Louisiana Loan Portfolio Guaranty Program
Louisiana small businesses with less than 100 employees are eligible for a loan of up to $100,000. The term of the loan will be between 1 and 5 years. The loan will be interest free for the first six months, followed by a fixed interest rate of up to 3.5%. Contact a participating bank to apply. Applications will be accepted until April 30, 2020.
Employee Retention Tax Credit
In addition to the PPP, CARES established a 50% tax credit of up to $10,000 for each employee''s compensation and benefits. To qualify, companies must have partially or fully suspended operations as a result of orders from a governmental authority or experienced a greater than 50% decline in gross receipts. Businesses may not receive both a Paycheck Protection Program loan AND the employee retention tax credit for the same employees.
Louisiana Tax Incentives for Life Sciences Companies
Have you applied for your Louisiana Economic Development (LED) tax credits? There are incentive programs available for Louisiana companies that have received an SBIR or STTR award, are engaged in research and development, are creating quality jobs, and more. For a full list of LED Incentive programs, click here. Reach out to Liza at lcurcio@neworleansbio.com with any questions.
COVID-19 Help Desk for Louisiana Businesses
Louisiana Economic Development has opened a hotline to support small businesses impacted by COVID-19. Reach out to 833-457-0531 or LEDbiz@la.gov for support.
Emergency Economic Injury Disaster Loans (EIDL) & $10K EIDL Grants
Eligible businesses can receive a loan of up to $2 million directly from the SBA. From January 1, 2020 to December 31, 2020, loan applicants can receive an advance of up to $10K that does not need to be repaid even if the loan application is ultimately denied. If the applicant also receives a PPP loan, the advance will be deducted from the forgivable amount of the PPP loan.
Get Help Navigating CARES
Startup@ Berkeley Law is pairing small businesses with law students who can help them navigate the CARES Act. If you would like to participate, please register your interest here.
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