Applications are OPEN for the Paycheck Protection Program
Applications are now open for the Paycheck Protection Program, a nearly $350 billion program to provide eight weeks of cash-flow assistance to small businesses through 100 percent federally-guaranteed loans to small businesses that maintain their payroll during this emergency.
This SBA loan program is administered through individual lenders and banks, and small business owners should contact their bank for more information. The program is also open to self-employed workers, contract workers, sole proprietors and those working on commission. These loans can be used for payroll, rent, utilities, rehiring workers, and more, and under certain circumstances, these loans can be forgiven. Small business owners should contact their preferred lending partner for more details.
- For a top-line overview of the program CLICK HERE
- If you’re a lender, more information can be found HERE
- If you’re a borrower, more information can be found HERE
- Final Borrower Application Form
- Lender Electronic Data Form
- Paycheck Protection Program – Interim Final Rule
Direct Relief Payments
The CARES Act provides refundable tax credits equal to $1,200 per individual or $2,400 for couples filing joint tax returns. An additional $500 is provided for each qualifying child under age 17.
Social Security beneficiaries who are not typically required to file tax returns will not need to file a tax return to receive the direct relief payments. Social Security beneficiaries will receive the rebate based on SSA-1099 and RRB-1099 statements.
The IRS will post updates on the direct relief payments made available by the CARES Act here. Please continue to check back for the latest information. It’s important to remember that no action is needed by most people at this time.
Community Updates – Good News of the Week
- Ochsner Health System in Louisiana has secured Abbott’s rapid COVID-19 test—this will provide results in just 5 minutes. This will be a huge asset for doctors and nurses fighting on the front lines in Southeast Louisiana.
- This week, I participated in a virtual town hall with The Advocate | The Times-Picayune to answer questions and discuss how the CARES Act will help Louisiana families, small businesses, and healthcare professionals. You can view our discussion here.
- A new rapid COVID-19 test is being offered at Tulane Medical Center’s laboratory in New Orleans. This test will give patients results in 4 hours.
- Lowe’s Home Improvement donated truckloads of supplies to help New Orleans’ healthcare professionals & first responders combat COVID-19. The materials include 30,000 N95 & P100 masks, 360,000 gloves, and hundreds of cases of cleaning products & bottled water.
- This week, Louisiana received the following disbursement from the National Strategic Stockpile: 120,900 N95 respirators, 287,022 surgical masks, 62,413 face shields, 51,375 surgical gowns, 3,528 coveralls, 368,514 gloves, and 350 ventilators.
- This week, President Trump took significant action to make 30 million barrels of the Strategic Petroleum Reserve’s oil storage capacity available to struggling U.S. oil producers. This decision will help strengthen American energy security and American energy producers. The recent efforts of Saudi Arabia and Russia to manipulate global oil markets, combined now with the COVID-19 crisis, has caused unprecedented disruptions and financial hardship to U.S. energy producers, their employees, and other workers who depend on energy exploration and production activities.
House Republican Whip