4-3-20

See the latest from your chamber at iberiachamber.org
ADDITIONAL COVID-19 Small Business Help

Today, Gov. John Bel Edwards announced a new Louisiana Loan Portfolio Guaranty Program, which will offer loans of up to $100,000 to Louisiana small businesses of fewer than 100 employees that are impacted by the COVID-19 crisis. To help Main Street and rural businesses sustain operations, the loans will require no payments for 180 days and carry below-market interest rates of no more than 3.5 percent.
-from Louisiana Economic Development

IRS Offering Employee Retention Credit for Businesses Impacted by COVID-19

The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, 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.

EASY to Read Explanations
As many of you are aware, 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. The initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.  Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
-From U.S. Chamber
*Businesses planning to apply for Economic Injury Disaster Loans should start the application process through local financial institutions.
Contact your local banks for Paycheck Protection Plan.