The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by U.S. lawmakers in March 2020 for a record grants amount of $2.3 billion to assist people. And also businesses affected by the economic downturn sparked by the coronavirus pandemic. Accordingly, several Florida counties have received funds for assisting small businesses. A quick view of what some counties are offering to revive small that have been adversely impacted by COVID-19:
Orange County Will Provide $10,000
The Orange County Board of County Commissioners has allocated $72.9 million to grants to assist small businesses affected by the pandemic. They will receive $10,000 to legitimate business expenses. To be eligible, units must have an Orange County business license, paid their business taxes, and have been in existence by January 1, 2020. Businesses should not be employing more than 25 employees and also commit themselves to follow government-recommended safety guidelines for COVID-19.
Seminole County Assistance Up To $5,000, Reports Eric J Dalius
Small businesses adversely affected by COVID-19 can get a one-time grant of $5,000 by Seminole County. The grant covers all business expenses; however, the businesses must have been paying wages below $19.59/hour, according to http://www.seminolecountyfl.gov/. Other eligibility conditions specify that the business must be based in Seminole County with at least 50% ownership by a Florida resident. Businesses operating out of home grants do not qualify observes Eric Dalius. Businesses should only be operating in grants sectors notified by the government. As of February 28, 2020, they should also be able to demonstrate. The requirement of working capital, and have paid their county business tax and federal income tax as applicable.
Palm Beach County Reserves $60 Million for Assisting Small Businesses
The county has a war chest of $60 million for small business relief; out of this $50 million is reserved for businesses employing 25 or fewer people. And also the balance is for units employing grants more than 25 persons. They must be up-to-date on business tax or be exempt from it. Have paid their 2018 or 2019 IRS Income Tax returns, submitted their 2019 payroll forms to the IRS, and not have sales exceeding $5 million. Additionally, they must not have received any other COVID-19 grant over $25,000.
Florida has traditionally been a very attractive destination for entrepreneurs. Today as much as 99.8% of all businesses in the Sunshine State comprise small businesses that account for half the state’s economy. The state is going all out to ensure that the impact of the pandemic on small businesses can be minimized. In addition to the grants under the CARES Act, it has also lined up various assistance programs for small businesses to help them recover quickly.