SBA Paycheck Protection Program
Based upon information we have received within the last 24 hours on the SBA Paycheck Protection Program loans, we believe there is an increased need for urgency in being prepared to apply for your loan as soon as possible, if you choose to apply for the loan. On April 1, additional information was posted by Treasury for lenders and others participating in the program. The application is also posted on the Treasury site at: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
The Florida Small Business Emergency Bridge Loan Program is currently available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19.
These short-term, interest-free working capital loans are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance.
The Florida Small Business Emergency Bridge Loan Program is not designed to be the primary source of assistance to affected small businesses, which is why eligibility is linked pursuit to other financial sources. Note: Loans made under this program are short-term debt loans made by the state of Florida using public funds – they are not grants. Florida Small Business Emergency Bridge Loans require repayment by the approved applicant from longer term financial resources.
Eligible Businesses
- Be a for-profit, privately held small business that maintains a place of business in the state of Florida.
- Be located in a designated disaster area. Eligible Florida counties per Executive Order 20-52 are: All counties statewide.
- Be established prior to March 9, 2020, the date of the designated disaster.
- Be able to demonstrate economic injury as a result of the designated disaster. The need for the loan and use of proceeds must be directly related to the economic injury caused by the designated disaster.
- The following list of business types are not eligible for assistance because of the activities they conduct:
- Businesses deriving more than one-third of gross annual revenue from legal gambling activities;
- Businesses engaged in any illegal activity;
- Businesses that present live performances of an indecent sexual nature or derive directly or indirectly more 2.5% of gross revenue through the sale of products or services, or the presentation of any depictions or displays, of an indecent sexual nature;
- Businesses that have a primary purpose of facilitating polyamorous relationships;
- Massage parlors;
- Hot tub facilities; and
- Escort services.
Expansion of Medicare's Accelerated and Advance Payments Program
In order to increase cash flow to providers of services and suppliers impacted by the 2019 Novel Coronavirus (COVID-19) pandemic, the Centers for Medicare & Medicaid Services (CMS) has expanded their current Accelerated and Advance Payment Program to a broader group of Medicare Part A providers and Part B suppliers. The expansion of this program is only for the duration of the public health emergency. Details on the eligibility, and the request process are outlined below. The information below reflects the passage of the CARES Act (P.L. 116-136).
Accelerated/Advance Payments
An accelerated/advance payment is a payment intended to provide necessary funds when there is a disruption in claims submission and/or claims processing. These expedited payments can also be offered in circumstances such as national emergencies, or natural disasters in order to accelerate cash flow to the impacted health care providers and suppliers. CMS is authorized to provide accelerated or advance payments during the period of the public health emergency to any Medicare provider/supplier who submits a request to the appropriate Medicare Administrative Contractor (MAC) and meets the required qualifications.
Eligibility: To qualify for advance/accelerated payments the provider/supplier must:
1. Have billed Medicare for claims within 180 days immediately prior to the date of signature on the provider’s/supplier’s request form,
2. Not be in bankruptcy,
3. Not be under active medical review or program integrity investigation, and
4. Not have any outstanding delinquent Medicare overpayments.
Amount of Payment: Qualified providers/suppliers will be asked to request a specific amount using an Accelerated or Advance Payment Request form provided on each MAC’s website. Most providers and suppliers will be able to request up to 100% of the Medicare payment amount for a three-month period. Inpatient acute care hospitals, children’s hospitals, and certain cancer hospitals are able to request up to 100% of the Medicare payment amount for a six-month period. Critical access hospitals (CAH) can request up to 125% of their payment amount for a six-month period.
Medicare will start accepting and processing the Accelerated/Advance Payment Requests immediately. CMS anticipates that the payments will be issued within seven days of the provider’s request. For Full Fact Sheet, Click Here.
CARES Act (Also Known As H.R. 748)
There are many tax provisions for individual, joint and corporate filers in this bill to allow for increased deductions and delayed payments. Talk to your accountant.
United Way of Palm Beach County establishes Coronavirus Response Fund
United Way of Palm Beach County has established a Coronavirus Response Fund to help meet community needs. United Way will work with funding partners to establish a unified approach to helping the community. Click here to learn more.
