no prepayment penalties, and collateral and personal guarantees are not required.

Due to capital constraints, completing this application does not guarantee your loan request will be processed or approved.

If you are an existing BBIF client, a member of our team has already contacted you or attempted to contact you regarding the PPP program. If you have any questions or concerns, please contact your lender directly. 

If you are not a BBIF client, we invite you to fill out our online application.

Click Here to Fill out our PPP Application

ECONOMIC INJURY DISASTER LOANS (EIDL)

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. The EIDL Loans has loan amounts for up to $2 million to be used for operational expenses to keep your business running. Rates are capped at 2.75% for non-profits and 3.75% for for-profit businesses. 

Use loan funds for:

  • Utility payments

  • Lease and mortgage payments

  • Employee retention and payroll

APPLY ONLINE DIRECTLY WITH THE SBA

SMALL BUSINESS DEBT RELIEF PROGRAM – CARES ACT

Many small businesses are experiencing a severe struggle to meet its financial obligations. SBA is providing immediate relief to small businesses with its non-disaster SBA loans including the 7(a), microloan, and 504 loan programs. SBA is covering all loan payments including interest, fees, and principal for six months. 

While the legislation has approved these funds, we are awaiting the details. When we have more information as to how quickly the SBA will take over making these payments and the process for this, we will post more information here.

This is not a complete description of all eligibility requirements. Additional program restrictions may apply. All loans are subject to credit approval.

APPLY ONLINE DIRECTLY WITH THE SBA