October 26, 2020

Tuesday's Daily Pulse

What you need to know about Florida today

| 8/11/2020

› St. Petersburg bank, on strength of PPP loans, doubles net income in second quarter
As of June 30, First Home Bank had processed $831 million in Paycheck Protection Program loans, which boosted its net income for the second quarter to $2.345 million, a 106% increase from the same period last year, when its net income was $1.138 million. The St. Petersburg-based bank, in a press release, says its PPP loans also increased its total assets, as of June 30, to $1.470 billion. At the end of 2019, the bank’s total assets were $531 million.

› Pasco grants 3 percent employee raises
Pasco County commissioners voted unanimously last week to give their employees 3 percent pay raises after all. Earlier this year, as the financial impacts of COVID-19 were just beginning to show up, county administrator Dan Biles built in 2 percent employee raises. Not only were revenues going to be lower than expected, but others in the Pasco community were facing hard times, he explained.

› Business CARES Act applications now open in Alachua County
Applications for Coronavirus Aid, Relief, and Economic Security, or CARES, Act funds from Alachua County are now available online. Small and medium-sized businesses with up to 50 employees that can document financial hardships caused by COVID-19 are eligible to apply for funding. Businesses with 25 or fewer employees can receive up to $10,000, while businesses that have between 26 and 50 employees can receive up to $15,000.

› SeaWorld delays new roller coasters until 2021 but keeps holiday events on schedule
Iron Gwazi and Ice Breaker were supposed to be the two newest roller coasters coming to Central Florida this spring, but instead they are the latest fallout from the coronavirus pandemic. Orlando-based SeaWorld Entertainment plans to push back the opening dates to 2021 the company reported Monday, as it revealed a net loss of $131 million in the second quarter when the theme parks were closed for the majority of time.

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Florida Trend Video Pick

Vendors excited to be back at the Grand Prix after a tough year financially
Vendors excited to be back at the Grand Prix after a tough year financially

It’s been a rough year for food and beverage vendors who normally make money at big events year-round. With COVID-19, many of those events have been canceled. It’s why the Firestone Grand Prix was an exciting and welcoming time for businesses that haven’t been able to serve their normal customer base.

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