Carol McAtee's Blog

City of Saint Petersburg – Fighting Chance Fund

REOPENS THURSDAY, APRIL 30, 2020
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 businesses and individuals in specific industries. The grants are $5,000 to negatively affected locally-owned and independently-operated St Pete businesses and $500 to negatively affected individuals. Grants DO NOT get paid back.

Defined impacted eligible industries (Specific Industries)

Restaurant (includes full-service, limited-service, and café establishments);
Bar;
Retail (physical brick-and-mortar establishment selling merchandise); and,
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;
Event spaces & services; and,
Travel agencies and tour operators.

Impacted Business

Impacted small business eligibility:

Locally owned (at least 50% locally owned by residents of St. Pete) and independently operated;
Business must occupy a commercial physical establishment (brick and mortar) located in the City of St. Petersburg – Home-based businesses are presently ineligible;
Must be operating within the specific industries;
Must have been operational for at least six months;
Have 25 employees or fewer, including those under a PEO;
Affirm a loss of revenue due to COVID-19;
Must be able to demonstrate working capital for business operations as of February 29, 2020;
Individual businesses that operate within a co-working space and individual business owners leasing space from another business are now eligible to apply.

Small business applications must include:

Copy of state business license issued by the Florida Division of Corporations;

Sole Proprietors – 2018 OR 2019 Schedule C;
C-Corps – 2018 OR 2019 Form 1120, U.S. Corporation Income Tax Return;
S-Corps, LLCs – 2018 OR 2019 Form 1120S, U.S. Income Tax Return for an S Corporation; and,
Partnerships – 2018 OR 2019 Form 1065, U.S. Return of Partnership Income.

If registered as a business for less than a year – provide a balance sheet or an income statement.

Current St. Petersburg Business Tax Receipt;
Copy of Driver’s License OR state ID;
Full employee list (as of January 31, 2020 and March 31, 2020); and,
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%; and,
Must be/have been an employee of an eligible business-Industry AND Location.

Individual applications must include:
Copy of Driver’s License, state-issued ID, Student ID (with photo), voter registration, or passport OR any other acceptable form of identity IAW Form I-9, Employment Eligibility Verification;
Copy of most recent pay stub prior to March 17, 2020 and most recent pay (if applicable) OR bank statement from March; and,
Termination Letter (if available).
We also think copy of an unemployment claim wouldn’t hurt.

DONATE HERE

Fighting Chance Charitable Support Fund

APPLY HERE-BUSINESS https://stpetersburgfl.viewpointcloud.com/categories/1083/record-types/6433

APPLY HERE-INDIVIDUAL https://stpetersburgfl.viewpointcloud.com/categories/1083/record-types/6432

For additional information: email: [email protected] and include Fighting Chance in the subject line.

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.
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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. Information we publish may not be updated after initial publication/dissemination.