HomeMy WebLinkAbout04/03/20 - Updates COVID-19 St. Lucie County Business AssistanceStephanie Bush
From:Jennifer DuBey <jdubey@youredc.com>
Sent:Friday, April 3, 2020 7:53 AM
To:Jennifer DuBey
Subject:New Updates COVID-19 St. Lucie County Business Assistance
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Good Morning EDC Partners
Governor DeSantis executed an order providing suspension of evictions and foreclosures for
45 days. In the Governor’s announcement, he noted the staggering number of reemployment
claims in the last two weeks at 348,511 claims as compared to 307,701 claims for all of 2019.
As we continue to navigate the ever changing business environment in our community, we
want to take this opportunity to recap the current access to capital programs, the new CARES
Act employee retention tax credit and the Families First Coronavirus Response Act Family, Paid
and Sick Leave (COVID-19 FMLA/FLSA).
Please join us today at noon for our Special Webinar: Coronavirus Aid Response and
Economic Security (CARES) Act “What Businesses Need To Know About the Paycheck
Protection Program (PPP)”. RSVP is required at
https://youredc.com/calendar/details/webinar-coronavirus-aid-response-and-economic-
stimulus-act-cares.
ACCESS TO CAPITAL
SMALL BUSINESS BRIDGE LOAN - Small Business Development Center (SBDC)
1. Interest Rate: 0%
2. Term: 12 months
3. Loan Amount: up to $50,000 (Special Circumstance: $100,000)
4. Application and Information Link: www.floridadisasterloan.org
ECONOMIC INJURY DISASTER LOAN PROGRAM (EIDL) - Small Business Administration (SBA)
Interest Rate: 3.75% (2.75% non-profits)
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Term: up to 30 years (determined by SBA)
Loan Amount: up to $2 million
Application: https://covid19relief.sba.gov/#/
Information Link: https://www.sba.gov/page/disaster-loan-applications
ECONOMIC INJURY DISASTER LOAN PROGRAM (EIDL) EMERGENCY $10,000 GRANT - Small
Business Administration (SBA)
Amount: $10,000
Term: no repayment
Application: https://covid19relief.sba.gov/#/
Information Link : https://www.uschamber.com/sites/default/files/uscc_covid19_sb-
economic-injury-disaster-loans.pdf
PAYCHECK PROTECTION PROGRAM (PPP) - Small Business Administration (SBA)
Interest Rate: up to 4%
Term: up to 10 years
Loan Amount: up to $10 million
Application: Participating SBA 7a lender or SBA eligible lender portal
Information Link: https://home.treasury.gov/policy-issues/top-priorities/cares-
act/assistance-for-small-businesses and
https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz
_loan_final.pdf
TAX CREDITS
EMPLOYEE RETENTION TAX CREDIT
50% tax credit for first $10,000 of compensation
Information Link:
https://www.uschamber.com/sites/default/files/uscc_covid19_employee-retention-tax-
credit.pdf
NET OPERATING LOSSES; NET INTEREST DEDUCTION; CARRYFORWARDS & AMT; PAYROLL
TAXES
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CARES Act Bill Brief and Business Tax
Programs: https://www.deanmead.com/2020/03/congress-passes-coronavirus-
stimulus-bill/
WORKFORCE COVID-19 FMLA/FLSA
FAMILIY LEAVE AND PAID AND SICK LEAVE ACT - Families First Coronavirus Response Act
(FFRCA)
What Businesses Need to Know: http://www.flchamber.com/wp-
content/uploads/2020/04/Updated_Families-First-Coronavirus-Response-Act-Passed-
What-Employers-Need-to-Know_NMM_2.pdf
Department of Labor Employer Fact
Sheets: https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave
Department of Labor FAQ: https://www.dol.gov/agencies/whd/pandemic/ffcra-
questions
FFRCA Poster:
https://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Non-
Federal.pdf
If you have any questions or need any assistance for your business or employees, please do
not hesitate to contact us.
Jennifer DuBey, Business Manager
Economic Development Council of St. Lucie County
500 NW California Blvd. ■ Bldg. F109 ■ Port St. Lucie, FL 34986
(Located at Indian River State College)
O: 772.336.6256 ■ C: 772.812.0107 ■ jdubey@youredc.com
www.youredc.com
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