Thursday, April 2, 2020We Are Here For Your Hollywood Business
The City of Hollywood’s Office of Communications, Marketing and Economic Development is compiling information to assist businesses throughout the duration of the COVID-19 pandemic. Our team is available to talk you through any of your business-related issues. Contact us at 954.921.3620 or by email.
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Paycheck Protection Program
This new loan program will help with payroll and other business operating expenses, and the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest. It will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
Loan Terms & Conditions: - Eligible Businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries.
- Maximum loan amounts: Up to $10 million.
- Loan Forgiveness: All loans under this program will have the following identical features: Interest rate of 0.5%, maturity of 2 years, first payment deferred for six months, 100% guarantee by SBA, no collateral, no personal guarantees, no borrower or lender fees payable to SBA.
- Small businesses and sole proprietorships can apply beginning Friday, April 3, 2020.
- Independent contractors and self-employed individuals can apply beginning Friday, April 10, 2020.
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The Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) Program offers emergency loans to provide relief to small businesses and non-profit organizations suffering because of the COVID-19 pandemic.
An advance of up to $10K may be available to small business owners and non-profits, and will be forgiven. Please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application if you wish to apply for the advance on your EIDL.
In order to qualify for the advance, you must submit this new application to qualify for the advance - even if you previously submitted an EIDL application and it was declined or is still pending. Applying for the advance will not impact the status or slow your existing application.
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If your Hollywood restaurant offers curbside pickup, takeout, delivery or drive-thru services, click here to add your business to these restaurant guides.
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COVID-19 Assistance for Hollywood Businesses
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