GNO, INC Update – 4/5/2020

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 5, 2020 Update

News

• Paycheck Protection Program – The forgivable loan program enters its first full week of applications tomorrow.
  • GNO, Inc.’s overview of the program is here.
  • You can find the latest guidance on the U.S. Department of Treasury website here.
  • Finally, there is a GNO, Inc. webinar, with questions and answers, here.
• Employee Retention Credit – The Employee Retention Credit is another tool to help businesses keep employees on their payroll.  The Employee Retention Tax Credit is a 50% tax credit for the first $10,000 of compensation, including the employer portion of health benefits, for each eligible employee. There are no business size limitations.  In order to qualify, companies must have fully or partially suspended operations to comply with government prevention mandates, or have gross receipts at less than 50% of a comparable quarter last year.
• For a guide to the Employee Retention Tax Credit from the US Chamber of Commerce, click here.
• To access IRS Form 7200, which is needed to claim the credit, click here.
• To find the IRS’ answers to FAQs about the credit, click here.

NOTE: If a business is receiving a loan under the Paycheck Protection Program, they are NOT eligible for the Employee Retention Tax Credit, as this would be considered “double dipping” for the same payroll and the same workers.

Information

• Looking for COVID-19 Supplies/Services? – If you are looking for PPE, sanitizer, food providers, and other related products and services that can help in the fight with coronavirus, please see the GNOpivot Resource Tool for a sortable list of local companies who have “pivoted” to providing these emergency provisions.

Tips

• Looking for Customers? – If you have pivoted your business to make a new, coronavirus-related product, register on GNOpivot.
• Looking for Employees? – A database of local talent looking for new job opportunities, including quick employment history and skills summary, is on the WorkNOLA Workforce Directory.
• Looking for Work? – New opportunities are onWorkNOLA.com.

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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