Darren Richards

Federal Reserve Expands $600B Main Street Lending Program  Earlier today, the Federal Reserve expanded its $600B Main Street Lending Program. The minimum loan amount has been reduced to $500,000 to make the program available to small businesses. Additionally, larger businesses will now also qualify for the program, as companies with up to $5B in revenue can…

Governor DeSantis Announces Phase 1 of Reopening Florida Plan  Governor DeSantis has announced “Phase 1” of his plan to reopen Florida’s economy, which will begin on May 4. Florida schools will continue with distance learning and movie theaters, bars, gyms, salons, and barbers remain closed. Nonessential retail stores can reopen at 25% capacity and…

Updates From Governor DeSantis on Reopening the State  Speaking yesterday, Governor DeSantis described his plans to reopen the state as “very methodical” and “data-driven”. He also suggested that parts of the state may reopen before others. The governor is expected to announce his ‘Phase 1’ plan tomorrow.   DeSantis: All Floridians Can Now Get a COVID-19 Test  Governor DeSantis announced…

Re-Open Florida Task Force Public Comments  Governor DeSantis’ Re-Open Florida task force is taking public comments. Submit your comments relating to re-opening the state’s economy here: https://app.smartsheet.com/b/publish?EQBCT=59c1681fac504b6ab8da108d52501c92.  Paycheck Protection Program Restarts  The Small Business Administration’s Paycheck Protection Program restarted today after receiving an influx of additional funds at the end of last week. Lenders around the…

$480 Billion Package Approved By House, Signed By Trump  The U.S. House of Representatives voted yesterday to approve a $480 billion COVID-19 relief package. The funds will be used to help small businesses and hospitals and increase levels of testing.  Included in the final bill is $310 billion in additional funding for the SBA’s Paycheck Protection Program. President Trump signed…

Florida Unemployment Levels Break More Records  More than 505,000 first-time claims were made during the week ending on April 18, breaking the previous record set during the week ending on March 28. According to the Tampa Bay Business Journal, Florida’s increase in claims was larger than any other state. Of those applying for unemployment benefits between…

Institute for Health Metrics and Evaluation Sets Target Date for Florida to Relax Social Distancing Restrictions  The Institute for Health Metrics and Evaluation has set target dates for every state as to when social distancing restrictions can be released. These estimates are based on assumptions that a certain level of…

Governor DeSantis’ Task Force to Reopen Economy Meets   Governor DeSantis’ task force to reopen Florida’s economy met via conference call yesterday. The task force will oversee three working groups, ranging from low-risk industries (i.e. finance and government) to high-risk industries (i.e., restaurants and tourism). The task force identified testing as “key” to reopening Florida businesses.  Hillsborough County…

Governor DeSantis Planning for Phase Two of State COVID-19 Response  Governor DeSantis has announced he is working on a plan to launch phase two of the state’s response to the COVID-19 pandemic, which he hopes to announce next week. Particularly, DeSantis has stated that he is looking to update protocols for restaurants and large events and increase testing.  Economic…

Small Business Administration’s Paycheck Protection Program Out of Funds  The Small Business Administration’s Paycheck Protection Program, which had a $349 billion budget, has disseminated all of its funds. Over a million loans were approved through the program. The SBA has announced that no new applications will be accepted and no new lenders will be enrolled. This program…