BUSINESS REPORT SPECIAL EDITION
ECONOMIC INJURY DISASTER LOANS AND ADVANCE PROGRAM
This week, the US Small Business Administration (SBA) began accepting EIDLA loan applications from small businesses impacted by the COVID-19 crisis. Small businesses can apply for up to $10,000 in advance loan which 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.  Receipts do not have to be approved for a loan in order to receive the advance, but the amount of the loan advance will be deducted from total eligibility. As of June 12, 2020, approximately 131,000 EIDLA loan application from the State of Florida were approved by the SBA with an estimated value of $7.9 Billion.  For more information, click here. Click on the button above to access the application.
PAYCHECK PROTECTION PROGRAM LOAN
Attention Coral Gables businesses: PPP loans are still available to small and medium businesses with less than 500 employees. This program is administered by the US Small Business Administration (SBA). The goal of the program is to help small businesses maintain their staff level and cover related costs during the COVID-19 crisis.  Please note, there is a revised application dated June 12, 2020 (SBA Form 2483). Click above button for the new version of the application. Below are the locations of SBA eligible PPP lenders located in Coral Gables. For more information regarding the PPP loan program visit the SBA website. Below are the locations of SBA eligible PPP lenders located in Coral Gables. Click on the table to find other approved lenders in your area.  
PAYCHECK PROTECTION PROGRAM FORGIVENESS APPLICATION FORM UPDATE
This week, the federal government also revised the Paycheck Protection Program (PPP) Forgiveness Application Form requirements in response to complaints from lawmakers and business groups that the process was too complicated. The revised form requires less calculations and documentation than the original application. The business owners allowed to use the EZ application include those who are self-employed or have no employees and those who did not reduce salaries by more than 25 percent. To use the form, businesses must also certify that they didn't cut employees' hours or were unable to operate at pre-coronavirus levels because of health mandates. Please consult the SBA local office or your lender for more information. Click on the above button for the revised application. For more information and instructions on how to fill out the PPP Loan Forgiveness Application, click here.
MIAMI-DADE COUNTY SMALL BUSINESS RELIEF UPDATE
The RISE (Re-Investing in our Small Business Economy) Revolving Loan Program designed to help small businesses in Miami-Dade County through the initial recovery phase of economic activity has not been activated by the County as of the released date of this Business Report, June 19, 2020. In anticipation of its release, here are a few important facts about the program. The maximum loan amount per borrower is $30,000 or 50% of previous year’s revenue (whichever is lower). The loan will come due in three years (36 months) with a fixed interest rate tied to the Prime Rate. This loan is not forgivable. In addition, a personal guarantee is required by all owners with 20% or more ownership. Loan funds can be used for employee wages/salaries; inventories; payoff high interest debt; commercial lease, mortgage or rent payments; utilities; and other expenses incurred due to new safety provisions. This program was made possible with the funds provided to the County through the federal CARES Act. For more information, click here.   
TEMPORARY OPEN-AIR DINING PERMIT
Temporary Open-Air Dining Permit CHECKLIST
Calling all restaurants! The City of Coral Gables has temporarily relaxed Zoning Code requirements to allow restaurants to expand their dining area into the sidewalk, parking space in front of their business, and adjacent city owned or private property. The new order expedites the approval of open-air dining permits. This temporary order provides small restaurants with the extra space they need to safely serve guests, consistent with ADA requirements. Click on the image above for a comprehensive checklist on what's required of restaurants. For more information, visit  www.coralgables.com/sidewalkcafe   or to   download the application, click here .  We are here to help! Please email us with any questions at   business@coralgables.com . 
LIVE MUSIC SERIES ON INSTAGRAM CONCLUDES
The City of Coral Gables, in partnership with the University of Miami, held a live music series on its Instagram channel. Mondays and Wednesdays from April 1 to May 27, the City’s Instagram account was taken over by the talented musicians at UM’s Frost School of Music. The musicians, some Grammy nominated and award winning, performed live from their homes. The partnership netted City and the University an estimated media reach of 2.7 million for these efforts.
Mayor Ra ú l Vald é s-Fauli, Police Chief Ed Hudak and Taipei Director General David Chien.
FACEMASK DONATION
The City continues to strengthen its ties with the Consular Corp of Miami. The Taipei, Taiwan Economic and Cultural Office, which is located in Coral Gables, graciously donated 5,000 masks to the City. The Director General of the Taipei Office, David Chien, made the donation on behalf of Taipei, Taiwan during a safe and socially distant program. The facemasks will be provided to first responders and essential employees.
City of Coral Gables Economic Development Department www.coralgables.com/economic