Building the Foundation of Local and Regional Minority Chambers Across The State To Help Drive Louisiana's Economy Forward |
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Greetings!
As we look forward to May, I'd like to remind us that we are only a few weeks into our state's Legislative Session.
Comprised of elected officials representing regions that include all of our regional chamber affiliates, we appreciate our working relationship with the Louisiana Legislative Black Caucus (LLBC). Earlier this week, we hosted a luncheon for the caucus and reiterated our commitment to working with the LLBC on legislation that affects BIPOC (Black, Indigenous, People of Color) small-businesses and enables them to participate in both local and state procurement opportunities.
I'm sure you are aware that historically, these firms are awarded less than 2% of state procurement opportunities.
Finally, I want to congratulate U.S. Rep.-elect Troy Carter (D) and newly sworn-in U.S. Rep. Julia Letlow (R) on their recent elections. They will serve in Congress on behalf of Louisiana constituents who reside in the U.S. 2nd and 5th Congressional Districts, respectively.
Serving,
President & CEO
David St. Etienne
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Findings to be Released This Month |
As small businesses across the nation work to understand the short and long term implications on business operations, Walker’s Legacy (WL) is determined to provide a voice for the fastest growing entrepreneurial segment in the nation: multicultural women in business.
In May, Walker’s Legacy will release a report which provides quantitative and qualitative data on how COVID-19 has affected minority women in business.
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BET Founder Proposes $30B Tax Incentive for Investors in Black Businesses |
(Derek Major, Black Enterprise) - BET and RLJ Cos. founder Robert Johnson has proposed a program that will revolutionize the way Black businesses gain access to capital.
The Better Opportunity and Outcomes for Socially Disadvantaged Talent (BOOST) Act was created in the 1970s to increase minority ownership of media properties. Johnson believes if the BOOST Act was enacted by Congress, it would help elevate Black businesses. The act would help by giving tax incentives to investors and entrepreneurs who invest in minority businesses.
Incentives to invest in black businesses?
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Gov. Edwards lays out plans to spend $1.6B Federal Relief Funds in Louisiana |
(Blake Paterson, The Advocate) – Gov. John Bel Edwards recently unveiled his plan for spending $1.6 billion in federal coronavirus relief funds across the state of Louisiana. His proposal focuses on boosting tourism, investing in infrastructure and replenishing Louisiana's depleted unemployment fund.
The funds are only half of the $3.2 billion Louisiana ultimately expects to receive from the American Rescue Plan. The second infusion of dollars will be distributed over the next two years, with a 2024 deadline to draw down the funds.
How will minority-owned businesses benefit? Read More
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BUSINESS UPDATES
Paycheck Protection Program Extended
President Joe Biden signed the PPP Extension Act of 2021 into law, extending the Paycheck Protection Program an additional two months to May 31, 2021, and then providing an additional 30-day period for the SBA to process applications that are still pending. Read more here
New IRS Guidance on Employee Retention Tax Credit
The IRS recently issued guidance on use of the Employee Retention Tax Credit (ERTC) for the first two quarters of 2021. Changes include an increase in the maximum credit amount from 50% to 70%, and a modification of the gross receipts test threshold. Read more here.
Covid-19 Vaccine News
On Wednesday, March 24, Gov. John Bel Edwards announced all Louisianans 16 or older will be eligible for the COVID-19 vaccine beginning Monday, March 29. People ages 16 and 17 are only eligible to receive the Pfizer vaccine. For more information on where you can get a vaccine, visit covidvaccine.la.gov.
Coronavirus Supplies
If you are looking for PPE, sanitizer, food providers, and other related products and services, search the GNOpivot Marketplace. You can view our mask comparison chart here.
Coronavirus Customers
If you have pivoted your business to make a new, coronavirus-related product, register on GNOpivot
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SBA Now Accepting Shuttered Venue Operators Grant Applications
The U.S. Small Business Administration began accepting applications for the Shuttered Venue Operators Grant (SVOG) for operators of live venues, live performing arts organizations, museums and movie theatres, as well as live venue promoters, theatrical producers and talent representatives to apply for critical economic relief, as those eligible entities are some of the first that had to shutter their doors a year ago in response to the COVID-19 pandemic. There is more than $16.2B available for applications received on first-come basis. For more info, the SBA provides program updates and information via frequently asked questions, additional video tutorials, an application checklist, and eligibility requirements through SBA’s dedicated SVOG website - www.sba.gov/svogrant.
Registrations Begin for $28.6B in Restaurant Revitalization Funds Available through SBA applications
Please note that there is now an allocation of $28.6 billion to the SBA for a Restaurant Revitalization Fund. This fund will offer emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. The SBA will begin registrations for the Restaurant Revitalization Fund on Friday, April 30, 2021, at 9 a.m. EDT and open applications on Monday, May 3, 2021, at noon EDT.
In preparation, the SBA has recommended qualifying applicants familiarize themselves with the application process in advance. Information on the program and application can be found on the Restaurant Revitalization Fund page of the SBA website.
The Small Business Administration Louisiana District Office will be partnering to host a number of webinars focused on the Restaurant Revitalization Fund. Please visit the SBA Louisiana District Office website to view their calendar and upcoming webinars.
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Restaurant Revitalization Fund Webinar
Join the LA Chamber of Commerce Foundation and Small Business Administration (LA District Office) for a Webinar & "How-To" Webinar on the next steps after you've applied for Restaurant Revitalization Funding.
To Register, send us an email and include "RRF Webinar" in the subject line.
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Have You Joined Your Regional Chamber?
Play an active role in fueling growth in Louisiana's economy by joining your Regional Minority Chamber-affiliate.
Currently the Louisiana Chamber of Commerce Foundation represents a collective of approximately 900 members of minority chambers of commerce across our state.
We advocate for opportunity and growth for 95,000+ African-American businesses across the state so that they and their 121,500+ employees can fully participate in our state's economy.
Email us and we will connect you to your Regional Chamber!
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3901 MacArthur Blvd,
Box 6012 New Orleans, LA 70114
Phone Number: 1 504-655-7572
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