Hollywood Business Resources

Tuesday, January 19, 2021

SBA Reopens Paycheck Protection Program (PPP)

Paycheck Protection Program (PPP) Portal
Is Now Accepting Applications


As of today, Tuesday, January 19, all participating PPP lenders are now able to submit both 1st & 2nd draw loan applications to the Small Business Administration (SBA). Contact your financial institution to verify if it is an SBA-approved PPP lender and if it is currently accepting PPP applications.


Limited Eligibility for Second Round PPP Loans

  • Available to first-time qualified borrowers

  • Available to borrowers that previously received a PPP loan

  • Second-time borrowers must have 300 or fewer employees, and before applying for forgiveness, borrowers must prove that they saw a 25% reduction in gross receipts during a quarter in 2020 compared to the same quarter in 2019


Maximum Loan Amount
The maximum loan amount in the second round is $2 million. Click here to learn how to calculate maximum loan amounts according to each business type.


Maximum Loan Amounts for the Hospitality Industry
Borrowers that have NAICS Code 72 (typically restaurants and hotels) are permitted to use a 3.5x multiplier of their average monthly payroll costs to calculate their maximum loan amount, subject to the $2 million cap.

Use of PPP Funds
Congress expanded the types of expenses for which PPP loans can be used, which applies to existing PPP loans (except in the event forgiveness has already been obtained) and new loans. At least 60% of the funds should be used for payroll costs, and up to 40% may be spent on operating costs such as rent, covered mortgage interest and utilities, as well as newly approved expenses:

  • Covered Operations Expenditures

  • Covered Property Damage Costs

  • Covered Supplier Costs

  • Covered Worker Protection Expenditures


PPP Forgiveness
As a reminder, PPP loans are designed to be 100% forgivable if the proceeds are spent in accordance with program rules. Additional Paycheck Protection Program Round 2 highlights and immediate information can be found in the National Law Review.

How To Apply
As during the initial round of PPP loans in 2020, the SBA will not accept PPP applications directly from small businesses during the current 2021 round — you must apply through a participating financial institution (click here for a list). The program is expected to close to all borrowers on March 31.


2021 Business Programs - Virtual Open House

2021 Business Programs - Virtual Open House


The City of Hollywood's Office of Communications, Marketing & Economic Development (CMED) will be hosting a Virtual Open House with Broward SCORE on Thursday, January 21 at 6:00 p.m. to showcase an array of upcoming business resources — all available at no cost to Hollywood businesses and residents.

Business programming for 2021 includes:
  • Business Webinar Modules
  • One-on-one Business Mentoring Sessions
  • Virtual Business Assistance Sessions
  • Business Education Program
  • Kauffman FastTrac® Start-Up Program for Entrepreneurs
Pre-registration is required for the Virtual Open House and there is no cost to attend. Click here to register.


Backing Business: City of Hollywood Partners With Broward SCORE
These FREE virtual business workshops cover multiple business topics, including pandemic recovery, and will be led by local business professionals with specific knowledge on starting and running businesses in Broward County and the City of Hollywood.

Learn more and register today:

broward.score.org/city-hollywood-cmed
Paycheck Protection Program Webinar

Paycheck Protection Program
1st & 2nd Draws Webinar


The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, re-opened the Paycheck Protection Program (PPP) for new borrowers and certain existing PPP borrowers.

This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

Join the South Florida District Office and explore the next steps in the PPP process.


Tuesday, January 19 • 1pm – 2pm EST • Click here to register
Wednesday, January 20 • 1pm – 2pm EST • Click here to register
Thursday, January 21 • 1pm – 2pm EST • Click here to register


SBA Economic Injury Disaster Loan Program

$20B Available In EIDL Grants


The Small Business Administration (SBA)'s Economic Injury Disaster Loan (EIDL) program portal is open and accepting applications. Congress has allocated a total of $20 billion in new Economic Injury Disaster Loan grants specifically for businesses in low-income communities.

Businesses experiencing economic impacts due to COVID-19 and wishing to apply for this program are encouraged to complete the online EIDL application as soon as possible.

FPL Main Street Recovery Program for Small Businesses

FPL is now accepting applications for the Main Street Recovery Credit Program, which expands their COVID-19 relief effort by offering bill credits to qualifying small and independent businesses.  
 
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 consecutive months after March 2020 

  • Existing small businesses operating in federally designated Opportunity Zones 

 
Qualifying small businesses would receive a monthly 10% credit based on the prior month’s energy charge portion of their bill through 2021. Small business customers can click here to fill out an application and seek approval for the new program.


Be Safe. Be Smart.
S

Safe & Clean Pledge
Show Your Commitment to Safely Welcoming Visitors


As Florida is currently among the top states for COVID-19 cases, and cases nationwide are rising, we need to reinforce and showcase that our entire community has a united front to proactively mitigate the spread of COVID-19 and that we are a safe and welcoming destination for all to enjoy.

Thank you to those of you who have taken the Visit Lauderdale Safe & Clean Pledge! More than 350 businesses have taken the pledge. Together we are instilling confidence among residents and travelers that we are committed to their safety and well-being.

If you haven’t already done so, please consider taking the Visit Lauderdale Safe & Clean Pledge today at
sunny.org/pledge.  Registration takes very little time, and it is FREE. Taking the pledge aligns with CDC recommended guidelines, and your business will be promoted as part of Visit Lauderdale’s marketing efforts on the program. 

Upon taking the pledge, you are invited to display the destination’s clearly stated Safe & Clean protocols. You will receive:

   • A downloadable Safe & Clean pledge to print and display

   • A physical poster delivered to place of business to display

   • The Safe & Clean logo will be added to your listing on sunny.org

CLICK HERE TO TAKE THE PLEDGE NOW

Small Business Loans Available Through The CARES Act
Click here to learn more and apply.

Additional COVID-19 Resources for Hollywood Businesses Are Available Here

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The City of Hollywood’s Office of Communications, Marketing and Economic Development is available to discuss any of your business-related issues. Contact us at 954.921.3620 or by email. Please continue to monitor HollywoodFL.org and ChooseHollywoodFL.com for the latest updates on businesses programs and resources.

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