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Small Business Relief Provisions - Loans and Tax Credits

PPP has been revamped for 2021 and more simple forgiveness process is implemented. If you had a PPP loan in the first round check with your bank on the latest forgiveness process. It may also be easier to go for a second round if needed by contacted your primary bank or financial institution. 

CARES Act includes potentially forgivable loans and tax credits designed to keep small businesses alive and people employed.  Watch this video for information and resources.


March 29, 2020


April 1st Updates  12:20PM 

 From SBA

  • Loans open Friday 4.3; April 10 for self-employed and independent contractors
  • Go to your bank if preferred SBA Lender
  • Per Rick Scott's office, a loan offer will be 0.5%/2 years with 6 month payment deferral - no collateral or guarantees (law says maximum 4% and 10 years)
  • For Forgiveness - 75% has to be spent on Payroll (new clarification today from SBA)
  • Be careful if you are using the 2.5x 2019 Payroll estimate to get your loan maximum....cautions if you are cutting it close to maximum to be very careful of rules  - will be watching for  "fraudulent" inflation of figures
  • If you have other outstanding loans, make sure no covenants would be breached as to total debt
  • Receiving a state bridge loan does not disqualify you
  • EIDL loans can be refinanced into Payment Protection Loan

April 3rd Updates  6:37 AM


Here are the rules the banks are reviewing from evening of April 2 as this program goes live today.

  1. It has a detailed section on step by step calculations of total amount and how to calculate amount forgiven
  2. Note independent contractors should apply on their own, not as part of your business
  3. Non-profits eligible (very unusual)
  4. Note last minute change of terms to 1%/2 years/6 month deferral on payment.
  5. No personal guarantees, no recourse, no one at the business on the hook for the loan
  6. This emphasizes first come, first serve on the $349 billion dollars so keep pressing!

If your first  favored bank is slow, try your next one. Some may be ready to process before others and these are intended to be extremely fast.

April 13 Updates 7:47 AM

Widely reported are the bottlenecks at SBA in getting these loans funded.  Banks are loaning to current customers first for the most part. If you are in the funnel you may be awaiting an application, or even have one approved. There have been delays in "closing" and few borrowers, if any, have funds in their hands.  Currently the wait time is very uncertain and will vary institution by institution.  Rumblings are Congress may add to the total amount to be loaned with the next round of stimulus.

Employee Retention Credit 

  • Emphasizing this 50% of wages credit can not be taken if you get a Paycheck Protection Loan - one program or the other only; do the calculations to see which would be best for your business

Additional Info:

Qualified Improvement Projects (restaurants, hotels, etc.)

  • Can write off instead of depreciate  money spent on capital improvements; talk to your CPA

More on Florida's Short Time Compensation Program for Employers

  • The Short Time Compensation program helps employers retain their workforce in times of temporary slowdown by encouraging work sharing as an alternative to layoff. 
  • The program permits prorated reemployment assistance benefits to employees whose work hours and earnings are reduced as part of a Short Time Compensation plan to avoid total layoff of some employees. 
  • Short Time Compensation benefits are payable when normal hours of work are reduced from 10-40 percent.



  • Employees retained during a temporary slowdown can resume high production levels when business conditions improve and are spared the hardships of full unemployment.
  • Employers avoid the expense of recruiting, hiring, and training new workers when business conditions improve. 
  • Employers who must permanently reduce their workforce can use the program as a transition to layoff. Affected employees may continue to work at reduced levels with an opportunity to find other employment before the expected layoff.