2020 Board of Directors
The Main Street Lending Program and the PPP Loan Forgiveness has some new changes from the Federal Reserve and Congress. Some of these changes are significant, so we strongly encourage you to review these latest guides:
Guide to PPP Loan Forgiveness
- Louisiana CARES Act Funding – Spending of the $811 million in federal CARES Act funding for Louisiana will be discussed in the Joint Legislative Committee meeting tomorrow. The committee meets in Baton Rouge and the meeting can be watched online on the Louisiana Legislature website legis.la.gov.
- SBA Relaunches Match Service for Businesses - The Small Business Administration (SBA) has relaunched its Lender Match online service to connect small businesses with SBA-approved CDFIs and small lenders. The program is for borrowers interested in the Paycheck Protection Program and SBA programs other than the Economic Injury Disaster Loans. The deadline for PPP loan approval remains June 30. For more information, please click here.
Guide To The Main Street Lending Program
- Under the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses. This guide is designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.
For a full list of available guides, research, and resources, please visit uschamber.com/coronavirus.
- The MSLP will provide a total of $600 billion in financing for small and medium-sized businesses. This guide outlines how businesses can check eligibility and what they need to do to get ready to apply.
- Louisiana Grant Program for Small Businesses - 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 click here.
- Federal Main Street Lending Program Open for Business - The Federal Reserve started the process for its Main Street Lending Program today, opening the portal for eligible lenders. The program is open to businesses with fewer than 15,000 employees that were in sound financial condition before the onset of COVID-19. Loans under this program are not forgivable and have a loan term of five years. For more information, you can view the presentation delivered today by the Federal Reserve and access the Main Street Lending Program webpage here.
- Digital Literacy and Technological Upskilling – GNO, Inc. announced a partnership with the United Way of Southeast Louisiana (UWSELA) to examine digital literacy and technological upskilling needs of workers in industries hard-hit by COVID-19. The partnership with UWSELA will enable GNO, Inc. to complete a displaced worker analysis that builds on national research and identifies local trends for key industry sectors to create a workforce recovery strategy that will bridge the digital gaps and upskilling needs of the region’s workforce.
- Legislative Updates - The City of New Orleans is monitoring HB4 about the renewal of State Historic Tax Credit, which is very important for redevelopment in New Orleans. Quentin Messer shared that HB62 that provides for state income tax withholding for unemployment compensation and HB65 related to COVID-19 occupational forecasts provided by the Louisiana Workforce Commission are two of the bills put forward by the reopening taskforce. The current Special Session ends June 30.
- Federal Loan Programs Updates – If you are interested in learning more about the soon-to-be launched Main Street Lending Program, you can register for the June 15 Federal Reserve webinar here. For the latest guidance on the Paycheck Protection Program from the SBA, you can click here. For GNO, Inc.’s chart comparing the two programs, please click here.
- IRS Scam Alert and Reminder – The IRS is warning against COVID-19 fraud and other financial schemes. The IRS has seen a variety of Economic Impact Payment scams and cautions consumers to contact the IRS through the irs.gov website if they suspect fraudulent activity. Also, taxpayers who have not filed their income taxes have one month, until July 15 to file and pay their taxes. While taxpayers can request a filing extension until October 15, payments are still due by July 15. State income taxes are also due July 15.
- CDC Guidelines Released – The Centers for Disease Control and Prevention (CDC) released safety guidance for individuals. The CDC calls the guidelines “common sense suggestions,” not mandates. To read more, please click here
While the state budget is the primary measure that legislators must approve during the special session, the call lists 41 items , including the corporate franchise tax, state incentive programs, sales tax collection and limited tort reform. The special session must adjourn by June 30.
- Safety & Permits Compliance Updates
- There's been overwhelming compliance with the City's requirements for being open in Phase I.
- The biggest complaint the City is receiving is that employees are not wearing masks or not wearing them properly.
- We continue to implement a tiered enforcement strategy, that starts with a friendly visit, moves to more targeted visits, and could eventually lead to businesses losing the privilege of being open in Phase I. Only a small number of businesses currently fall into the category of willful noncompliance.
- Employees who want to make anonymous complaints about an employer who is not following requirements or providing a safe work environment should file a detailed complaint with 3-1-1 and not leave name or contact info.
- The City continues to pursue ideas like closing streets and using parklets to expand the footprint of businesses. We will share more with you in the coming days.
- If you have any ideas or suggestions about ways the City can better accommodate your business as we work toward a safe reopening, reach out to Zach, Jeff, or Courtney.
- LAsmallbizonline.com – Louisiana Economic Development (LED) has partnered with e-commerce platforms to launch LAsmallbizonline.com. The website provides Louisiana small business owners with enhanced customer service and other resources to assist in setting up e-commerce capabilities.
- Louisiana Legislature Approves Liability Protections - A set of bills that provides businesses, in compliance with guidelines, with greater protection from coronavirus-related claims is closer to becoming law. House bill 826, by Rep. Thomas Pressly, overwhelmingly cleared the Senate floor today, and the House floor unanimously last week. The measure says that no person shall be responsible for civil damages from exposure to COVID-19 in the course of business, unless there is evidence of gross negligence and the person was not in substantial compliance with applicable safety procedures. The House will review the bill one more time before it goes to the Governor. Similar bills specific to restaurants and businesses pivoting to producing and distributing personal protective equipment also were approved by state legislators.
- LCMC Health Nurse Hotline – The LCMC Health Nurse Hotline is a free service that will provide callers with COVID-19 screenings, address questions related to the caller’s health, and assist in finding the proper care. You can learn more about the program here.
- Unemployment FAQ – GNO, Inc. has produced an FAQ that answers unemployment questions, including how businesses can keep employees working while still allowing them to collect the $600 federal unemployment insurance. You can find the FAQ here.
Are you looking for:
- Coronavirus Supplies/Services? – If you are looking for PPE, sanitizer, food providers, and other related products and services, search the GNOpivot Marketplace.
- Coronavirus Customers/Purchasers? – 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.
.WorkNOLA Workforce DirectoryA database of local talent looking for new job opportunities, including quick employment history and skills summary, is on the
- GNOmatch provides custom connections between companies with lay-offs, and those hiring for transferable skills.
- Online Training? – A catalogue of opportunities for online training from the region’s higher education partners and private training providers can be found here.
- As always, general information is on the GNO, Inc. Coronavirus Business Resource Page.
Spun Pre-Stressed Wood Pole Equivalent Concrete Poles - NEW
July 7, 2020
Supplier Registration Portal
|Port of New Orleans
St. Claude Avenue Bridge Rehabilitation of 1st Link Joints - NEW
June 30, 2020
EIDL REOPENED FOR NEW ELIGIBLE APPLICANTS!
SBA has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.
SBA’s EIDL program offers long-term, low interest assistance for a small business or non-profit. These loans can provide vital economic support to help alleviate temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses.
Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.
➡️ Learn more and apply: https://www.sba.gov/disaster
➡️ Read the announcement: http://ow.ly/i6mi50A8Bmf
To learn more about the relief options available for your business, click here.
Click here to learn more about available SBA loan and debt relief options.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020.
SBA EIDL/PPP Loan
Calling all local businesses!
Q93 wants to help you by giving $10,000 in FREE ADVERTISING to spread the word that you're open. A different local business will be chosen every Friday throughout the month of June.
Click here for contest details.
Searching for the Best Way to Enter a New Global Market?
Understanding the export process, planning ahead and identifying the best markets are the first steps a successful exporter takes. But how do you connect with buyers? How do you find interested distributors or partners? What about lucrative projects or trusted service providers?
FedEx is giving $1 million to small businesses.
Each grant recipient will receive $5,000, plus a $500 credit from FedEx Office that can be used for printing banners, posters, floor graphics, custom branded boxes, and more.
Please take a look at the information attached. If you are interested in moving forward with a PPP application for your small business, please complete the steps below.
STEP ONE: Familiarize Yourself with Payroll Protection Program and VERIFY WHETHER OR NOT YOU HAVE NOT RECEIVED AND/OR APPLIED FOR A PPP LOAN AT ANOTHER INSTITUTION.
STEP TWO: Complete application carefully with wet signatures and wet initials (Initial Question 5-6 and page 2)
- Page 3 of application defines payroll
- Copy of state ID
- Please be sure to add your personal SSN and address to owners portion of application
- Copy of Payroll for 2019 only (for Sole Prop and S-Corp your 2019 taxes with schedule C or K)
- NAICS CODE
STEP FOUR: A TruFund loan officer will contact you within 24 hours to get any additional information.
Paycheck Protection Program Application
SBA Disaster Loan (Economic Injury Disaster Loan) information
Payroll Protection Program information
Refer to opportunitylouisiana.com resource page for additional information.