GNO Inc Update - June 05, 2020

June 5, 2020 Update

News

• Louisiana Moves into Phase 2 – On Friday, Louisiana moved into 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.  Phase 2 is currently scheduled for 21 days, until June 26.  Here is an overview of Phase 1 versus Phase 2:

• President Trump Signs PPP Flexibility into Law – On Friday, President Donald Trump signed into law the Payroll Protection Program Flexibility Act, to modify the Paycheck Protection Program to provide more flexibility to businesses as they work to recover in wake of the coronavirus crisis.  The new legislation will:
• Extend the time period in which PPP loan recipients must spend the proceeds, in order to get forgiveness, from 8 weeks to 24 weeks
• Reduce payroll spending requirement from 75% to 60%
• Remove a reduced-headcount penalty for businesses facing workforce challenges
• Allow businesses participating in the PPP to benefit from payroll tax deferment

You can read more about the PPP changes here.

• End of Week 1 of the Special Session - Friday marked the conclusion of week one of the special session.  Click here for a one-pager  recapping some of the significant legislation that was passed during the regular session.  All of these bills now go to the Governor for signature or veto; if they are vetoed, some may return in the special session. 

While the state budget is the primary measure that legislators must approve during the special session, the call lists 41 items , including the corporate franchise tax, state incentive programs, sales tax collection and limited tort reform.  The special session must adjourn by June 30.

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.