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On Friday, March 27, the House passed the Coronavirus Aid, Relief, and Economic Security (or “CARES”) Act following passage in the Senate the day prior.  The CARES Act includes two new loan programs through the SBA that are designed to put money in the hands of business owners and operators to provide liquid assets.  Here is a breakdown of the Paycheck Protection Program and the Economic Injury Disaster Loans.

Small Business Paycheck Protection Program

What is it?
The Paycheck Protection Program is an easy to secure, up to 100% forgivable loan through the Small Business Administration designed to put cash into businesses in a timely manner that can be used to keep staff on payroll.  $349 billion has been set aside for this program.

Who qualifies?

• Small businesses as defined by SBA size standards (generally up to 500 employees, but up to 1,500 employees in certain revenue-based sectors)
• Businesses in the Accommodations and Food Services sector with up to 500 employees at each location
• 501(c)(3) non-profit organizations with fewer than 500 employees
• Sole proprietors, the self-employed, and independent contractors

Who doesn't qualify?

• Those who are engaged in illegal activity
• Household employers (employer of nannies or housekeepers)
• A business with an owner of 20% or more of its equity who is incarcerated, on probation, on parole, subject to an indictment, or has been convicted of a felony within the last five years
• A business or business owner with a currently delinquent SBA loan

What does the loan entail?

• Employers can apply for (roughly) up to 2.5 times (or 250%, or 2.5 months’ worth) of their average monthly employee payroll costs, excluding compensations paid to individuals (including self-employed) over $100,000 per year
• The total amount applied for may not exceed $10 million
• The employer must certify that the loan will be used for the following uses:
  • To retain employees
  • To maintain payroll
  • To make mortgage or lease payments
  • To pay utilities
• Applicants must apply through an SBA 7(a) lender.
• The loan will be forgiven in full as long as the borrower can provide documentation that funds were spent on covered mortgage obligations and utility payments and consistent payroll and pay rates
• The amount forgiven will be reduced if the employer reduces employment.  The amount forgiven will be reduced by a percentage equal to the reduction in employees, or if salaries or wages are reduced by more than 25%.
• Loan forgiveness should also be applied for through the SBA 7(a) lender.
• If funds are owed on the loan, they will go interest free for one year an then acquire an interest rate of 4%.
• This loan is available until June 30, or until all funds are exhausted.

What does this mean?
Basically, a small business, restaurant, hotel or 501(c)(3) non-profit with 500 or fewer employees will be compensated for 2.5% their average monthly payroll.  So, if Bob’s Barber Shop calculates its payroll at $5,000 per month, Bob will be awarded $12,500 per the Paycheck Protection Program.  Bob is required to use these funds to pay his staff, mortgage, rent, or utilities.  Repayment of this loan will be forgiven as long as Bob uses the funds exclusively for those purposes.  However, if Bob has 4 employees and he lets one go, thereby reducing his employment base by 25%, Bob’s loan forgiveness will also be reduced by 25%.  Therefore, Bob will now have to repay $2500 (or 25%) of the original loan.

The PPP will open on April 3.  Find the application here, but you must apply through your SBA 7(a) lender.

SBA Economic Injury Disaster Loans (EIDL)

What is it?
The SBA Economic Injury Disaster Loans, or EIDL loans, can provide small businesses with loans of up to $2 million of funds to be used to pay

Who qualifies?

• Startups
• Cooperatives
• Employee-owned small businesses
• Non-profits, including 501(c)(6)s
• Independent contractors
• All of these must have fewer than 500 employees

Who doesn't qualify?

• Accommodation or food & beverage franchises with more than 500 total employees

What does the loan entail?

• This loan includes an up to $10,000 advance that can be accessed within three days of applying  and is 100% forgivable
• To secure this advance, businesses must first apply for the Economic Injury Disaster Loans and then request the advance.
• The advance does not have to be repaid even if the larger EIDL loan is denied.
• The EIDL loan (up to $2 million) is subject to repayment.
• The advance may be used for any regular operational business expenses and obligations affected by loss of revenue following the disaster, including payroll, sick leave, inventory, production costs, rent, and mortgage payments.
• The full loan amount has more flexible use, but is not forgivable.

Find the application here.  Consult your lender or lawyer for application assistance.

In the wake of the Covid-19 crisis many people have found themselves laid off or displaced. But there are several businesses looking to hire people to fill high-demand jobs during this pandemic. To better serve our community and partners we have compiled a list of opportunities for immediate employment.

Florida Department of Economic Opportunity
The Florida Department of Economic Opportunity has a disaster recovery jobs portal at www.employflorida.com.

They also offer re-employment assistance at floridajobs.org/covid-19.

General Opportunities

CVS
Pizza Hut
Walmart
Lowes
Dollar Tree
Aldi
Amazon
Domino's Pizza
Publix

Specific Opportunities

Florida Blue parent company hiring 1,200
GuideWell, the parent company the state’s leading health insurer Florida Blue, is hiring 1,200 licensed health insurance agents in preparation for fall open enrollment. These are full-time temporary contractor positions will allow agents to work from home starting between June and September and continuing through December. The roles include a $17/hour wage as well as commissions. Candidates must have an active state health insurance sales license (the 215 or 240 license in Florida). Bilingual candidates are strongly encouraged to apply.

Interested persons may apply for positions at careers.guidewell.com.

• GuideWell, parent company of Florida Blue, is hiring 1,200 licensed health insurance agents for 2020 Open Enrollment Period
• Full-time, temporary contractor roles through December.
• Work from home in Central Florida
• $17 an hour + commission
• Start dates are mid-June to early September
• License is called 215 or 240 in Florida. Will also accept comparable licenses from other states
• To apply for the positions, visit careers.guidewell.com.

Hospitalist Oppty Day Shift
About: We are currently looking to add a hospitalist to our team in Orlando, FL. This position is a day shift 7 on 7 off 12 hour per shift. You will see an average of 20 patients a day. This position is a 1099 opportunity and pays $1300 per shift. You are also eligible for up to 15k in bonuses per year.

Preferred skills/experience: Candidate will be BC as an Internal Medicine physician and have at least 2-3 years of hospitalist experience. You will need to have the ability to become license or already have your license in FL.

Benefits: Malpractice is paid by the group.
Relocation and Sign On is Negotiable for the right candidate.
Send Resume to: Julie Demps jdemps@academyphysicians.com

Community
About: The highly desirable Central Florida location offers excellent weather year round and access to sports and top attractions such as Disney World, Universal Studios and Sea World. Don't forget to check out the many shopping malls and outlets which are by far the best!

Our Primary Care Group in Davenport FL is looking for a BE/BC family practice physician for their location 30 minutes from Orlando FL. Outpatient Only. Bilingual a must!

Preferred skills/experience:  candidate must be BE/BC and have their boards scheduled. Ability to obtain a FL license. New residents are welcome to apply.

Benefits:            
Excellent Compensation Plan
Health and Dental Benefits
PTO
CME Allowance $3500 and 1 week
Relocation up to 8k
Sign On Bonus 10k
Send Resume to: Julie Demps jdemps@academyphysicians.com

Bilingual Family Medicine Physician
About: Outpatient only with telephone call on their own patients.
They have 1 FT physician in Davenport and another physician who works 2 days in Davenport and 3 days in Poinciana. They are looking for a physician who can work in Poinciana full time.

Requirement: Candidate will need to sign a three year contract.
Benefits: Competitive Pay
PTO
Send Resume to: Julie Demps jdemps@academyphysicians.com

Like so many businesses, our financial institutions have hadto adapt their operations to accommodate social distancing.  Some may be offering payment deferrals orwaiving of fees in certain situations.  Hereare some updates from our local banks.

Bank of America
Bank of America's lobbies are open 10 am to 4 pm.  They are pausing mortgage and loan payments if a client calls to initiate the pause.  They are also eliminating overdraft charges if a client calls to ask.

BB&T
BB&T banks are open Monday thru Thursday from 9 am to 5 pm.  Business inside the building is by appointment only.  Friday hours are 9 am to 6 pm by appointment only.  Currently loans and lines of credit are currently as usual.

Centennial Bank
Centennial Bank's drive thrus are open from 8 am to 5 pm.  They do not have any special COVID-19 related offerings right now.

CenterState Bank
CenterState Bank is open Monday thru Friday by appointment only.  Their drive thru hours are 8 am to 6 pm.  Their loans and lines of credit are as usual.

Trustco Bank
Trustco Bank is operating under their usual hours, but limiting the number of people in the lobby at a time.  Their drive trhu is open from 8 am to 5 pm.