2nd Stimulus Bill Info for Small Businesses
In case you are looking for small business-related information from the second stimulus package, we would like to let you know that the U.S. Chamber has a great analysis into the provisions and what it means for small businesses. We would like to highlight the tax treatment on existing PPP loans, new round of PPP and other items including tax credits and EIDL grants.
Quick Summary of new Provisions
Payroll Protection Program ("PPP") Round #3
- There is an additional $284 Billion of funding for the PPP program. Within that line-item there is a specific earmark is set aside for businesses with less than 10 employees.
- For the "second draw", a business must be able to demonstrate that its gross receipts have been reduced by at least 25%
Tax Provisions
The new law overturns the IRS ruling and applies to past and future PPP loans. Businesses can deduct expenses that were paid for with PPP proceeds, even if that amount is forgiven. Previously, expenses that qualified for loan forgiveness could not be deducted by the business.
SBA Resource Page for COVID
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FSBDC at UCF
COVID-19 Relief Services
To assist established Central Florida businesses overcome the damage from the coronavirus shutdown and help them rebuild for long term success, the FSBDC has launched a focused, robust, heavily resourced set of revitalization programs built around providing Recovery I Resiliency I Continuity support – all strengthened by additional staff and funding.
At the same time, the FSBDC continues to deploy its core services and programs, including:
- No-cost, Expert Consulting
- Business Training
- Access to Market Data and Information
- Specialized, Second-stage Business Services
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Upcoming Webinars
Jan 6 – Government Contracting Overview
Jan 13 – How the SBA can help your Small Business achieve the American Dream
Jan 21 - Business Planning
Feb 4 – Financial Management
Feb 10 – SBA Webinar: Federal Government Market Research
Feb 11 – Marketing for Business Success
Feb 23 – Cash Flow Management
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News from Florida Power & Light - Credit available to small businesses
Florida Public Service Commission recently approved FPL’s plan to expand the COVID-19 relief effort by offering bill credits to qualifying small and independent businesses through the FPL Main Street Recovery Credit Program.
Establishments in FPL’s service area that are eligible to apply for the program include:
- New small businesses
- Small businesses that were inactive for at least six months during 2020
- Existing small businesses operating in federal Opportunity Zones
Qualifying small businesses would receive a monthly 10% credit on the energy charge portion of their bill through 2021. Small business customers can visit FPL.com in January to fill out an application and seek approval for the new program.
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Be Alert - Don't Fall Victim to SCAMS with your SBA EIDL Loans. Be sure to look at and stay on top of your credit & bank statements monthly. For more information check out the latest inspector General report at:
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Florida & National Resources for Your Small Business
Florida SBDC Network Resources
Florida Scorecard - latest information
Florida Chamber COVID-19 Toolkit
SBA - Coronavirus (COVID-19) Resources
WeVenture COVID Webinars
