GNO, INC Update – 4/20/2020

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 20, 2020 Update

News

• Additional Funding Deal Nears ­– The White House and congressional leaders say they are close to a deal to provide additional coronavirus relief funds.  The Trump administration and Democrats say they have nearly clinched a deal to provide roughly $300 billion in new money for the exhausted Paycheck Protection Program.  The deal would also provide about $60 billion in loans for the EIDL loan program, $75 billion for hospitals and $25 billion for coronavirus testing. The package also includes language singling out $60 billion of the Paycheck Protection Program’s aid for small businesses to those businesses without access to large financial institutions.
• Aid for State and Local Governments – Louisiana Senator Bill Cassidy has proposed $500 billion in funding to aid state and local governments. The bipartisan proposal would include three equal pots to be divided among state and local governments. The first would be split based on population; the second based on a state’s share of the nation’s coronavirus infections; and the third pot based on how badly tax revenue has fallen. Cities would have discretion on how to utilize the fund, and any city with a population of at least 50,000 residents would qualify for direct aid.
•  Non-Emergency Surgeries Resume – Today, Governor John Bel Edwards announced that beginning April 27^th  certain non-emergency medical procedures will be allowed to resume.  In order to be permitted, procedures would have to be to avoid further harm from an underlying condition or disease; to treat a time-sensitive conditions; or to treat an emergency condition.  Each facility must have plan in place to monitor coronavirus systems, practice social distancing, and have minimum five day supply of PPE.
• GNO Match – GNO, Inc. has launched a new program, GNO Match, to connect companies that are incurring layoffs with companies that are currently hiring in the same industries, or complimentary ones.  Businesses interested in participating can complete a “workforce impact” form 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

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