GNO Inc Update - July 01, 2020

News:

• Paycheck Protection Program Extended – In a surprise move, on Tuesday, the Senate passed legislation by unanimous consent that will keep the Paycheck Protection Program (PPP) running through August 8. Today, the House also passed the extension, with no objections. The bill now heads to the President’s desk for a signature. The PPP has about $130B of the original $670B of funding remaining, but was set to shut down at midnight yesterday. You can read more here.
• Louisiana Main Street Recovery Program – State Treasurer John Schroder today released more information on the Louisiana Main Street Recovery Program which will provide grants of up to $15,000 for eligible small businesses (50 or fewer employees). The state will begin accepting applications no later than July 28. Businesses will be able to apply for reimbursement for expenses including rent, utilities, and payroll costs. More information can be found by visiting www.treasury.la.gov/main-street.
• Governor AddressesCompliance – Governor John Bel Edwards says enhanced enforcement of existing restrictions will be part of the state’s response to the coronavirus. The Governor stated that no additional restrictions are being added, but urged compliance with existing guidelines and said the State’s Fire Marshall will increase enforcement of the rules. You can read more here.
• Tax Relief for the Low-Income Housing Credit – The IRS issued a notice to provide tax relief to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects financed with exempt facility bonds, and state agencies that have jurisdiction over these projects. For certain actions scheduled to be performed and requirements to be met on or after April 1, 2020 and before December 31, 2020, owners and operators now have until December 31, 2020 to perform the actions and satisfy the requirements. You can read the full notice 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.

PPP Loan Information: 

• House joins Senate in approving 5-week PPP Loan extension. Click here to read more. 

SBA Debt Relief:

• SBA Debt Relief--The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
• The SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020.
• Click here for more information on SBA Debt Relief
• This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans.

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