GNO, INC Update – 4/19/2020

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 19, 2020 Update

News

• Paycheck Protection Program Vote Likely this Week – Trump Administration officials are expressing confidence that Congress will take action this week to provide additional funding for the Paycheck Protection Program. Congressional leaders took to the airwaves Sunday morning, also saying they were optimistic that a deal would be reached soon. This latest coronavirus aid package, the fourth to be passed by Congress, would also likely include funding for the SBA’s Economic Injury Disaster Loan Program (EIDL) , as well as for testing and hospitals. You can read more here.
• State Loan Program Provides $30 million to Small Businesses – The state has allocated about $30 million to small businesses across the state through its Louisiana Loan Portfolio Guaranty Program. The program is geared towards businesses with fewer than 100 employees and offers loans of up to $100,000.  You can find more information on the program atledbizloan.com and read more 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:

• 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

—