BUSINESS REPORT SPECIAL EDITION
MIAMI-DADE COUNTY ANNOUNCES SMALL BUSINESS RELIEF PROGRAM
Miami-Dade County will make loans available to small businesses impacted by COVID-19. The program called Re-Investing in our Small Business Economy (RISE) will make a maximum of $30,000 available to small businesses. The loan will come due in three years with a fixed interest rate tied to the Prime Rate. This program was made possible with the funds provided to the County through the federal CARES Act. This program is not yet active, but you are urged to join the mailing list to be notified when the application is live. Join the mailing list by clicking here.
To qualify for a RISE loan, businesses must operate in Miami-Dade County; be in operation for at least two years; have gross sales of less than $2 million; and have 25 or fewer employees/independent contractors. Owners must live in the County; have a credit score greater than 575; have 20% or more ownership/stake in the business; and not have any bankruptcies or foreclosures in the past three years. For more information, click here.
NEW ADDITIONS TO THE PAYCHECK PROTECTION PROGRAM
Good news. The newly signed Paycheck Protection Program Flexibility Act (PPPFA) is addressing concerns raised by small businesses regarding the Paycheck Protection Program (PPP). The PPPFA has: (1) changed the amount of loan needed for payroll from 75% to 60%; (2) extended the time period for using the PPP funds from 8 to 24 weeks; (3) extended the June 30 deadline to rehire employees to December 31, 2020; (4) relaxed the rehire requirements; and (5) extended the repayment period from two years to five. It is anticipated that these revisions will ease the requirements for full forgiveness of PPP loans. We encourage the business community to reach out to your lender or participating lending institutions to obtain further information and/or guidance regarding the PPPFA. As of June 12, 2020, the SBA is still accepting PPP loan applications from small businesses. Click on the button below to fill out the application.  
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 . 
RETAIL RECOVERY WEBINAR
The City of Coral Gables recently held a webinar focused on helping businesses navigate through the COVID pandemic and into the new normal. The webinar was the first in a planned 3-part series. In the first webinar, a panel including retailer, restaurateur and marketing expert came together to discuss the challenges, opportunities and ways that they have been able to keep up their operations during the crisis. You can view the webinar by clicking on the above button. Stay tuned for the next webinar, coming soon!
BUSINESS TECHNOLOGY WEBINAR
The Economic Development and Information Technology Departments collaborated on a technology webinar for businesses that did not have a strong digital presence. With the economy shifting to e-commerce, the City wanted to help businesses make that transition. A team of technology experts provided an introduction on transitioning businesses which included security options, social media shoppable sites, securing a domain and more. The University of Miami graciously offered its business technology students to help local businesses in setting up their websites, e-commerce platforms and social media channels. Click on the above button to view the webinar.
City of Coral Gables Economic Development Department www.coralgables.com/economic