The Power of Connection
June 17, 2020
Washington—Today, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.
Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.
May 15, 2020
WASHINGTON — Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including
The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. The documents released today will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.
April 30, 2020
"Be Prepared." Upon hearing the Boy Scout motto, someone asked Scouting founder Robert Baden-Powell the inevitable follow-up question. “Prepared for what?” “Why, for any old thing,” he replied.
This is the kind of advice we need to think about every day. Our region had been on a straight upward trajectory. Almost every economist for the past year had said we had a runway for continued growth. While they mentioned political unrest internationally or a pending election here in the United States, no one mentioned the expectation that the corona virus would cause so much distress worldwide. As we have in the past, we will overcome this hurdle and be much stronger as a region and community.
One can see the outpouring of humanity within our region by reviewing the 2020 Giving Challenge Results as of this morning. Amid a pandemic, the Community Foundation of Sarasota County raised $18,432,471. This commitment was broad and included donations from 58,947 donors in support of 687 separate non-profit organizations in a 24 hour period. If this does not show what our region can do, then what does?
As we emerge from our stay at home order, if only for a small Phase 1 change, we need to be sure to continue to look for obstacles just below the surface. Please talk to your advisors! (accounting, financial, legal, insurance, real estate and investments,) Understand your cash flow! Do you have an 8 week or 12 week rolling cash flow? If not, now is the time to start one. Although it is a great tool while business is good and revenues are growing, it is even better when tightening occurs. Your professionals are waiting for your call. Call them. Or let us know at the Alliance if you need an introduction to certain support functions. As our members, please know, the Alliance stands ready to reconnect, continue to enlighten on relevant topics and assist your business with renewed growth.
We are grateful to each and every one of you for the loyalty and support of LWRBA and each other! Remember to Buy local, Stay local and Play local as we stay safe together!
LWRBA President / CEO
April 29, 2020
TALLAHASSEE, Fla. - Today, the Florida Department of Economic Opportunity (DEO) issued reemployment assistance updates on the Reemployment Assistance (RA) Claims Dashboard. As of April 28, DEO has verified 835,290 unique claims and paid 404,317 claimants a total of more than $553.5 million.
Pandemic Unemployment Assistance:
DEO will be conducting nightly maintenance to the CONNECT system to process claims and payments. CONNECT will be available from 8 a.m. to 7:59 p.m. daily. This schedule does not affect individuals that wish to file a new claim. Individuals can file a new claim 24 hours a day, seven days per week at www.FloridaJobs.org and select "File a Claim."
DEO has a mobile-friendly online application for individuals filing a new Reemployment Assistance claim available here. For a step by step guide on how to apply read more here. For the Reemployment Assistance Resource Guide which includes frequently asked questions, please click here. For additional information about Reemployment Assistance benefits visit www.FloridaJobs.org/COVID-19.
The Florida Department of Economic Opportunity combines the state’s economic, workforce and community development efforts, expediting economic development projects to fuel job creation in competitive communities and promote economic resiliency. For more information, including valuable resources for employers and job seekers, please visit www.FloridaJobs.org.
April 9, 2020
April 1, 2020
As we continue to track legislative and regulatory developments that impact our local businesses, communities and way of living, we are trying to be mindful of how often we are communicating. However, we felt this communication was especially necessary and timely.
Governor DeSantis Issues Statewide Stay-at-Home Order
Executive Order No. 20-91 (Essential Services and Activities During COVID-19 Emergency)
As usual, the LWRBA stands by ready to help businesses and their teams with connections and educational resources to continue business activity virtually to the greatest extent possible.
As we continue into this crisis, we would like to thank our area hospitals and many healthcare professionals for their time, dedication and un-wavering support. We will get through this eventually and be a much stronger community. Until then, thank you all for continuing to socially distance and obey our stay at home order. Stay well and home, when possible.
The LWRBA Team
March 31, 2020
Dear Alliance Members:
As you have heard, Congress approved the Senate bill and President Trump signed the Cares Act, a $2.2 Trillion stimulus, meant to ease the financial burden brought onto individuals and businesses by the Covid-19 crisis. Although the stimulus bill was just signed into law by President Trump on March 27, many of the provisions are broadly defined to provide financial support, debt-relief options for individuals as well as financial support and debt packages and grants businesses. In some cases, this package is in addition to the loans that were already made available and on the Alliance website. As I must place a disclaimer having read and restating some portions of this new legislation. As legislation makes it to practicality, some portions remain up for interpretation. Therefore, please confirm with your Bank, Tax Attorney, or CPA for further guidance. The links to Alliance members were embedded, but, by no means does that prevent you from contacting your current advisor(s). I would highly recommend you talk to your advisor.
This stimulus comes at a much-needed time when record numbers of Americans have filed for unemployment, many businesses have been either mandated to close or closed on their own due to decreased business traffic. The Bill has been designed to ease some carrying burden, provide support for loss of revenue and stimulus to steady the American economy.
The Lakewood Ranch Business Alliance has business members of all sizes. However, most are small businesses and will likely feel the impact of this health crisis for the near term and years to come. It has reshaped our connection to each other, at least momentarily. I have seen most of the business support organizations, ie. County Economic Development Offices, local Economic Development Offices, local chamber of commerce and builder support groups scramble to provide information around what to do. More importantly, most have come together to provide comfort, a shoulder to lean on (virtually of course) and connection to resources.
I hope to add to the continued knowledge here today. Here are a few of the highlights taken directly from the Cares Act:
Support for Individuals
In addition, the bill aids with our overburdened hospital systems, FEMA and our food stamps. Along with the bill, on March 22, 2020 the Board of Governors of the Federal Reserve issued an interagency statement on Loan Modifications and Reporting for Financial Institutions. The agencies encourage financial institutions to work prudently with borrowers who are or maybe unable to meet their contractual payment obligations because of the effects of COVID-19
As always, your team at the LWRBA is here to support you. We are working behind the scenes to change programming and connection throughout this trying time. Please reach out to anyone of us with your questions. We stand ready to fight harder than ever to connect, educate and grow our region! Stay safe!
We understand you are being pulled in many directions and that your time is precious. However, we would greatly appreciate receiving important feedback from you that will enable the BACVB to better support all industry partners during this time of adversity and beyond.
For those of you that don't have a Google account or wasn't able to access the previous survey link, we’ve created a survey in another program. CLICK HERE TO ACCESS IT.
The most important information we are hoping to collect includes:
Thank you, as always, for your time and attention. We look forward to hearing from you and continuing to provide the support you need and deserve.
Take care and stay safe.
Today, the U.S. Small Business Administration announced that small businesses located in the State of Florida adversely impacted by COVID-19 can now apply for disaster loans.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA is offering Economic Injury Disaster Loans to help meet working capital needs caused by the Coronavirus
All 67 Florida counties are included in the disaster declaration for Coronavirus.
“I am encouraging all small businesses located in Florida to visit the SBA Disaster Assistance website and submit your application today,” said SBA South Florida District Director Victoria Guerrero. “While there, you will find information on how to contact our customer service team who can answer any disaster-related application questions. You can also reach out to one of our many resource partners for application assistance.”
SBA Resource Partners information can be obtained on the SBA website at www.sba.gov/local-assistance/find/.
SBA Economic Injury Disaster Loans offer up to $2 million in economic assistance to help small businesses overcome the temporary loss of revenue resulting from the disaster. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Interest rates offered are as low as 3.75 percent for businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
Loan amounts are set by the SBA and based on each applicant’s financial condition. Repayment terms are up to 30 years.
To apply, visit the SBA Disaster website at https://disasterloan.sba.gov/ela/.
For additional information, please contact the SBA Disaster Assistance Customer Service Center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com.
|DATE|| LWRBA EVENT||STATUS|
| Thursday, March 19|| ACES: Swing into Spring with Dancing on the Suncoast||Postponed|
| Wednesday, March 25|| Luncheon: Senate President Bill Galvano||Postponed|
| Thursday, March 26|| YLA Social at Lakewood Ranch Golf & Country Club||Postponed|
| Thursday, March 26|| Lunch with Ranchers at EVEN Hotels||Postponed|
| Friday, March 27|| New Member Orientation||Postponed|
| Wednesday, April 1|| Networking Social at Grand Living||Postponed|
| Monday, April 6|| Joint Event with ACG at Gold Coast Eagle||Postponed|
| Wednesday, April 8|| Alliance LEADS: Your Voice. Your Vote.||Postponed|