GNO Inc - March 28, 2020 Update

March 28, 2020 Update

News

(Below is the CARES Act news from yesterday, but it bears repeating. Plus, we’ve included an updated summary document on forgivable loans (the Paycheck Protection Program).)

• CARES Act Emergency Stimulus Package – Yesterday, President Donald Trump signed the bipartisan Coronavirus Aid, Relief and Economic Security (CARES) Act. The $2T stimulus package includes:
  • Payroll Protection Program – (see below)
  • $500B Corporate Liquidity Fund – (see below)
  • Individual Aid - $1,200 financial assistance for most individuals, plus $500 for children (reduced to about $75K/$150K individuals/couples)
  • State Stabilization Fund - $150B to state and local governments, allocated by population
  • Payroll Tax Credit Refunds – Advance refunds of payroll tax credits enacted in the Families First Coronavirus Response Act, giving employers financial assistance to pay for mandated sick and family leave
  • Enhanced Unemployment Insurance – Extension of unemployment to nontraditional employees, and increased overall unemployment assistance for four months

• Paycheck Protection Program (forgivable loans) – GNO, Inc. and partners strongly advocated for the “Payroll Protection Program,” which is included in the CARES Act. The program has been described as a “crucial lifeline” for business and contains two important features:

• • The loans are made directly by private, local banks and CDFIs, which will enhance speed
  • The loans, if used on payroll and other operating expenses, are forgivable

You can see an updated draft summary of the Payroll Protection Program here. 

• $500B Corporate Liquidity Fund – Provides $500 billion in loans, loan guarantees, and other transactions divided into four categories:

- $25 billion for passenger airlines;

- $4 billion for cargo air carriers;

- $17 billion for businesses critical to maintaining national security; and

- $454 billion for use in loan or loan guarantees established by the Federal Reserve for eligible businesses as well as states or municipalities. Lending facilities for states and municipalities, as well as the medium-sized business and non-profit lending program, are authorized but not required to be established by the Secretary. 

You can see a draft summary of the Corporate Liquidity Fund here. 

Assistance

• GNOpivot – Yesterday, GNO, Inc. launched its GNOpivot Resource Database to help connect local businesses to healthcare providers and others in need of goods and services that are being offered locally. This at-a-glance resource page allows you to filter companies by their products or services. If you are a company that would like to be included in the database, please fill out our intake form here.
• Individual Benefits from the CARES Act – You can find a FAQ on payments to individuals, retirement accounts, student loans, unemployment, and more, here.

Tips

• Looking for Work? - In the wake of economic changes that have taken place as a result of the coronavirus, some companies are in need of workers. GNO, Inc. has compiled a running list on WorkNOLA.com of companies looking to fill immediate labor needs.
• Looking for Employees?
  • WorkNOLA Workforce Directory – A database of local talent looking for new job opportunities, including quick employment history and skills summary. You can access the Workforce Directory here.

• Personal Assistance - If you have surge hiring needs because of the coronavirus, email Human Capital Manager Evie Poitevent at epoitevent@gnoinc.org and we will list your opportunities.

As always, general information is on the GNO, Inc. Coronavirus Business Resource Page.

Please feel free to contact me mhecht@gnoinc.org or VP Policy Ileana Ledet at iledet@gnoinc.org with any questions or suggestions.