Updated 4/20/2020. City of Saint Petersburg, FL – Fighting Chance Fund
OPEN APRIL 9, 2020 AND IS FIRST-COME, FIRST-SERVE
Stroll down any Main Street, USA. Stores with closed signs. Empty storefront parking spaces. Idle exercise equipment. Uncoiffed dogs out walking. Styrofoam to go containers have taken the place of plates. Central Avenue and elsewhere across The Burg is no different.
The Fighting Chance Fund is a St Pete program that is providing 6.8 million dollars-worth of emergency grants to the approximately 900 businesses and 3,000 individuals in specific industries adversely affected by COVID-19. The grants are $5,000 to negatively affected locally-owned and independently-operated with less than 25 employees St Pete businesses and $500 to negatively affected individuals. Grants DO NOT get paid back but these types of grants are taxable income. We recommend, if you are a business, record the receipt of the grant as “Other Income” from the Fighting Chance Fund.
Defined impacted eligible industries (Specific Industries)
Restaurant: (includes full-service, limited-service, and café establishments); Bar.
Retail: (physical brick-and-mortar establishment selling merchandise).
Personal Services: Hair, beauty, and other personal services (salons, barbers, massage parlors, tattoo, spas, etc.).
Personal Care Services: (child, disabled, & elderly care services, funeral services, etc.);
Laundry services (dry cleaning, laundromats, garment repairs and alterations, etc.);
Cleaning services; Pet care services; Personal and household goods repairs & maintenance;
Fitness centers and gyms; and, Event spaces & services.
Travel agencies are now a defined, impacted eligible industry. Home-based businesses remain ineligible
Impacted Business
Impacted small business eligibility:
Locally owned and independently operated (Owners do NOT have to live within St Pete city limits;
Physically established in the city of St. Petersburg;
Must be operating within the specific industries;
Have been open for at least six months (changed from a year)
Have 25 employees or fewer;
Affirm a loss of revenue due to COVID-19; and,
Must be able to demonstrate working capital for business operations as of February 28, 2020 (as demonstrated in the Balance Sheet or other documentation deemed acceptable by the City).
Small business applications must include:
Copy of state business license issued by the Florida Division of Corporations;
Sole Proprietors – Schedule C AND Most recent Annual or Quarterly Balance Sheet and Profit & Loss Statement;
All other ownership types – Most recent Federal Corporate Income Tax Return (Form 1120S) AND Most recent Annual or Quarterly Balance Sheet AND Profit & Loss Statement;
Current St. Petersburg Business Tax Receipt;
Identification – Copy of Driver’s License, state id, school id (with photo), voter registration, or passport;
Full employee list (as of January 31, 2020 and March 31, 2020); and,
Proof of Business Address – Copy of most recent St. Petersburg Utility Bill statement OR current General Liability Insurance Policy.
Small business use of funds:
Commercial Lease payments (March, April, May 2020);
Commercial Mortgage payments (March, April, May 2020);
Employee Salary and Benefits and funding existing Payroll;
Other Sales, General, and Administrative expenses (SGA) deemed critical for business operations;
Utilities; and,
New equipment needed to assist the business to a temporary digital transition (e.g. webcams for virtual trainings, software licensing for videoconferencing, etc.)
Impacted Individual
Impacted individual eligibility:
Currently or formerly an employee at a locally owned and independently operated small business physically located in the city of St. Petersburg with 25 or less employees;
A resident of St. Pete;
Terminated, furloughed or experienced a salary reduction of at least 50% after March 17, 2020; and,
Must be/have been an employee of a business that is in one of the specific industries.
Individual applications must include:
Copy of Driver’s License, state id, school id (with photo), voter registration, or passport;
Copy of your pay stubs from March 1, 2020 to the present; and
Termination Letter (if available).
We also think copy of an unemployment claim wouldn’t hurt.
APPLY HERE http://www.stpete.org/assistance/fighting_chance_fund.php
We strongly encourage small businesses and residents of other cities and towns to see if a similar program is available.
We are here to guide you through this process and anything else to help you get through COVID-19. Email [email protected]. Please put COVID-19 in the subject line. Or call us at 727-327-1999.
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Stay safe. Stay strong.
COVID-19 DISCLAIMER:
During this time, you will notice more emails from Carol McAtee & Associates CPAs as we do our best to keep on top of what we think is important to you.
Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. And the interpretations are changing daily, if not hourly. Deadlines and due dates are being extended and re-extended. Please keep this in mind as we get through this together.
