Updates to Federal Small Business COVID-19 Emergency Loans & Relief Programs
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At the end of last year, Congress passed The Coronavirus Response and Relief Supplemental Appropriations Act which made several changes to the existing COVID-19 federal small business relief programs.
PAYROLL PROTECTION PROGRAM (PPP)
The U.S. Small Business Administration, in consultation with the Treasury Department, announced that the “Second Draw” Paycheck Protection Program (PPP) has reopened for new borrowers and certain existing PPP borrowers.
Key PPP updates include:
- PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs
- PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures
- The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations
- The PPP provides greater flexibility for seasonal employees
- Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount
- Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
- Has no more than 300 employees
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
Other important changes:
- Loan Forgiveness Reduction: If you also received an EIDL grant, your PPP loan forgiveness will no longer be reduced by the amount of the grant.
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Loan Forgiveness Period: The period for which expenses count toward loan forgiveness will begin on the date of loan origination and end on a date of your choosing that is between 8 and 24 weeks after origination.
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Simplified Application: If your loan was for less than $150,000, there will be a simplified one-page application process for loan forgiveness.
ECONOMIC INJURY DISASTER LOAN (EIDL)
The new law reopens the $10,000 EIDL Grant program. Priority for the full amount of the EIDL grant will be given to small businesses with less than 300 employees, located in low-income neighborhoods, who have experienced a 30% reduction in gross receipts during any 8-week period between March 2 and December 31, 2020, compared to a comparable 8-week period before March 2. If you meet this description and received a grant that is less than $10,000 you can reapply to receive the difference.
SBA LOAN DEBT FORGIVENESS
The new law resumes the government payment of monthly principal and interest on small business loans guaranteed by the SBA under the 7(a), 504, and Microloan programs. Borrowers with loans approved by the SBA prior to the CARES Act will receive an additional three months of payments beginning in February of 2021. Those payments will be capped at $9,000 per borrower per month.
LINKS & RESOURCES
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City of Sandy Springs Restarts Public Hearings Using Hybrid Model for COVID-19 Public Hearings for zoning cases will resume in Sandy Springs beginning January 19, 2021. Due to health precautions associated with the coronavirus, the City has suspended in-person meetings, including a temporary deferment of public hearings. Under a specialized virtual model with accommodations, public hearings will resume.
COVID Relief Program Opens for Sandy Springs Non-Profits The City of Sandy Springs opened on December 23, 2020, its Request for Proposals (RFP) for non-profit organizations requesting funds allocated as part of the City's COVID Grant Program. In November 2020, the City Council allocated $220,000 to assist non-profit organizations providing support to residents negatively impacted by the coronavirus pandemic.
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Annual Business License Renewal
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It's that time of year! Business Licenses expire on December 31 of each calendar year so it's time to renew for 2021. You can renew online or in-person. In-person renewals require making an appointment. If you have questions about this process, contact [email protected] or call 770-206-2075.
As a courtesy, the City extends/offers a 90-day grace period making the deadline for renewal March 31. Failure to renew prior to 03/31/21 will result in a one-time 10% penalty.
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Business & Networking Events
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GNFCC Economic Outlook Virtual Luncheon with Dr. Rajeev Dhawan
Tuesday, Jan. 26 - 11:00AM-12:00PM
Members: Free / Non-members: $30
The GNFCC is pleased to welcome Dr. Rajeev Dhawan, Carl R. Zwerner Chair of Economic Forecasting and Director of the Economic Forecasting Center at the J. Mack Robinson College of Business, Georgia State University.
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Metro Atlanta Virtual Career Fair
Thursday, Jan. 28 - 10:00AM-1:00PM
Fair Services for Employers: Free Digital Booth with Company Branding provided by Goodwill of North Georgia, Up to 5 Staff Registrations to Help Work Booth, Technology to Conduct On-site Interviews, Ability to Share Company Documents, and Post-Fair Report of Booth Visitors.
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Executive Orders Extended
Governor Brian Kemp has extended the Public Health State of Emergency until Feb 7, 2021, and the Empowering a Healthy Georgia Executive Order until Jan. 15, 2021, with no notable changes made to the Orders. The emphasis remains to wear a mask, keep a distance, and limit large gatherings. The Orders can be found on the City's website.
You can locate a free testing site through the Fulton County Board of Health by calling 404.613.8150 or visiting their COVID-19 testing website.
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Vaccine Update
As we begin the new year, the State of Georgia is moving into phase 1a of its vaccination plan, which incorporates adults ages 65 and older, as well as law enforcement officers, firefighters, and first responders among those now able to receive the COVID-19 vaccine. The Georgia Department of Public Health website has more information about the vaccines available.
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Sandy Springs Mask Ordinance
The Ordinance, which requires individuals to wear a mask or face covering when in public spaces and not able to maintain a six-foot distance. In keeping with the Governor’s Order, private businesses can choose to require or not; however, the City’s ordinance requires that businesses that opt-out must post a notice to that effect at its entranceways.
For Businesses which choose to require masks, we have created a poster and handbill in English & Spanish that promote mask wear. For Businesses which choose to opt out of the mask requirement, we’ve provided a sign that can be downloaded and placed at the business entranceways. The language matches the requirements in the ordinance.
Enforcement: It is up to the individual business to enforce mask wear within the business.
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Has lunch become an endless stream of reheated leftovers, PB&J, and canned soup? Your office may be your living room, but you can still add a little excitement to your midday meal and support your local restaurants in the process. Whether you're ordering delivery for a virtual lunch meeting, or picking up something for a picnic at the park, we’ve made it a little easier to decide by compiling this list of restaurants who are currently open for lunch in Sandy Springs. So, give your fridge a break, and #Let’sDoLunch!
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Your Business, Moving Forward
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Your Economic Development Team
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We are here and ready to assist you however we can. We know each business has its own unique circumstances and challenges during this time, and we stand ready to do all we can to help you navigate this uncertain time. Please let us know how we can help!
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Economic Development Specialist
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This newsletter is prepared by the City of Sandy Springs. You can learn more about the City on our website at sandyspringsga.gov. You can also telephone our Call Center 24 hours a day, seven days a week at 770-730-5600.
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