Coronavirus (COVID-19) Information

Coronavirus (COVID-19) Updates

REMINDER: June 30th is the deadline for making application to the SBA for PPP

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All: It’s important to note that for your stakeholders, June 30th is the deadline for making an application to the Small Business Administration for the Paycheck Protection Program.

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and

GNO Inc Update - June 11, 2020

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News

  • Statewide Schools Update – Governor John Bel Edwards says he expects K-12 schools to open as scheduled for the 2020-21 school year. At a forum today, the Governor said the expectation is that schools will open on time and that details on what that will look like will be announced soon.
  • Updated Guidance on Paycheck Protection Program - The SBA today released its Interim Final Rule addressing changes enacted by the Paycheck Protection Program Flexibility Act. Regarding the extension of the loan term included in the Act, the guidance states that for loans made before June 5, 2020 the maturity is two years; for loans made on or after June 5, the maturity is five years. Borrowers and lenders with loans made before

GNO Inc Update - June 10, 2020

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News

  • Paycheck Protection Program Forgiveness – Borrowers using the Paycheck Protection Program will be eligible for at least partial forgiveness of their loans, even if they do not meet the new 60%/40% threshold for payroll included in the Payroll Protection Program Flexibility Act. In Congressional testimony today, Treasury Secretary Steven Mnuchin said
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