SBA staff advise the process will take approximately 30-45 days to begin receiving funds and are encouraging applications immediately. Apply online by clicking HERE
. While all SBA applications MUST
be completed ONLINE
, you can access paper copies of the forms HERE
, along with instructions
, in order to gather information beforehand and streamline the online process.
Whether you plan on taking out a disaster loan or a 7(a) loan, if you have a relationship with a bank in your community, you should ask your banker if they are an SBA authorized lender. If so, your banker should be able to discuss the SBA loan options available to you. To see a complete list of SBA lenders in Louisiana, click HERE
. Small businesses are also advised to ask your current bank if they are able to offer immediate bridge loan assistance or defer existing loan payments.
The SBA has announced automatic deferments through December 31, 2020, for borrowers still paying back SBA disaster loans from previous disasters such as the 2016 floods and Hurricanes Gustav, Ike, Katrina, or Rita. Borrowers of home and business disaster loans do NOT have to contact SBA to request deferment.
If you have additional questions - or questions specific to your business - you are encouraged to contact the Small Business Development Center (SBDC) in your area. While their offices are closed, technical advice is available remotely with SBDC experts. Click HERE
to request a consultation and schedule a virtual meeting with SBDC staff in your area and/or email email@example.com.
U.S. Chamber Coronavirus Emergency Loans Guide to
Help Small Businesses
The US Chamber of Commerce has provided some initial guidance for small businesses who may be eligible for assistance through the Paycheck Protection Program that was included in the CARES Act that became law. Click here
U.S. Department of Labor
Issues New Guidance and Information on Paid Leave
The U.S. Department of Labor issued new guidance Saturday on the paid leave program mandated by the Families First Coronavirus Response Act (FFCRA), the "Phase II" legislation in Congress' COVID-19 relief package.
The FFCRA requires employers with fewer than 500 workers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. In general, employers must provide up to 80 hours of paid sick leave at the regular rate of pay where the employee is unable to work due to quarantine or illness or up to 80 hours of paid sick leave at 2/3 the regular rate of pay where the employee is unable to work because of care giving. Most employers must also provide up to an additional 10 weeks of paid expanded family and medical leave at 2/3 the employee's regular rate of pay for care giving.
Employers must display the Labor Department's "Employee Rights" poster in their place of businesses in order to offer more information to their workers. You can access a printable copy of the poster by clicking HERE. You can also find the display guidelines HERE.
You can also click HERE
to see the USDOL's answers to frequently asked questions about the program.
To see the USDOL guidance on the paid leave program issued for employers earlier in the week, click HERE
To access a copy of the full guidance from the Labor Department, click HERE
Resources from the National Association of Manufacturers
In response to the COVID-19 crisis, LABI's national partners at the National Association of Manufacturers in Washington, D.C. have produced guidance and information for industry as they respond and adjust operations.
Last week, NAM hosted a webinar to discuss the impact of Coronavirus on manufacturers, their workers, how precautions are being put in place, as well as addressing legal questions, time off, pay, and other concerns.
To see NAM's slide deck from the webinar, click HERE
More Information on Forgivable Loans is Coming Soon
More information will be coming next week on this new "Paycheck Protection" SBA 7(a) loan program, as the Department of the Treasury and SBA begin to advise lenders. We will share all information as we receive it, but all interested businesses are urged to contact their existing lender for details.
Employers Should File Separation Notices When Workers' Unemployment is NOT COVID-19 Related
As part of the federal government's response to the Coronavirus crisis, Congress has enacted legislation that will provide individuals unemployed because of COVID-19 an additional $600 a week above what they receive in benefits through their state unemployment programs. This enhanced benefit will be available through July.
With the additional federal assistance, workers unemployed in Louisiana due to COVID-19 will receive a weekly benefit of up to $847
. Some employers are concerned this may induce employees to quit their jobs to collect a larger weekly check while this enhanced benefit is available. Read more about this issue HERE
The Pandemic Unemployment Assistance benefit is to be paid only to “persons whose unemployment is directly due to the impact of COVID-19 or due to their inability to get to their job or worksite because they are sick, isolated or quarantined, caring for a sick family member, or when an employees' child's school is closed as determined by the administrator of the state's unemployment compensation program (i.e., the executive director of the Louisiana Workforce Commission).”
Therefore, if a worker quits in the absence of these COVID-19 criteria, employers should immediately inform the Louisiana Workforce Commission via its Form 77 – Separation Notice.
In these cases, employers will need to note the business is open, the employee's function is still required and that there are no COVID-19 circumstances necessitating the individual’s decision to leave. Please note that this Separation Notice must be filed within 3 days of the date the worker separates from the business.