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Coronavirus Resources
Individuals
General Facts
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Gov. Edwards has issued guidance on phase one of the reopening. Read it here: https://gov.louisiana.gov/news/PhaseOne
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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.
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Do I need to apply? No.
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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.
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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.
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How much is it? $1,200 per person and $500 per child if you meet the income limits.
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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
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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
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Are you eligible? Use this calculator to find out: https://www.kiplinger.com/tool/taxes/T023-S001-stimulus-check-calculator-2020/index.php
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Who is sending the checks? The Internal Revenue Service: https://www.irs.gov/coronavirus
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How will I receive the stimulus? Through direct deposit or a check
Taxes
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The state income tax deadline has been extended to July 15. For more information, visit https://revenue.louisiana.gov/NewsAndPublications/COVID19LouisianaStateTaxFilingAndPaymentExtensions
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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
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To file for unemployment because of COVID-19, visit https://www.louisianaworks.net/hire/vosnet/Default.aspx
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The coronavirus relief package offers added assistance for the unemployed.
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Independent contractors and others unable to work because of coronavirus are eligible for assistance.
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Unemployed workers will get an extra $600 a week for four months.
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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/
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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
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You can continue to search for Unclaimed Property at www.latreasury.com
College Students
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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
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Information on changes to TOPS can be found here: https://regents.la.gov/topsrelief/ https://regents.la.gov/topsrelief/
Fraud Alerts
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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
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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
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President Trump recently signed a new $484 billion relief package for small businesses. Read the actual legislation here. The package includes:
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$310 billion for the Paycheck Protection Program, which provides forgivable loans to small businesses impacted by COVID-19.
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$60 billion is for smaller lending institutions.
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$50 billion for SBA Economic Injury Disaster Loans.
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$10 billion for SBA EIDL Advance grants.
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$75 billion for hospitals and health care providers.
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How to apply: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
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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
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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
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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
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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
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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
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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:
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This program is aimed at providing assistance to small businesses that have been impacted by financial losses as a result of the coronavirus outbreak.
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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.
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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:
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fixed debts
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payroll
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accounts payable
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other bills that can’t be paid because of the disaster’s impact.
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The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
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Find out if you’re eligible: https://covid19relief.sba.gov/#/
SBA Express Bridge Loans
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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:
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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.
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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.
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For more information: https://www.sba.gov/document/support--express-bridge-loan-pilot-program-guide
Other Financial Relief
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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.
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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
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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
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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/.
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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
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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.
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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
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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
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The federal government is providing up to $300 million in financing for businesses by ensuring they still have access to credit. To learn more, visit https://www.federalreserve.gov/newsevents/pressreleases/monetary20200323b.htm
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The U.S. Chamber of Commerce has a few tips for helping your business survive during this crisis. Visit https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus
General Information
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Here’s some guidance for workplaces on preventing the spread of COVID-19:https://www.osha.gov/Publications/OSHA3990.pdf
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More information on work-related issues: https://www.dol.gov/newsroom/releases/osec/osec20200320
Further Resources
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Louisiana Association of Business and Industry: https://www.labi.org/
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NFIB: https://www.nfib.com/
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Louisiana Department of Economic Development: https://www.opportunitylouisiana.com/
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Baton Rouge Area Chamber: https://brac.org/
Local Governments
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Guidance for states, territorial, local and tribal governments on the relief funding: https://home.treasury.gov/system/files/136/Coronavirus-Relief-Fund-Frequently-Asked-Questions.pdf
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Can you ask a public employee to go home if he’s showing symptoms of the coronavirus? Find out in a legal guide from the Legislative Auditor’s Office on the public health emergency: https://app.lla.state.la.us/llala.nsf/B32701FEEEE59D92862585350075CC14/$FILE/Legal%20Guidance%20on%20COVID-19.pdf
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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
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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.
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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.