Paycheck Protection Program gets fresh funding. Here’s how businesses can get help
The new COVID-19 relief packaged signed by President Donald Trump on Sunday night includes $284 billion for a new round of the Paycheck Protection Program. The bill provides forgivable loans to qualified businesses.
For Bradenton area businesses, the application process is similar to previous rounds.
“We encourage local business owners and employers to start with their local bank/financial institution and business accountant. While we expect the PPP application for first-time applicants to be similar to earlier rounds, lenders are waiting for specifics from the SBA on this and the ‘second draw’ opportunity application requirements,” Jacki Dezelski, president and CEO of the Manatee Chamber of Commerce, said in an email Monday.
Janene Amick, executive director of the Manatee Performing Arts Center, said PPP funding has been important in helping keep her team together through the pandemic, while developing new ways to provide entertainment to the community.
One example is the outdoor theater program, in partnership with the Bradenton Kiwanis Club, which presents free monthly films to the community.
The legislation signed by Trump includes $15 billion for movie theaters and other entertainment venues hit hard by the pandemic.
“We are weighing our options,” Amick said of aid opportunities offered by the federal bill.
John Horne, the owner and CEO of four Anna Maria Oyster Bar restaurants in the Bradenton area, said the paycheck protection program allowed him to continue paying his staff when Gov. Ron DeSantis ordered restaurants and retail businesses closed to curb the spread of COVID-19 earlier this year.
“We have every intention of applying again, if we are eligible,” Horne said.
The new legislation also allows nonprofits, such as the Manatee Chamber of Commerce and the Florida Restaurant and Lodging Association, to apply for PPP funding this round, Horne said.
Jeanne Dooley, owner of Tasting Room Craft Growlers to Go in Lakewood Ranch, said PPP was important in helping her keep her doors open, and that she plans to apply for a new round of funding.
“These are trying times. PPP helped us take care of our people. It definitely helped,” she said. “Thank goodness Trump signed the bill.”
This new legislation makes adjustments to the eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans, Dezelski said.
Congress also included changes to the Economic Injury Disaster Loan (EIDL) program, Employee Retention Tax Credit, and SBA loan programs, as well as a Shuttered Venue grant program – all designed to benefit small businesses. The Manatee Chamber of Commerce will continue to share updates on the www.RecoverManatee.com website to help businesses and individuals learn more about the assistance available and connect to official resources, Dezelski said.
While Manatee County government has not had a role in PPP assistance for local businesses and the new bill does not include additional funding for local distribution, county spokesman Nick Azzara said county leaders are pleased to see that the package extends the deadline for counties to disburse CARES funding awarded earlier this year.
The county administration team is now working with the financial management department to review the omnibus package and determine if/how it will impact current CARES Act processes. Any updates and proposed changes will go before the county commissioners in January, Azzara said in an email.
The county staff has spent months reviewing, auditing, approving and disbursing millions of dollars to thousands of local applicants and will continue to do so well into 2021, Azzara said.
Any local business owner/employer who would like to be added to the Manatee Chamber of Commerce email updates may send an email to info@ManateeChamber.com.
This story was originally published December 28, 2020 at 2:33 PM.
