GNO Inc Update - June 16, 2020

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News

  • Economic Injury Disaster Loans (EIDL) Program Accepting Applications The Small Business Administration (SBA) announced that it would begin accepting new EIDL and EIDL Advance applications from qualified small business and agricultural businesses. The SBA had previously halted accepting new applications as of April 15. Any applications that were submitted prior to April 15 will be processed on a first-come, first-served basis. Small business that are eligible can receive advances that do not have to be paid back ($1,000 per employee up to a maximum of $10,000). To learn more

GNO Inc Update - June 15, 2020

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  • Louisiana Grant Program for Small Businesses - A $300 million grant program for small businesses in Louisiana will be rolled out soon, after being signed into law by the Governor. The Louisiana Main Street Recovery Program was passed by the Legislature and will provide grants of up to $15,000. Eligibility requirements for businesses include:
    • It had fewer than 50 employees on March 1, 2020
    • It was domiciled in Louisiana as of March 1, 2020
    • It suffered an interruption of business caused by forced or voluntary closures, or restricted operations due to social distancing measures, decreased customer demand, cleaning or disinfection expenses, and providing personal protective equipment
Businesses that received a Paycheck Protection Program loan are not initially eligible. The program is funded by federal CARES Act dollars and will be administered by the state treasurer who will present a plan this week for distribution of the funds. For an article summarizing the legislation, please

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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  • 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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