Hollywood Business Resources

Monday, January 4, 2021

SBA Reopens Paycheck Protection Program (PPP)

Paycheck Protection Program (PPP) Reopened


The new stimulus bill legislation was recently signed into law and provides several important changes to previously issued COVID-19 relief programs:

  • Over $284B available for new loans

  • $15B in funding for live venues

  • $20B for New Economic Injury Disaster Loan grants for businesses in low-income communities


Limited Eligibility for Second Round PPP Loans

  • Available to first-time qualified borrowers

  • Available to borrowers that previously received a PPP loan

  • Second-time borrowers must have 300 or fewer employees


Maximum Loan Amount
The maximum loan amount in the second round is $2 million. Borrowers have an option to calculate the maximum loan amount by multiplying the borrower's average total monthly payroll by 2.5x. One of the following must be used when calculating the maximum loan amount:

  • The one-year period prior to the date on which the loan is made, OR

  • Calendar year 2019


Maximum Loan Amounts for the Hospitality Industry
Borrowers that have NAICS Code 72 (typically restaurants and hotels) are permitted to use a 3.5x multiplier of their average monthly payroll costs to calculate their maximum loan amount, subject to the $2 million cap.

Use of PPP Funds
Congress expanded the types of expenses for which PPP loans can be used, which applies to existing PPP loans (except in the event forgiveness has already been obtained) and new loans. In addition to payroll, rent, covered mortgage interest and utilities, the PPP now allows proceeds to be used for:

  • Covered Operations Expenditures

  • Covered Property Damage Costs

  • Covered Supplier Costs

  • Covered Worker Protection Expenditures


PPP Forgiveness
As a reminder, PPP loans are designed to be 100% forgivable if the proceeds are spent in accordance with program rules. Additional Paycheck Protection Program Round 2 highlights and immediate information can be found in the National Law Review.

How To Apply
Click here for the form required to apply for PPP with an eligible lender. As during the initial round of PPP loans in 2020, the Small Business Administation (SBA) will not accept PPP applications directly from small businesses during the current 2021 round — you must apply through a participating financial institution.

Backing Business: City of Hollywood Partners With Broward SCORE
FREE personal remote mentoring sessions are available with local seasoned business professionals committed to helping our local business community overcome these difficult times.

Click here to schedule your 60-minute mentoring session.
GHCC January 2021 Planner

Click here to register for all GHCC programs and events.
S

Safe & Clean Pledge
Show Your Commitment to Safely Welcoming Visitors


As Florida is currently among the top states for COVID-19 cases, and cases nationwide are rising, we need to reinforce and showcase that our entire community has a united front to proactively mitigate the spread of COVID-19 and that we are a safe and welcoming destination for all to enjoy.

Thank you to those of you who have taken the Visit Lauderdale Safe & Clean Pledge! More than 350 businesses have taken the pledge. Together we are instilling confidence among residents and travelers that we are committed to their safety and well-being.

If you haven’t already done so, please consider taking the Visit Lauderdale Safe & Clean Pledge today at
sunny.org/pledge.  Registration takes very little time, and it is FREE. Taking the pledge aligns with CDC recommended guidelines, and your business will be promoted as part of Visit Lauderdale’s marketing efforts on the program. 

Upon taking the pledge, you are invited to display the destination’s clearly stated Safe & Clean protocols. You will receive:

   • A downloadable Safe & Clean pledge to print and display

   • A physical poster delivered to place of business to display

   • The Safe & Clean logo will be added to your listing on sunny.org

CLICK HERE TO TAKE THE PLEDGE NOW

Be Safe. Be Smart.
SBA Economic Injury Disaster Loan Program

EIDL Loan Application Portal Is Open


The Small Business Administration (SBA)'s Economic Injury Disaster Loan (EIDL) program portal is open and accepting applications. Eligible businesses experiencing economic impacts due to COVID-19 and wishing to apply for this program are encouraged to complete the online EIDL application as soon as possible.

Small Business Loans Available Through The CARES Act
Click here to learn more and apply.

Click here to access more
COVID-19 Resources & Assistance
for Hollywood Businesses

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The City of Hollywood’s Office of Communications, Marketing and Economic Development is available to discuss any of your business-related issues. Contact us at 954.921.3620 or by email. Please continue to monitor HollywoodFL.org and ChooseHollywoodFL.com for the latest updates on businesses programs and resources.

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