GNO Inc Update - June 03, 2020
June 3, 2020 Update
News
- Congress Approves Paycheck Protection Program Flexibility – The U.S. Senate has approved changes that give more flexibility to businesses participating in the Paycheck Protection Program (PPP). The bill makes several key changes to the program, including:
-
- Extending the window of time to spend loan funds eligible for forgiveness, from 8 weeks currently to 24 weeks (December 31, 2020)
- Revising the current 75%/25% rule to 60%/40%, so that now only 60% of a loan must be spent on payroll to make it eligible for forgiveness. The remaining 40% may be spent on business expenses such as rent, mortgage interest and utilities
- Extending the loan term from two to five years for the portion of the loan that is not forgiven
The bill already passed the House of Representatives, which means it now goes to the President's desk. To read more, click here. The latest SBA report on PPP loan approvals shows $510 billion of the $660 billion has been allocated, including over $7B to Louisiana.
- LAsmallbizonline.com – Louisiana Economic Development (LED) has partnered with e-commerce platforms to launch LAsmallbizonline.com. The website provides Louisiana small business owners with enhanced customer service and other resources to assist in setting up e-commerce capabilities.
- Phase 2 for Reopening the Economy –Beginning Friday, Louisiana will move to Phase 2 for reopening the economy. Under Phase 2, all business that were previously allowed open will be able to increase capacity from 25% to 50%, while still maintaining 6 feet of distance amongst patrons. Further, bars and breweries without LDH food permits will be allowed to open at 25% occupancy seated, in addition to event centers, public pools, tattoos parlors, and spas being allowed to open with social distancing restrictions. You can learn more about Phase 2
June 3, 2020 Update
News
- Congress Approves Paycheck Protection Program Flexibility – The U.S. Senate has approved changes that give more flexibility to businesses participating in the Paycheck Protection Program (PPP). The bill makes several key changes to the program, including:
-
- Extending the window of time to spend loan funds eligible for forgiveness, from 8 weeks currently to 24 weeks (December 31, 2020)
- Revising the current 75%/25% rule to 60%/40%, so that now only 60% of a loan must be spent on payroll to make it eligible for forgiveness. The remaining 40% may be spent on business expenses such as rent, mortgage interest and utilities
- Extending the loan term from two to five years for the portion of the loan that is not forgiven
The bill already passed the House of Representatives, which means it now goes to the President's desk. To read more, click here. The latest SBA report on PPP loan approvals shows $510 billion of the $660 billion has been allocated, including over $7B to Louisiana.
- LAsmallbizonline.com – Louisiana Economic Development (LED) has partnered with e-commerce platforms to launch LAsmallbizonline.com. The website provides Louisiana small business owners with enhanced customer service and other resources to assist in setting up e-commerce capabilities.
- Phase 2 for Reopening the Economy – Beginning Friday, Louisiana will move to Phase 2 for reopening the economy. Under Phase 2, all business that were previously allowed open will be able to increase capacity from 25% to 50%, while still maintaining 6 feet of distance amongst patrons. Further, bars and breweries without LDH food permits will be allowed to open at 25% occupancy seated, in addition to event centers, public pools, tattoos parlors, and spas being allowed to open with social distancing restrictions. You can learn more about Phase 2 plans here. Specific guidance will be provided by the Fire Marshal’s Office via opensafely.la.gov.
- New Orleans officials said today that Orleans Parish may move into a “modified Phase 2” next week. You can read more here.
Information & Resources
- Coronavirus Supplies – If you are looking for PPE, sanitizer, food providers, and other related products and services, search the GNOpivot Marketplace.
- Coronavirus Customers – If you have pivoted your business to make a new, coronavirus-related product, register on GNOpivot.
- Work – If you want a job in a sector that is surging right now, new openings are on WorkNOLA.com.
- Employees – A database of local talent looking for new job opportunities, including quick employment history and skills summary, is on the WorkNOLA Workforce Directory. GNOmatch provides custom connections between companies with lay-offs, and those hiring for transferable skills.
- General Information – A range of guides and materials are catalogued on the GNO, Inc. Coronavirus Business Resource Page.
Please feel free to contact me mhecht@gnoinc.org or VP Policy Ileana Ledet at iledet@gnoinc.org with any questions or suggestions.
Take care,
Michael
plans here. Specific guidance will be provided by the Fire Marshal’s Office via opensafely.la.gov.
- New Orleans officials said today that Orleans Parish may move into a “modified Phase 2” next week. You can read more here.
Information & Resources
- Coronavirus Supplies – If you are looking for PPE, sanitizer, food providers, and other related products and services, search the GNOpivot Marketplace.
- Coronavirus Customers – If you have pivoted your business to make a new, coronavirus-related product, register on GNOpivot.
- Work – If you want a job in a sector that is surging right now, new openings are on WorkNOLA.com.
- Employees –A database of local talent looking for new job opportunities, including quick employment history and skills summary, is on the WorkNOLA Workforce Directory. GNOmatch provides custom connections between companies with lay-offs, and those hiring for transferable skills.
- General Information – A range of guides and materials are catalogued on the GNO, Inc. Coronavirus Business Resource Page.
Please feel free to contact me mhecht@gnoinc.org or VP Policy Ileana Ledet at iledet@gnoinc.org with any questions or suggestions.
Take care,
Michael
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