WEST PALM BEACH, FLA (February 1, 2021) – The City of West Palm Beach reminds residents that federal assistance is available to small businesses and nonprofit owners struggling during the COVID-19 pandemic. The Paycheck Protection Program (PPP) offers forgivable federal loans to help cover businesses expenses and keep employees on payroll. Soon, there will also be new resources to help some businesses that have had to close.
Congress created the PPP last year to help small businesses. According to Rep. Lois Frankel (District 21), the newest round of funding offers even more support with an emphasis on those in underserved sectors of our economy. To see her recent webinar with our local Small Business Administration (SBA) where they discussed the aid that is available through PPP, click here
Rep. Frankel’s office has shared this summary of the most important things to know as of January 27, 2021. The most up to date information on SBA programs can be found here! You can also contact the local SBA office by calling (305) 536-5521.
FIRST-TIME BORROWERS
- If your business or nonprofit did not receive a PPP loan prior to August 9th, 2020, you may be eligible for a First Draw PPP loan Business entities, sole proprietors, independent contractors, nonprofits, veterans’ organizations, houses of worship, and tribal businesses all still qualify, but housing cooperatives, destination marketing organizations, and Chambers of Commerce are also now eligible as well. You must apply on or before March 31st, 2021 to qualify.
SECOND-TIME BORROWERS
- For borrowers who previously received a PPP loan, have 300 employees or less, and suffered a 25 percent reduction of gross receipts, you may be eligible for a Second Draw PPE loan. Eligible restaurants are now able to apply for higher amounts than the first round of loans, so check with your lender for more information. To qualify for this loan, you must have used or will use the full amount of your first PPP loan amount before the second is given to you. Second Draw PPP applications should contact their lender and apply on or before March 31st, 2021 to quality. Always check www.sba.gov/ppp for the most up-to-date information or visit the SBA's COVID-19 relief guide for more information.
SHUTTERED VENUE OPERATORS GRANT
- This is a new $15 billion program that was established in the last COVID-19 relief package passed by Congress to help venues that have been closed due to the pandemic, including live venue operators and promoters, theatrical producers, live preforming arts organization operators, museum operators, and motion picture theaters. The Shuttered Venue Operators (SVO) Grant will offer eligible venues up to $10 million in relief based on lost revenue. While this grant program is not yet accepting applications, you can learn more, and get updates on when to apply, here
To contact the Office of Rep. Lois Frankel, please call (561) 998-9045 or (202) 225-9890 or visit https://frankel.house.gov/contact/.
