EDGE Recovery Resources Update
May 6, 2020
Pinellas County announced the release of their $35 million small business fund, now open for applications by eligible businesses.

Like the St. Petersburg Fighting Chance Fund, this county fund will award a one-time $5000 per eligible business to offset the temporary losses from the COVID pandemic. Importantly, businesses that have already received the Fighting Chance Fund or other local funds may still be eligible for the county fund, as long as the funds are covering costs that are not being covered by insurance or reimbursed under any federal program.

In addition, eligibility provisions include:

• the business must be physically located in a commercial space within Pinellas County and in operation at least since Oct. 1, 2019;
• the business must be one with no more than 25 full-time employees;
• the business can be a restaurant, bar, short-term lodging and other non-essential business impacted by the local or state safer-at-home orders;
• the business cannot be a non-profit or home-based business, or one publicly traded

For a full list of requirements and the application process, go to the Pinellas County CARES webpage ( click here).
Most of you have applied for the federal CARES Paycheck Protection Program. Some of you have received your loan, some of you are still waiting. In either case, there are many unanswered questions about how the loan forgiveness program is going to work. But we have been warned that enforcement will be strict. So what can you do now to protect your business and help ensure that your loan will be forgiven?

The accounting firm of Berman Hopkins has designed a simple but effective strategy that they've shared with our Florida Main Street network so you can use it for free. We recommend that you watch their tutorial accompanied by spreadsheets you can easily implement. You will get a great overview of how the loan terms and loan forgiveness are expected to work, detailed tools for projecting your forgiveness (a Loan Forgiveness Calculator and a Qualified Expense Ledger), and strategies to minimize liability at the other end.

For the tutorial, click here and enter 5K!2i2eb for the password. The accompanying spreadsheets can be directly downloaded from the upper right corner, or click here for the Loan Forgiveness Calculator and here for the Qualified Expense Ledger.
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