CPA Firm services Pensacola, Ft. Walton Beach and Tampa, Florida

SBA has approved disaster loan funds

The following information has been provided by the office of Senator Bill Nelson:

On Friday, May 14, 2010, the U.S. Small Business Administration (SBA) has approved disaster loan funds for businesses along Florida’s Gulf coast that have been impacted by the Deepwater Horizon incident. Click on this link for a copy of the SBA press release.

The disaster declaration includes the primary Florida counties of Bay, Citrus, Dixie, Escambia, Franklin, Gulf, Hernando, Hillsborough, Jefferson, Levy, Manatee, Okaloosa, Pasco, Pinellas, Santa Rosa, Sarasota, Taylor and Walton. The neighboring counties of Alachua, Calhoun, Charlotte, Desoto, Gilchrist, Hardee, Holmes, Jackson, Lafayette, Leon, Liberty, Madison, Marion, Polk, Sumter, Wakulla and Washington; the Alabama counties of Baldwin, Covington, Escambia and Geneva, and the adjacent Georgia counties of Brooks and Thomas are also included in this declaration.

Economic Injury Disaster Loans can help eligible small businesses meet the necessary financial obligations they could have met, had the disaster not occurred. Eligible small businesses include those engaged in shrimping, crabbing and oyster fishing in the waters affected by the closure (employees or crew members are not small businesses and are not eligible); small businesses dependent on the catching or sale of shrimp, crabs and oysters, suppliers of fishing gear and fuel; docks, boatyards, processors, wholesalers, shippers, retailers and other small businesses dependent on revenue from fishing, recreational and sports fishing small businesses, and coastal small businesses.

These loans are designed to provide small businesses with working capital until the business recovers. The loans can’t be used to expand the business. Appropriate expenses include rent, accounts payable, and debt service.

Interest rates for businesses and small agricultural cooperatives are as low as 4 percent;

Interest rates for non-profit organizations rates are as low as 3 percent;

Loan repayment terms up to 30 years;

Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition with a maximum of $2 million; and

Deadline for loan applications for economic injury is the close of business February 14, 2011.

SBA customer service representatives will be on hand throughout the declared counties to assist affected business owners and non-profit organizations with the application process. The SBA will be setting up Business Recovery Centers in locations throughout the impacted counties. SBA will announce these locations in the next few days.

Affected business owners can visit the SBA Web site at www.sba.gov/services/disasterassistance for more information or call 1-800-659-2955.

- 5/10/2010

Also, visit our blog at saltmarshcpa.blogspot.com

8/18/2010
Kent joins Saltmarsh, Cleaveland & Gund

8/16/2010
Gianotto, QPA, QKA elected to Board of Directors of FWCEBC

7/1/2010
Crist appoints Nathan Botts to Bay Bridge Authority | pnj.com | Pensacola News Journal

6/25/2010
Gulf Oil Spill: Questions and Answers

5/25/2010
Oury earned the designation of Certified Public Accountant (CPA)

5/24/2010
de Boer earned the designation of Certified Public Accountant (CPA)

5/17/2010
What Health Care Reform Means to Your Business

5/15/2010
Help for small businesses affected by the Deep Water BP Oil Spill

5/10/2010
SBA has approved disaster loan funds

5/10/2010
BP and the MC252 Oil Well Incident in The Gulf of Mexico