1. INSURANCE. Reach out to your insurance agent to review your business insurance policies. One possible form of relief to the financial stress is insurance coverage, including business interruption and contingent business interruption coverages. Business interruption insurance is generally intended to cover losses from direct interruptions to a company’s operations, such as a fire, natural disaster or other event. Coverage may include lost revenues, rent, or utilities, among other things. Contingent business interruption provision generally provides coverage for a loss of income related to a problem associated with a supplier, vendor or major partner. There are likely to be hurdles to obtaining coverage based upon disruption from COVID-19.
2. EMPLOYEES. If you have no revenue consider furloughing your employees. An employee furlough is a mandatory suspension from work without pay. It can be as brief or as long as the employer wants. During furlough period employees typically keep their benefits, such as health insurance, and can also collect unemployment benefits from the State. More Information
3. BUSINESS LOANS. If you already have business loans reach out to your bank to see what is your borrowing capacity and if you can defer payments on your current business loans and credit cards.
4. CREDIT CARDS. AMEX Financial Hardship is offering 2 months of waived payments with no interest or late fees if you have hardships due to COVID-19. However if you take advantage of that, your cards and your points will be frozen. If you want to use your cards or points you’ll have to exit the Financial Hardship program. More Information
5. BRIDGE LOANS. There are resources available to obtain interest free loans and SBA loans.
a. 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. More Information
b. The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to
small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Florida businesses are eligible to apply. More Information
c. The Short Time Compensation program helps employers retain their workforce in times of temporary slowdown by encouraging work sharing as an alternative to layoff. More Information
Please call or email us at 407-650-9088 or email us at with any questions.