U.S. Federal Resources - Small Business Administration
Paycheck Protection Program (PPP) – An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID19) crisis.
- Click Here for a List of SBA Approved Lenders for the PPP
Economic Injury Disaster Loan Emergency Advance – This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
SBA Express Bridge Loans – Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
SBA Debt Relief – The SBA is providing a financial reprieve to small businesses during the COVID19 pandemic.
State of Florida – Department of Economic Opportunity
Florida Emergency Bridge Loan – short-term, interest-free working capital loans intended to “bridge the gap” between the time of a catastrophe hits and when a business has secured longer term recovery resources.
Reemployment Assistance – For employees impacted by efforts to mitigate the spread of COVID19 in the State of Florida
City of West Palm Beach
Recovery and Assistance Program – To support the small businesses in West Palm Beach, the City has created a partnership with the Downtown Development Authority, Urban League of Palm Beach County and Valley National Bank developing a fund to issue short term loans between $5,000 and $10,000.
West Palm Beach Eats Promotion – Promotional efforts to encourage residents to support City businesses through online or phone orders for pickup and delivery. Ask to be included by sending an email to EcoDev@wpb.org
Surveys and Data – In an effort to better understand the needs and assistance of our local businesses, we need to hear from you. Below is a list of surveys they will help determine who governments can help you from the state and local levels. Please fill these out to help us better serve your business.
Loan application assistance - People and consultants that can help you make the right decisions for your business at no cost to you.
- Small Business Development Center at Florida Atlantic University
- Palm Beach SCORE
- Florida Women’s Business Center
- Subscribe to SBA emails and updates on available webinars and other resources
Federal Small Business Tax Provisions
Many of these changes will apply to small businesses all over the country, so it is vital to discuss with a tax professional which can apply to your company.
- Businesses are eligible for an employee retention tax credit if 1.) your business operations were fully or partially suspended due to a COVID-19 shut-down order; or 2.) gross receipts declined by more than 50% compared to the same quarter in the prior year. Eligible businesses can get a refundable 50% tax credit on wages up to $10,000 per employee. The credit can be obtained on wages paid or incurred from March 13, 2020, through December 31, 2020.
- Businesses and self-employed individuals can delay their payroll tax payments. These payments, the employer share of Social Security tax owed for 2020, can instead be deferred and paid over the next two years. Fifty percent must be paid by the end of 2021 and 50% must be paid by the end of 2022. (Note: The ability to defer these taxes does not apply to a business that has a Paycheck Protection loan forgiven.)
- Businesses that have net operating losses (NOLs) have some limitations relaxed. If your business had an NOL in a tax year beginning in 2018, 2019, or 2020, that NOL can be now be carried back five years instead. This may improve cash flow and liquidity for some businesses. Pass-through businesses and sole proprietors will also be able to take advantage of the relaxed NOL limitations.
- Businesses that were due to receive corporate alternative minimum tax (AMT) credits at the end of 2021 can instead claim a refund now, in order to improve cash flow during the COVID-19 emergency.
- Businesses will be able to increase their business interest expense deductions on their tax returns. For 2019 and 2020, the amount of interest expense businesses is allowed to deduct on their tax returns is increased to 50% from 30% of taxable income.
- Businesses, especially those in the hospitality industry, will be able to immediately write off costs associated with improving facilities, increasing cash flow.
- The government will make a temporary exception from the excise tax normally applied to alcohol, if that alcohol was used to produce hand sanitizer in 2020.
For additional information or if you have any questions please contact Christopher Roog at EcoDev@wpb.org or at 561.822.1416