GNO, INC Update – 4/21/2020

Regional Stakeholders,

During a crisis, timely, accurate, and actionable information is important.  In order to help you get this information, GNO, Inc. is sending out regular updates.  Please see below, and feel free to forward.

April 21, 2020 Update

News

• Senate Passes Additional Small Business Funding Package – This afternoon, the Senate passed a new $480 billion relief package.  The deal includes $310 billion for the Paycheck Protection Program, with $60 billion of that set aside for smaller lending institutions.  Further, the deal also includes:
  • $50 billion for SBA Economic Injury Disaster Loans (EIDL)
  • $10 billion for SBA EIDL Advance grants
  • $75 billion for hospitals and health care providers to support for Covid-19 expenses and lost revenue
  • $25 billion for research to develop, validate, manufacture, purchase and administer Covid-19 tests

This bill also clarifies that agriculture enterprises are eligible for PPP.  The bill will now head to the House for a vote later this week.  You can see the actual legislative texthere.

• Governor Signals Changes to Stay-at-Home Orders Beginning May 1 – Speaking at his daily press conference, Governor John Bel Edwards said that some of the restrictions included in the state’s stay-at-home order may begin to be changed May 1.  Measures such as continued social distancing will be part of any new guidelines issued by the state, and the Governor noted the transition has started with the lifting of many restrictions on medical procedures beginning April 27.  Tomorrow is the first meeting of the Governor’s Resilient Louisiana Commission which will help the governor develop ideas for the state’s economic recovery.
• National Site Selector Perspective – Today, two national site selection consultants joined GNO, Inc. to discuss how they and their clients are responding to the coronavirus pandemic. This session included information on recent industry trends and provided insight into economic development recovery best practices. You can see a recording of the session here.

Information

• Employee Retention Tax Credit (ERTC) – GNO, Inc. has created an Employee Retention Tax Credit overview and FAQs. The ERTC is designed to encourage businesses to keep employees on their payroll, and provides employers a 50% tax credit for the first $10,000 of compensation an employer pays eligible employees – that is, it can be worth up to $5,000 per employee.  Note:  The ERTC cannot be used at the same time as the Paycheck Protection Program (PPP).
• GNO, Inc., LRA and NO&Co. Webinar –Partner Webinar:  Help for Hospitality (Thur., 4/23, Noon) – GNO, Inc., and partners at the Louisiana Restaurant Association and New Orleans & Company present this webinar, which will include an in-depth discussion about local and national relief opportunities for businesses and workers in the hospitality industry.  Presenting experts will address a range of programs, including the Employee Retention Tax Credit and Paycheck Protection Program. The webinar is open to the public.  You can sign uphere.
• “Loan Gumbo”:  Determining Which Loan is Best for You – GNO, Inc. has released the following information to help businesses determine which loan product and other assistance is best for their needs:
• Coronavirus Loan Comparison Chart– click here
• Loan Gumbo Webinar Video – click here
• FAQs on the Paycheck Protection Program and other loans – click here

Resources

Are you looking for:

• NEW RESOURCE – GNO, Inc. introduces GNOmatch, whereby we provide custom connections between companies with lay-offs, and those hiring for transferable skills.
• Online Training? – A catalogue of opportunities for online training from the region’s higher education partners and private training providers can be found here.
• 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 theWorkNOLA Workforce Directory.
• COVID-19 Customers/Purchasers? – If you have pivoted your business to make a new, coronavirus-related product, register onGNOpivot.
• COVID-19 Supplies/Services? – If you are looking for PPE, sanitizer, food providers, and other related products and services, search the GNOpivot Resource Tool.

As always, general information is on the GNO, Inc. Coronavirus Business Resource Page.

Please feel free to contact me [email protected] or VP Policy Ileana Ledet at [email protected] with any questions or suggestions.

Take care,

Michael

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