GNO Inc - March 27, 2020 Update
March 27, 2020 Update
- Emergency Stimulus Package – This afternoon, President Donald Trump signed the bipartisan Coronavirus Aid, Relief and Economic Security (CARES) Act. The $2T stimulus package includes:
- Payroll Protection Program – (see below)
- $500B Corporate Liquidity Fund – (see below)
- Individual Aid - $1,200 financial assistance for most individuals, plus $500 for children (reduced to about $75K/$150K individuals/couples)
- State Stabilization Fund - $150B to state and local governments, allocated by population
- Payroll Tax Credit Refunds – Advance refunds of payroll tax credits enacted in the Families First Coronavirus Response Act, giving employers financial assistance to pay for mandated sick and family leave
- Enhanced Unemployment Insurance – Extension of unemployment to nontraditional employees, and increased overall unemployment assistance for four months
The state of Louisiana will receive $1.8B through the stimulus package. The Governor’s office expects the state to be able to access the funds within the next 30 days.
GNO, Inc. applauds the passage of the CARES Act as it will immediately help our families and businesses struggling with the impact of the virus and shutdown.
- Paycheck Protection Program (forgivable loans) – GNO, Inc. and partners strongly advocated for the “Payroll Protection Program,” which is included in the CARES Act. The program has been described as a “crucial lifeline” for business and contains two important features:
- The loans are made directly by private, local banks and CDFIs, which will enhance speed
- The loans, if used on payroll and other operating expenses, are forgivable
You can see a draft summary of the Payroll Protection Program here. GNO, Inc. will host a webinar on the Paycheck Protection Program on Monday, March 30 at noon. You can join the webinar here. You can find more information here.
- $500B Corporate Liquidity Fund – Provides $500 billion in loans, loan guarantees, and other transactions divided into four categories:
- $25 billion for passenger airlines;
- $4 billion for cargo air carriers;
- $17 billion for businesses critical to maintaining national security; and
- $454 billion for use in loan or loan guarantees established by the Federal Reserve for eligible businesses as well as states or municipalities. Lending facilities for states and municipalities, as well as the medium-sized business and non-profit lending program, are authorized but not required to be established by the Secretary.
You can see a draft summary of the Corporate Liquidity Fund here.
- Moratorium on Insurance Policy Cancellations – The Louisiana Insurance Department has issued an emergency rule placing a moratorium on insurance policy cancellations and non-renewals. The rule applies to property and casualty insurance (e.g. auto, home), as well as health insurance. It does not absolve policyholders or businesses from paying their insurance premiums. The rule is in effect through May 12, 2020.
- Defense Production Act – President Trump has invoked the Defense Production Act to compel General Motors to produce ventilators. The President also named adviser Peter Navarro as the national policy coordinator for the Defense Production Act.
- GNOpivot – Today, GNO, Inc. launched its GNOpivot Resource Database to help connect local businesses to healthcare providers and others in need of goods and services that are being offered locally. This at-a-glance resource page allows you to filter companies by their products or services. There is a wide range of companies included in the list, all offering something to assist in flattening the curve and sustaining our economy. If you are a company that would like to be included in the database, please fill out our intake form here.
- Forgivable Loan Webinar - GNO, Inc. will host a webinar on the Paycheck Protection Program on Monday, March 30 at noon. You can join the webinar here. You can find more information here.
- Looking for Work? - In the wake of economic changes that have taken place as a result of the coronavirus, some companies are in need of workers. GNO, Inc. has compiled a running list on WorkNOLA.com of companies looking to fill immediate labor needs.
- Looking for Employees? If you have surge hiring needs because of the coronavirus, email Human Capital Manager Evie Poitevent at email@example.com and we will list your opportunities.
As always, general information is on the GNO, Inc. Coronavirus Business Resource Page.