CARES Act 2020
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act are intended to assist business owners with whatever needs they have right now. There are many new resources available for small businesses, as well as certain non-profits and other employers.
Paycheck Protection Program (PPP)
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of the forgiven amount must have been used for payroll).
Main Street Lending Program
Supports lending to small and medium-sized businesses that were in good financial standing before the onset of the COVID-19 pandemic. The Program will operate through two facilities: the Main Street New Loan Facility (MSNLF) and the Main Street Expanded Loan Facility (MSELF). Term sheets for each facility providing more information regarding eligibility and conditions can be found in the link below.
Small Business Administration Loan
The U.S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace uninsured/underinsured disaster damaged property.
Pasco EDC Manufacturing Survey
Our country is in unprecedented times fighting an invisible enemy thrust upon our land, the Coronavirus COVID19 Pandemic. President Donald Trump has initiated a seldom used but important tool called The Defense Production Act, a federal law that is used to provide civil defense or war mobilization efforts. Recently, President Trump announced the use of the DPA (Defense Production Act) to procure coronavirus test kits and protective masks. We want to help Pasco’s manufacturers be ready to bid on orders from the Federal Government.
Florida Emergency Supplier Network
The Division of State Purchasing organized the Florida Emergency Supplier Network and Florida Emergency Purchasing Network to assist state agencies and local governments with purchasing functions during emergencies.
Business Damage Assessment Survey
The Business Damage Assessment survey assess the impact of COVID-19 on Florida’s local businesses, including those in Pasco County. The survey, managed by the Florida Department of Economic Opportunity (DEO), will evaluate businesses affected by COVID-19 and the impacts the virus has had on the local economy so actions to implement economic relief programs for businesses can begin.
Federal Paid Leave Law Signed by President Trump
On Wednesday evening, March 18th, President Trump signed into law the Families First Coronavirus Response Act (the “Act”), which, among other things, mandates paid time off for certain qualifying events.
There are two primary components in terms of paid time off:
(1) Emergency Family and Medical Leave Expansion Act (“E-FMLA”)
(2) Emergency Paid Sick Leave Act (“EPSLA”)
Treasury and IRS to Move Tax Day Deadline
Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest.
“We are moving Tax Day from April 15 to July 15,” Secretary Steven Mnuchin tweeted (3/20/2020). “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” Please see the treasury website for more information.
Other Business and Economic Resources
- The Florida Department of Economic Opportunity- Short Time Compensation Program for Employers helps employers retain their workforce in times of temporary slowdown by encouraging work sharing as an alternative to layoff
- Florida businesses can also visit http://floridadisaster.biz for more information
- Florida Makes has resources for businesses whose supply chains may be impacted by COVID-19
- The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021.
- Disaster Unemployment Assistance is a federally funded benefit program that assists individuals who become unemployed because of a disaster
- Reemployment Assistance (RA) Benefits provides temporary wage replacement benefits to eligible individuals who are out of work through no fault of their own. If your employment has been negatively impacted as a result of the mitigation efforts to stop the spread of COVID-19, you may be eligible to receive RA benefits.
- As of April 1, 2020- the Florida Department of Economic Opportunity (DEO), at the direction of Governor Ron DeSantis, announced the waiving of the requirement to wait a week to receive Reemployment Assistance benefits through May 8, 2020. The waiting week has been waived so eligible Floridians may receive the support they need to help recover from the current economic impacts of COVID-19.
- Physical Applications for Reemployment Assistance are now being accepted, download here. Once completed, mail to: P.O. Box 5350, Tallahassee, FL 32314-5350
- Artist Grant Listings
- Your Census Matters: Take it now
- Florida Legislature Passes $93.2 Billion Budget
- President Trump directed the Department of Housing and Urban Development (HUD) to suspend evictions and foreclosures for the next 60 days
- HUD Changes PIT/HIC Deadline to June 30, 2020
- SMARTstart Pasco will be conducting numerous Facebook Live events featuring local business covering topics like remote work, marketing your business, how to do a podcast and more
- workforceCONNECT tools for operating your business remotely
- Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where they operate
- Keep your business listing updated with these Google Business suggestions
- CO.STARTERS Small Business Resources
- Hootsuite– Blog: Adapting to More Digital and Social Ways of Being in a Time of Crisis. Company testimonials on how to use social to mitigate business disruption.
Impact Planning Reports
These infographics provide a look at the Tampa MSA and Pasco County as it relates to population, ages, income and other important information.
Health Resources & COVID-19 Updates
Pasco County Updates