Published On: Sun, Feb 28th, 2021

Increased Funding Available to Palm Beach County Small Businesses in Need

Palm Beach County Commissioner Robert S Weinroth announced the Biden-Harris Administration has made changes to the Paycheck Protection Plan (PPP) to include adjustments to make funding more equitable for small businesses.

There are more the 31 million small businesses in the United States. Minority-owned businesses account for 15 percent of all businesses in this country. 

The Small Business Administration has established an exclusive loan application period available through March 9, 2021. Businesses and nonprofit organizations with 20 or fewer employees are eligible. 

Under this program, sole proprietors, independent contractors, and self-employed individuals are eligible to receive more financial support. Based on how PPP loans were calculated in the past, many of these businesses were not approved.

The PPP loan calculation formula has been revised to provide more funding to these applicants. This proposal has allocated $1 billion specifically for businesses with no employees and located in low- and moderate-income areas. Additionally, the provision to exclude business owners with prior non-fraud felony convictions from obtaining relief through PPP has been eliminated, as well as the restrictions on business owners who applied to the loans but struggled with student loan payments.

The changes made in this new relief effort make a substantial impact in the aid of many businesses who have had issues with access to capital. 

“There are millions of small firms struggling to sustain as a result of the COVID-19 pandemic,” says Tonya Davis Johnson, director of the Palm Beach County Office of Equal Business Opportunity. “The decision to prioritize small and minority-owned businesses and earmark funds to specifically target these enterprises will make a tremendous difference in addressing disparities and providing recovery.”

The PPP loan program, exclusive to small and minority-owned businesses, went into effect Feb. 24, 2021, and will remain open through Tuesday, March 9, 2021.

Sole proprietors, independent contractors, and self-employed individuals are eligible to apply.

Business owners can go to local banks to apply. For more details, visit the SBA website at sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-3.

About the Author

Robert Weinroth - Robert Weinroth is a 27 year resident of Boca Raton where he is an attorney, businessman, former member of the City Council (where he served for four years) and currently serves as an elected member of the Palm Beach County Board of County Commissioners. Commissioner Weinroth went to Boston’s Northeastern University where he earned a BSBA in Management. He went on to earn his Juris Doctor at New England School of Law. He is admitted to practice law in Florida, Massachusetts, New Jersey and the Supreme Court of the United States. Weinroth served as president and general counsel of Freedom Medical Services Inc, an accredited medical supply company in Boca Raton. FREEDOMED® represented the realization of an entrepreneurial dream. Weinroth, and his wife Pamela operated the company for 16 years, eventually selling the business in 2016. Weinroth takes great pride in his past work as a volunteer Guardian ad Litem for the 15th Judicial Circuit, advocating for the needs of abused and neglected children deemed dependent by the Court. After serving on multiple community boards and committees, Weinroth was elected to the Boca Raton City Council in 2014. During his tenure, he served as CRA Vice-chair and Deputy Mayor and was appointed to a number of county boards including the Boca Raton Airport Authority, the Palm Tran Service Board, the Palm Beach Transportation Planning Agency, the Treasure Coast Planning Council and was elected a board member of the Palm Beach County League of Cities. Commissioner Weinroth serves as County Vice-Mayor and has been appointed Chair of the Solid Waste Authority, a board member of the PBC Transportation Planning Agency, and alternate representative on the Treasure Coast Planning Agency and several other county and regional boards. Robert, Pamela and their two dogs, Sierra and Siggy, are proud to call Boca Raton home.

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