1.  STIMULUS CHECKS

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   - On March 27th, a $2 Trillion Economic Stimulus Package is enacted.

   - Most Americans should receive a check for $1,200.00 and an additional $500.00 for each child (under

      17), if gross income is less than $75,000.00

   - If gross individual income is between $75,000.00 - $99,000, you will receive a reduced check which

      shrinks by $5 for every $100 of income between those numbers.   

   - Individual income above that should not receive a check.

   - Married couples filing jointly will receive $2,400 for combined income of up to $150,000

   - Combined income of $150,000- 198,000 will receive a reduced check which shrinks by $5 for every $100

      of income between those numbers

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     For more information visit: 

     https://www.irs.gov/coronavirus/economic-impact-payment-information-center

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 2.  ECONOMIC INJURY DISASTER LOAN (EIDL) - and Advance

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      - ​In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states,   

        Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up

         to $10,000. This advance is designed to provide economic relief to businesses that are currently

        experiencing a temporary loss of revenue. This loan advance will not have to be repaid.

     - The ADVANCE is only part of the SBA EIDL loan itself, which may be used to pay fixed debts, payroll,

        accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate for

        the LOAN is 3.75% for small businesses. The interest rate for non-profits is 2.75%.

     - The SBA offers loans with long-term repayments in order to keep payments affordable, up to a

        maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s

        ability to repay.

     - THE ADVANCE WILL BE GIVEN BASED ON THE NUMBER OF EMPLOYEES. You will receive $1,000

        For every employee UP TO THE $10,000 MAXIMUM FOR THE ADVANCE. The application for the 

        loan itself will follow and will require various forms of information requested by the SBA.

     - THIS APPLICATION IS NOW CLOSED AND ONLY OPEN TO AGRICULTURE -5-28-20 update

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       For more information visit:

       https://www.sba.gov/funding-programs/disaster-assistance/coronavirus-covid-19

 

 3.  PAYCHECK PROTECTION PROGRAM (PPP)

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     - The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to

        keep their workers on the payroll.

     - SBA will forgive loans if all FULL-TIME employees are kept on the payroll for eight weeks and the

        money is used for payroll, rent, mortgage interest, or utilities.

     - The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and

        utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for

        payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are

        required. Neither the government nor lenders will charge small businesses any fees.

     - This loan has a maturity of 2 years and an interest rate of 1%.

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       For more information visit:

        https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

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 4.  PBC CARES FOR BUSINESS RESTART BUSINESS GRANTS

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      - On May 22, 2020 Palm Beach County approved to provide relief to small business in the county.

      - They are providing grants for up $25,000.00 maximum

      - They approved a budget of $60 million and up to 2,000 grants. 

      - $50 million will be dedicated to businesses of 25 or fewer employees and less than 5 million in sales.

      - The remaining $10 million will be available for business above 25 employees

      - HOWEVER, if you received PPP or EIDL funds they will subtract that from the grant.  

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       For more information visit:

       http://discover.pbcgov.org/HES/Pages/PBC-Cares-Business-FAQs.aspx

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 5.  FAMILIES FIRST CORONAVIRUS RESPONSE ACT

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      - This act requires employers to pay for PAID Sick Leave for employees that meet one of the six eligibility

         requirements outlined by the act. This PAID leave can be reimbursed through the quarterly payroll

         taxes due for each employer. They may request the reimbursement in full for the employees that

         qualified. 

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         For more information visit:

         https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave

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 6.  INCREASED UNEMPLOYMENT BENEFITS

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      - In March 2020, new federal law greatly expanded unemployment insurance by providing additional

         federal aid.

      - Federal government approves $600 in additional weekly federally provided unemployment assistance

         for those that apply for their local state unemployment. (In Florida, the weekly benefit is $275)

      - The Act also provides for an extended 13 weeks of payments once your payments are exhausted.

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         For more information visit:

         https://www.dol.gov/coronavirus/unemployment-insurance

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         To apply visit:

          https://connect.myflorida.com/Claimant/Core/Login.ASPX

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