New information on how the coronavirus affects small businesses is coming out so often that it can be hard to keep up. But LSBA’s here to help! Our expert staff is staying on top of it all so you don't miss anything.
Here are the most recent developments in Louisiana on COVID-19:
The US Small Business Administration’s (SBA) Economic Injury Disaster Loans (EIDLs) are for small businesses experiencing a loss of revenue due to the coronavirus. Small businesses can also apply for a $10,000 EIDL advance that does not have to be repaid. The SBA is now accepting new EIDL applications.
To download an application for an EIDL loan or a $10,000 advance, go to covid19relief.sba.gov.
The Paycheck Protection Program (PPP) provides loans to businesses to pay for certain expenses like payroll, rent, and utilities. PPP loans can be forgiven and do not have to be paid back if the loan is used for approved expenses.
The deadline to apply for a PPP loan has been extended to August 8, 2020.
To apply for a PPP loan, contact your local banker. To find a lender in your area that is authorized to issue PPP loans, click here. The PPP application form is here.
The updated PPP loan forgiveness application [Form 3508] is available from the US Small Business Administration, and the instructions are available here. For instructions in Spanish, click here.
There is a simplified application [Form 3508EZ] available for employers who have not reduced their number of employees or their employees’ wages by more than 25%.
As the number of COVID-19 cases rise in Louisiana, some parishes are passing local ordinances that require masks or face coverings to be worn in public, which includes businesses.
As a service to our members, LSBA has designed a generic mask poster for our members to notify customers and employees that masks or face coverings are required to be worn inside their business.
Even if your business is not located in an area where masks are required, you may choose to require that all customers and employees wear masks, and you might want to put several of these posters up at your workplace as reminders.
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