June 10, 2020 Update
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 that borrowers who spend less than the 60% on payroll will be eligible for partial loan forgiveness, as long as 60% of the forgiven amount was spent on payroll. You can read more in the SBA’s press release which also reminds potential borrowers that the deadline for a loan to be approved remains June 30, 2020.
- Federal Loan Programs Comparison – With the Main Street Lending Program set to come online soon, GNO, Inc. has produced an updated chart comparing it alongside the Paycheck Protection Program (PPP). While the Paycheck Protection Program offers partially forgivable loans, the Main Street Lending Facility loans must be paid back fully over a five-year term. More information on the Main Street Lending Program can be found here. To sign up for a Federal Reserve webinar on the program, you can register here.
Information & Resources
- Coronavirus Supplies – If you are looking for PPE, sanitizer, food providers, and other related products and services, search the GNOpivot Marketplace.
- Coronavirus Customers – If you have pivoted your business to make a new, coronavirus-related product, register on GNOpivot.
- 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 the WorkNOLA Workforce Directory. GNOmatch provides custom connections between companies with lay-offs, and those hiring for transferable skills.
- General Information – A range of guides and materials are catalogued 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
