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Welcome to the MIATC

MIATC welcomes you to the Treasure Coast’s recreational boating and marine industry website. The Marine Industries Association of the Treasure Coast, Inc. (MIATC) is a not-for-profit trade association composed of members in Martin, St. Lucie, Indian River and Okeechobee counties who are dedicated to the promotion of pleasure boating and its related industries through education of our members and the boating public.

Everything You Need To Know About COVID-19

All boat ramps will be closed as of today (4/3/2020). Commercial fishing will be allowed 24/7 at Sandsprit Park. Commercial Fishing License will need to be presented. We hope everyone stays safe at this time.

Tell Us the Impact: Governor DeSantis recently activated the Emergency Business Damage Assessment Survey for Coronavirus (COVID-19). Please convey the impact on your business by taking the survey online at floridadisaster.biz. so potential future resources can be identified and aligned to Martin County and the Treasure Coast. We have prepared a short survey so we can convey local impacts to Federal and State legislators. Take the Survey

St. Lucie County 

PLEASE READ IF YOU ARE SEEKING TO APPLY FOR A SMALL BUSINESS ADMINISTRATION (SBA) ECONOMIC INJURY DISASTER LOAN PROGRAM (EIDL)

This loan provides access to capital up to $2 million with an interest rate of 3.75% (2.75% for non-profits) and a term of up to 30 years.
Click here for more information:  https://disasterloan.sba.gov/ela/Home/OfflineApply
(Please use this offline link to access the application site and click “Apply Online” on the top right hand corner)

SMALL BUSINESS DEVELOPMENT CENTER (SBDC) SMALL BUSINESS EMERGENCY BRIDGE LOAN has begun reviewing and approving applications to provide businesses immediate access to short-term capital.
The loan program offers access to capital up to $50,000 for 12-months at 0% interest.  Click here for more information: https://floridadisasterloan.org/

The Department of Economic Opportunity has prepared a Reemployment Assistance COVID-19 FAQ for employers and employees seeking to better understand the Unemployment Compensation Insurance assistance program. Please CLICK HERE to view and please share with anyone you feel may benefit from this information.

SEBASTIAN RIVER

TAX UPDATES

The IRS had unveiled a new PEOPLE FIRST INITIATIVE which includes a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.
Please click here to read how these initiatives can best assist you and your business in this challenging time.

UNEMPLOYMENT ASSISTANCE
The FLORIDA DEPARTMENT OF ECONOMIC OPPORTUNITY  has extended the UNEMPLOYMENT BENEFITS HOTLINE HOURS to better serve individuals seeking assistance.  The hotline is now available seven days a week at 1-800-681-8102.
Governor DeSantis has waived the eligibility requirements for claimants currently seeking unemployment.  Claimants do not need to register with the state job search portal (Employ Florida) and do not need to submit the number of employers they contact each week.  The suspension of these requirements has a retroactive start date of March 15, 2020 through May 2, 2020 pursuant to Governor’s Order 20-52.  Click here to view the Department of Economic Opportunity Emergency Order 20-011.

Please continue to view and share our COVID-19 Business Assistance Web Portal at https://youredc.com/grow_your_business/wr for updated information on programs and services to assist your business and employees, and please do not hesitate to contact us if you have any questions or need assistance.

The most The web portal can be viewed on our website at https://youredc.com/grow_your_business/wr.

As the Families First Coronavirus Response Act becomes effective on April 2, 2020, the IRS has released an easy to understand news release on the implementation of the paid leave for workers and tax credits for employers.  We thought this would be a valuable read as you continue to learn about this act and how it may impact you and your business.  Please click here to view the brief: https://youredc.com/images/uploads/IR-20-57_IRS_2020-Families_First_Act.pdf

Please continue to visit the St. Lucie County Business Assistance Web Portal at https://youredc.com/grow_your_business/wr for up-to-date federal, state and local resources to assist you and your business during this time, and do not hesitate to contact us if you have any questions or need assistance.

If you are experiencing an upcoming need to reduce workforce hours, please learn about the Short-Time Compensation available to offset lost wages due to workforce reduction of hours and to avoid layoffs.  Example:  An employee normally works a 40 hour work week. The employee’s work week is reduced by eight hours or 20 percent. If the employee had been laid off and totally unemployed and determined eligible for UC, the individual would have received a weekly benefit amount of $275.00. The employer submits an STC plan and the plan is approved. Under the STC plan, the employee would receive $55.00 of benefits (or 20 percent of $275) in addition to the 32 hours of wages earned from the employer.  More information can be found at http://www.floridajobs.org/office-directory/division-of-workforce-services/reemployment-assistance-programs/short-time-compensation-program-for-employers

Economic Injury Disaster Loans
The Small Business Administration is offering low-interest loans to small businesses and private non-profit organizations that have been financially impacted by the Coronavirus (COVID-19). Small businesses in Florida who meet the eligibility criteria are qualified for this assistance as of yesterday:
  • Loans are available up to $2 million to help meet financial obligations and operating expenses.
  • Loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
  • You can see if your business qualifies and apply for assistance at disasterloan.sba.gov.

If you are contemplating the need for access to capital or a reduction in workforce hours, please review the FAQ for available programs to assist you.   I have also included a snapshot of the available programs below:

  1. Small Business Bridge Loan Program (SBDC):  0% interest; 12 month term; up to $50,000 loan; must have 2-100 employees
  2. Economic Injury Disaster Loan Program (SBA): 3.75% interest (2.75% for non-profits); up to 30 year term; up to $2 million loan; the under 100 employee restriction does not apply for this program: https://posey.house.gov/uploadedfiles/sbacovid19resources.pdf
  3. Short-Time Compensation (STC): available to offset lost wages due to workforce reduction of hours and to avoid layoffs. Example:  An employee normally works a 40 hour work week. The employee’s work week is reduced by eight hours or 20 percent. If the employee had been laid off and totally unemployed and determined eligible for UC, the individual would have received a weekly benefit amount of $275.00. The employer submits an STC plan and the plan is approved. Under the STC plan, the employee would receive $55.00 of benefits (or 20 percent of $275) in addition to the 32 hours of wages earned from the employer.
Florida Emergency Bridge Loans
Governor DeSantis has also activated the Florida Small Business Emergency Bridge Loan Program:
  • Florida small business owners with 2 to 100 employees impacted by COVID-19 are eligible for short-term, interest free loans up to $50,000.
  • Learn more and apply at floridadisasterloan.org.
Payroll Tax Deductions
Legislation recently signed into law creates a refundable payroll tax credit to reimburse small businesses for paid sick, family and medical leave paid to employees that are affected by COVID-19. More information on this tax credit can be found at irs.gov/coronavirus.
In the meantime, for more information on the coronavirus and recommendations on how to keep your family safe, please visit CDC.gov/coronavirus. I would also encourage you to sign up to receive updates on the coronavirus.

President Trump signed the Families First Coronavirus Response Act (FFRCA) effective on April 2, 2020.  This new law requires employers with up to 500 employees to provide paid sick leave and paid family leave while also providing a refundable payroll tax credit to employers to cover 100% of the cost of wages.   Click here to view the House of Representatives FFCRA H.R. 6201 text language.  St. Lucie EDC investor partner, DEAN MEAD Attorneys at Law, wrote a great brief on FFCRA titled “What Employers Need to Know“.  Please click the link to view:  https://www.deanmead.com/2020/03/familys-first-coronavirus-response-act-passed-what-employers-need-to-know/.

We have included below a recap of our daily briefs sent this week for easy reference.  We will continue to keep you informed with the most current information available to assist your business and employees during this challenging time.  Our COVID-19 Business Assistance Resource Web Portal is available and continually updated with all federal, state and local resources at your fingertips.  We encourage you to share with your employees and local connections.

Please also make sure you continue to be vigilant:

  • Frequently wash hands and surfaces
  • Refrain from touching your face
  • Stay home if you’re feeling sick
  • Limit close contact with others.

Resources for Veterans:

Veterans who are concerned they may have symptoms of coronavirus (fever, cough, shortness of breath) are ‎encouraged to contact 1-877-741-3400 or visit va.gov/coronavirus. You can also contact the West Palm Beach VA medical center by calling 561-422-8262.

Out of an abundance of caution, all patients arriving at the VA will be screened for flu-like symptoms before they enter in order to protect other patients and staff. The Department of Veterans Affairs has informed me that they are working to ensure they have enough tests, beds and protective gear to treat any veterans who need it. I will keep pressing them to ensure that happens!

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