Monday, January 11, 2021

Paycheck Protection Program (PPP)
Reopens Today

Over $248 billion is available for new loans, thanks to the new stimulus bill legislation that was recently signed into law. The Small Business Administration (SBA) has announced that in order to promote access to capital, initially only community financial institutions will be able to make First Draw PPP loans on Monday, January 11, and Second Draw PPP loans on Wednesday, January 13.  PPP is expected to open to all participating lenders shortly thereafter.

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, and before applying for forgiveness, borrowers must prove that they saw a 25% reduction in gross receipts during a quarter in 2020 compared to the same quarter in 2019.

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. At least 60% of the funds should be used for payroll costs, and up to 40% may be spent on operating costs such as rent, covered mortgage interest and utilities, as well as newly approved expenses:

• 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 (click here for a list). The program is expected to close to all borrowers on March 31.

FPL is now accepting applications for the Main Street Recovery Credit Program, which expands their COVID-19 relief effort by offering bill credits to qualifying small and independent businesses.  
 
Establishments in FPL’s service area that are eligible to apply for the program include: 

• New small businesses 

• Small businesses that were inactive for at least six consecutive months after March 2020 

• Existing small businesses operating in federally designated Opportunity Zones 

 
Qualifying small businesses?would receive a monthly 10% credit based on the prior month’s energy charge portion of their bill through 2021.?Small business?customers can visit FPL.com/MainStreetRecovery to fill out an application and seek approval for the new program.?

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

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

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.