Louisiana’s State Treasurer Schroder has announced some small businesses harmed by the coronavirus pandemic should start seeing grants from a $300 million federally financed program as soon as next month. The money is part of $1.8 billion in direct congressional relief that Louisiana received to respond to COVID-19.
Treasurer’s Office has set up a general email to receive inquiries on the Main Street Recovery Program – it’s listed here: [email protected]
This is not an LED administered program, so all questions must go to the Treasury office.
The money is part of $1.8 billion in direct congressional relief that Louisiana received to respond to the COVID-19 disease caused by the coronavirus. Most of the money is being used to fill state budget shortfalls amid the pandemic, but lawmakers set aside $300 million for the small business grants.
The grants are aimed at helping businesses that had to stop operating or otherwise incurred costs because of the virus outbreak. Businesses that qualify may receive up to $15,000 each.
Under the rules enacted by lawmakers, grants for the first 21 days only will be available to businesses that didn’t receive other federal aid through the Paycheck Protection Program or through a U.S. Small Business Administration disaster loan, and that didn’t receive insurance for interruptions to their business.
To be eligible, businesses have to be located in Louisiana. They can’t have had more than 50 full-time workers as of March 1, before Louisiana saw its first confirmed case of COVID-19. And they can’t be a subsidiary of or owned by a larger company with more than 50 full-time employees.
Under the plan passed by lawmakers, $40 million of the aid is guaranteed to be spent on grants to assist minority-owned, women-owned and veteran-owned businesses.
Congress has passed three separate bills to provide immediate resources to our medical professionals, individuals, families and small businesses. For a detailed summary of the most recent of these bills, the CARES Act, please review this document compiled by Congressman Steve Scalise’s office.
The U.S. Department of Treasury and the U.S. Small Business Administration continue to provide guidance on the Paycheck Protection Program.
This SBA loan program is being administered through individual lenders and banks, and small business owners should contact their bank for more information. Click here to use the SBA’s tool to find a nearby lender eligible to issue a loan under the Paycheck Protection Program.
Last week, the Treasury Department and the IRS launched the Employee Retention Credit, which is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. Please click here for more information from the Treasury Department.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act expands the Small Business Administration’s long-standing Economic Injury Disaster Loan Program (EIDL). The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls aftward.
The administration has released initial guidelines; they are available at www.treasury.gov. The U.S. Chamber of Commerce has issued a guide to help small businesses and self-employed individuals check eligibility and prepare to file for a loan.
Small businesses and sole proprietors can begin applying on April 3. Independent contractors and self-employed individuals can apply beginning on April 10.
The U.S. Chamber has created a guide to help small businesses, independent contractors, gig economy workers, and other qualifying individuals prepare to file for a coronavirus relief loan under the Coronavirus Aid, Relief, and Economic Security(CARES) Act. The hope is that this guide will prove to be a valuable resource for you as you begin to take the necessary steps towards accessing the fund to keep workers on the payroll during this disruptive period.
In addition to the guide, an interactive map has been compiled to show the aid available on a state-by-state basis. To view the interactive map, please click here.
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This dashboard has links to current CDC, FEMA, and other state resources. Click here for access to the dashboard
“As you look to pass accurate information to your workers and make important decisions regarding business operations, a good place to start is with the CDC’s recommended business strategies, which include:
• Actively encourage sick employees to stay home
• Separate sick employees
• Emphasize staying home when sick, respiratory etiquette and hand hygiene by all employees
• Perform routine environmental cleaning
• Advise employees before traveling to take certain steps
For more information, see below or visit the website of the Franciscan Missionaries of Our Lady Health System, a LABI member company, for a variety of other resources, fact sheets and fliers regarding COVID-19 including:
•Planning Ahead for your Business
• A checklist of questions to ask yourself in order to be as prepared as possible
• Handling Employer-Paid Leave in light of COVID-19
• Family First Coronavirus Response Act interaction with FMLA with regard to Qualifying Leave
• How COVID-19 salary reductions can affect benefit elections