Update on State and Federal Actions - March 27 - WINTER HAVEN CHAMBER OF COMMERCE

Update on State and Federal Actions - March 27

3/27/2020

As we go into the weekend my hope is that you have time to relax and enjoy some much needed family or quiet time.

All throughout today your Chamber team was on conference calls with state and federal organizations to get a better understanding of the new legislation and how it can best serve you. I want to brief you on some of it, but also want to let you know that we are working hard to set up webinars and conference calls to help you understand the opportunities ahead of you.

Federal Update:
The President signed into law the CARES Act with no significant changes from the summary I posted on the website yesterday. This law has provisions that impact businesses of all sizes, but many of our small businesses have been most interested in the Small Business (under 500 employees) Paycheck Protection Program loan.

The US Chamber put together this incredibly helpful Coronavirus Emergency Loans Small Business Guide and Checklist that focuses on the Paycheck Protection Program loans. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls before the end of June if you have already had to layoff or furlough.
A commonly asked questions is, "Am I eligible?" See the list below. The good news is independent contractors, sole proprietors and self-employed tradesmen are also included.

A small business with fewer than 500 employees
A small business that otherwise meets the SBA’s size standard
A 501(c)(3) with fewer than 500 employees
An individual who operates as a sole proprietor
An individual who operates as an independent contractor
An individual who is self-employed who regularly carries on any trade or business
A Tribal business concern that meets the SBA size standard
A 501(c)(19) Veterans Organization that meets the SBA size standard

In addition, some special rules may make you eligible:

If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis (not enterprise wide) so the individual location can apply.
If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal affiliation rules do not apply.
REMEMBER: The 500-employee threshold includes all employees: full-time, part-time, and any other status.

The next most obvious question is: "How do I apply?"

While the implementation process will be fully hashed out in the coming days, those we spoke to very close to the process believe it will be a simplified process through 'your normal banking institution' versus appling through the SBA website. These would be banks that are already SBA 7A Certified lenders as well as 'additional banking institutions to be assigned in the coming days.' We had already started compiling a list of who is already SBA certified this week, but will ensure we have a complete list of local institutions you are able to apply with as soon as possible.

Again, check out this Coronavirus Emergency Loans Small Business Guide and Checklist to get more of your questions answered.

State Update:

The Governor issued a few executive orders today that may be relevant to you. For a full state update click here:

All travelers from Louisiana will be required to self-isolate for 14 days. This will be executed through checkpoints along major highways where drivers will be directed to stop and fill out information regarding their Florida stay. Sheriffs and FHP will take lead on this. DOT will be placing signage along major roadways entering Florida. This excludes commercial travel.
Governor DeSantis is directing a 14-day moratorium on the operation of vacation rentals in Florida. If someone is already staying in a vacation home they can remain. No new check-ins.
The Governor has directed sales and use taxes to be due on April 30 (originally due April 20), and property taxes to be due April 15 (originally due March 31).
The Governor directed the Florida Fish and Wildlife Conservation Commission to issue Emergency Order to enforce social distancing on waterways.

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Update on State and Federal Actions - March 27

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