A joint communication of the City of Coral Gables, Coral Gables Chamber of Commerce and Business Improvement District of Coral Gables

Since the City's activation of its Emergency Operation Center (EOC) and multi-disciplinary response team, the city continues the work of keeping the community informed and protected from CODIV-19. One of the early initiatives was the creation of a “Joint-Business Partnership Group” with the Coral Gables Chamber of Commerce and the Business Improvement District (BID) of Coral Gables. The mission of this partnership is to ensure that information related to the Paycheck Protection Program (PPP) loan program and other financial assistance programs are communicated to the business community expeditiously through direct communication, social media and webinars led by experts in their respective professions. 

This edition of the Joint-Business Partnership Group Business Report provides a PPP loan program update, resources and activities sponsored by the City, Chamber and BID.    

On Friday, April 3, 2020, small businesses with less than 500 employees and other qualifying groups began to apply for loans through the Paycheck Protection Program (PPP). Eligible participants also include sole proprietors and independent contractors may access the PPP, effective April 10. Only one loan per business will be granted under this program. The maximum loan amount granted from the PPP will be equal to 2.5 times the average monthly payroll costs that businesses had for the previous calendar year for up to $10 million. The purpose of this loan is to provide financial assistance to small businesses to cover business expenses during the COVID-19 crisis. This type of loan has a 1% fixed interest rate, and it does not require any collateral or a guarantor. The loans will be due in two years but don't include any prepayment penalties or fees. In addition, loan payments will be deferred for six months. However, during this period, interest will accrue. It is important to note that this loan will be forgiven in full if the borrower meets certain requirements. If you have any questions regarding the application process, we urge you to contact the South Florida Small Business Administration District Office , as well as its resource partners (link at the bottom), such as SCORE offices, Women’s Business Centers, Small Business Development Centers, and Veteran’s Business Outreach Centers. Once you have acquired all the information required, contact your bank to start the application process as soon as possible. Remember, your lender must be an SBA 7(a) lender in order to process the loan application. This loan program will end on June 30, 2020 or when funds are exhausted.  Learn more about the PPP loan program and frequently asked questions by clicking here.

The Coral Gables Chamber of Commerce has been singularly focused on serving our members in these challenging and uncertain times. From assisting you with informative webinars that detail the CARES Act, Bridge Loans and SBA Emergency Injury and Disaster Loans, to bringing our members together in a socially distant, yet engaging way, we are here for you.

Over the next two weeks, our Chamber will host an industry chat on the state of the real estate community, launch our business book club, bring together experts who can help you with legal issues precipitated by the Coronavirus, launch our podcast and convene further opportunities that are helpful not only for your business, but feed your soul.

Our Chamber has served our community for nearly 95 years and together we have weathered a world war, economic meltdowns, recessions, crises, hurricanes and other trials. But, through it all, our Chamber has been stalwart and stood tall, serving as a resource, advocate, cheerleader and supporter – and we continue this role today! 

For more information on our programs and services, visit our website at www.coralgableschamber.org or follow us on social media @gableschamber as we proudly are here for you!

The Business Improvement District (BID) continues to be a resource and advocate for Downtown Coral Gables businesses and property owners. The BID continues to work with our partners at the City of Coral Gables and Coral Gables Chamber of Commerce to stay on top of the latest developments and regulations affecting our community. The BID is committed to helping address member concerns and is actively working to keep everyone informed.

Supporting our businesses during this uncertain time is our priority. We continue to promote the businesses that are open for delivery/takeout and online shopping via our website, shopcoralgables.com and our social media platforms under @shopcoralgables. New content is created and shared on a daily basis as keeping consumers informed and engaged with what is happening in our downtown businesses is critical. The list of businesses open in the Downtown Coral Gables BID district can be found here. Plus, our Thursday weekly consumer newsletter is still being sent to over 30,000 subscribers, highlighting the new types of experiences customers can enjoy from their favorite Downtown Coral Gables merchants.

Additionally, the BID has been proactive in keeping the business community informed of the latest developments and regulations. Our staff researched and identified opportunities to assist businesses during this time.  The BID hosts a page with the available resources “Small Business Guide to the CARES Act + Other Resources” on our website.