Louisiana Department of Treasury - COVID 19

Coronavirus Resources

Individuals

General Facts

Gov. Edwards has issued guidance on phase one of the reopening. Read it here: https://gov.louisiana.gov/news/PhaseOne

Wondering if you should be tested? Here’s some advice: https://www.cdc.gov/coronavirus/2019-ncov/symptoms-testing/testing.html

Stimulus

Stimulus checks will be mailed to many Americans as a result of the CARES Act. Social Security recipients are eligible. This is a one-time payment.

Do I need to apply? No.
What if I don’t file a tax return? You will get a check if you receive Social Security retirement, disability or survivor benefits. You will also receive a check if you get Railroad Retirement and Survivor Benefits.
What if I’m a nonfiler who doesn’t receive the benefits listed above? Go to https://www.irs.gov/coronavirus/economic-impact-payments and enter your payment information.
How much is it? $1,200 per person and $500 per child if you meet the income limits.

IMPORTANT: SSI recipients who didn’t file a tax return and have qualifying children under age 17 need to enter payment information on the IRS’ website in order to quickly receive the additional payments: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
Where is my payment? You will be able to check the status in mid-April by visiting https://www.irs.gov/coronavirus/economic-impact-payments
Are you eligible? Use this calculator to find out: https://www.kiplinger.com/tool/taxes/T023-S001-stimulus-check-calculator-2020/index.php
Who is sending the checks? The Internal Revenue Service: https://www.irs.gov/coronavirus
How will I receive the stimulus? Through direct deposit or a check

Taxes

The state income tax deadline has been extended to July 15. For more information, visit https://revenue.louisiana.gov/NewsAndPublications/COVID19LouisianaStateTaxFilingAndPaymentExtensions

The federal income tax deadline has been extended to July 15. For more information, visit https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed

Financial Relief

To file for unemployment because of COVID-19, visit https://www.louisianaworks.net/hire/vosnet/Default.aspx

The coronavirus relief package offers added assistance for the unemployed.
Independent contractors and others unable to work because of coronavirus are eligible for assistance.
Unemployed workers will get an extra $600 a week for four months.

The congressional relief package allows you to make withdrawals from retirement accounts without incurring a penalty. You will still need to pay taxes on this money. Learn more: https://www.usatoday.com/story/money/personalfinance/2020/04/05/coronavirus-retirement-savings-withdrawals-change-under-cares-act-rmd-401-k/2946883001/

If you have a Federal Housing Administration-insured mortgage, a foreclosure and eviction moratorium has been issued. More information: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_20_042

You can continue to search for Unclaimed Property at www.latreasury.com

College Students

Student loan relief is available for borrowers. https://www.ed.gov/news/press-releases/delivering-president-trumps-promise-secretary-devos-suspends-federal-student-loan-payments-waives-interest-during-national-emergency

Information on changes to TOPS can be found here: https://regents.la.gov/topsrelief/ https://regents.la.gov/topsrelief/

Fraud Alerts

We do not send text messages about Unclaimed Property. The best way to search for Unclaimed Property is to search our website at www.latreasury.com

Social Security is warning about fraudulent letters that threaten the suspension of benefits. Learn more: https://blog.ssa.gov/inspector-general-warns-about-new-social-security-benefit-suspension-scam/

Small Business/Independent Contractors

Additional Relief Package

President Trump recently signed a new $484 billion relief package for small businesses. Read the actual legislation here. The package includes:
- $310 billion for the Paycheck Protection Program, which provides forgivable loans to small businesses impacted by COVID-19.
- $60 billion is for smaller lending institutions.
- $50 billion for SBA Economic Injury Disaster Loans.
- $10 billion for SBA EIDL Advance grants.
- $75 billion for hospitals and health care providers.

How to apply: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
IMPORTANT: Don’t fall victim to a scam. The Office of the Inspector General has some great tips on how to avoid scam artists. (https://www.sba.gov/document/report--sba-programs-scams-fraud-alerts?utm_medium=email&utm_source=govdelivery)

Payroll Protection Plan

Up to $349 billion in forgivable loans were authorized for small businesses. Find out more: https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
NEW: The loan forgiveness application can be found here: https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf?utm_campaign=Non-Profit&utm_medium=email&_hsmi=88031978&_hsenc=p2ANqtz-81E66oqxytyeE_GuiBg-Ecjd2JWJ_4XB1BCtDFfEXCNl88upXSbKn123LNTqw_kG8tHWcu9wZLTe04vicoLRmv_vicEA&utm_content=88031978&utm_source=hs_email
NFIB teamed up with a banking expert to explain how loan forgiveness will work. Watch the webinar and get resources here: https://www.nfib.com/webinars/small-business-and-covid-19-ppp-loan-forgiveness-explained-and-other-questions-answered/

A small business owner's guide to the CARES Act

A quick guide from the U.S. Senate Committee on Small Business & Entrepreneurship on available resources: https://www.sbc.senate.gov/public/_cache/files/2/9/29fc1ae7-879a-4de0-97d5-ab0a0cb558c8/1BC9E5AB74965E686FC6EBC019EC358F.the-small-business-owner-s-guide-to-the-cares-act-final-.pdf

Economic Injury Disaster Loan Program

Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to coronavirus (COVID-19). Program specifics:
This program is aimed at providing assistance to small businesses that have been impacted by financial losses as a result of the coronavirus outbreak.
The bill provides $20 million to the U.S. Small Business Administration to administer the Economic Injury Disaster Loan Program to affected small businesses in response to the coronavirus.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loans pay for:
fixed debts
payroll
accounts payable
other bills that can’t be paid because of the disaster’s impact.
The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
Find out if you’re eligible: https://covid19relief.sba.gov/#/

SBA Express Bridge Loans

This pilot program allows SBA Express Lenders authority to deliver expedited SBA-guaranteed financing on an emergency basis for disaster-related purposes to eligible small businesses, while the small businesses apply for and await long-term financing. Program specifics:
This program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.
If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
For more information: https://www.sba.gov/document/support--express-bridge-loan-pilot-program-guide

Other Financial Relief

If your business is closed, partially closed or experiencing significant revenue loss because of COVID-19, you may be eligible for the Employee Retention Tax Credit. This will help you keep employees on payroll.
- For more information, here’s a fact sheet: https://www.dropbox.com/s/emksogczr799s49/Employee%20Retention%20Tax%20Credit%20One%20Pager%202020.04.19.pdf?dl=0

Through the Families First Coronavirus Response Act, businesses with fewer than 500 employees can receive dollar-for-dollar refundable tax credits for providing leave to employees. This includes workers who have contracted the virus as well as those caring for children or other family members. https://www.dol.gov/newsroom/releases/osec/osec20200320
The CARES Act established the Pandemic Unemployment Assistance program to provide unemployment assistance to independent contractors and self-employed workers. To apply, visit http://www.laworks.net/.
If you’re trying to decide which loan is best for your business, take a look at GNO Inc.’s comparison chart: https://gnoinc.org/wp-content/uploads/Coronavirus-Loan-Comparison.pdf

Tax Relief

The CARES Act allows the employment share of the Social Security tax to be deferred through Dec. 31, 2020, for employers and self-employed workers.
To ensure cash flow for businesses, modifications were made to net operating losses, or NOLs, and taxable income limitation. Learn more: https://www.natlawreview.com/article/inside-cares-act-five-year-carryback-net-operating-losses-and-taxable-income-offset
The level of deductible business interest expenses was increased. Learn more: https://www.natlawreview.com/article/cares-act-stimulus-bill-tax-changes-to-improve-liquidity-businesses-assist-employers

Financial Stability

The federal government is providing up to $300 million in financing for businesses by ensuring they still have access to credit. To learn more, visit https://www.federalreserve.gov/newsevents/pressreleases/monetary20200323b.htm
The U.S. Chamber of Commerce has a few tips for helping your business survive during this crisis. Visit https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus

General Information

Here’s some guidance for workplaces on preventing the spread of COVID-19:https://www.osha.gov/Publications/OSHA3990.pdf
More information on work-related issues: https://www.dol.gov/newsroom/releases/osec/osec20200320

Further Resources

Louisiana Association of Business and Industry: https://www.labi.org/
NFIB: https://www.nfib.com/
Louisiana Department of Economic Development: https://www.opportunitylouisiana.com/
Baton Rouge Area Chamber: https://brac.org/

Local Governments

Guidance for states, territorial, local and tribal governments on the relief funding: https://home.treasury.gov/system/files/136/Coronavirus-Relief-Fund-Frequently-Asked-Questions.pdf
Can you ask a public employee to go home if he’s showing symptoms of the coronavirus? Find out in a legal guide from the Legislative Auditor’s Office on the public health emergency: https://app.lla.state.la.us/llala.nsf/B32701FEEEE59D92862585350075CC14/$FILE/Legal%20Guidance%20on%20COVID-19.pdf
States and other municipalities can apply for up to $100 million in Dislocated Worker Grants. For more information, visit: https://www.louisianaworks.net/hire/vosnet/Default.aspx
The Federal Reserve is taking several steps to help municipalities with the flow of credit. Visit https://www.federalreserve.gov/newsevents/pressreleases/monetary20200323b.htm to learn more.
Some emergency protective measures undertaken in response to coronavirus may be eligible for reimbursement through FEMA’s public assistance program. Visit https://www.fema.gov/news-release/2020/03/19/coronavirus-covid-19-pandemic-eligible-emergency-protective-measures for more information.