The City of Shreveport has made $100,000 in CDBG funds available to small, local businesses in the form of $500 micro-loans, which will be forgiven if the business meets basic requirements, such as following state reopening guidelines. The funds can be used to cover the unexpected cost of PPE, disinfectant materials, or as working capital.
Paycheck Protection Program
The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to President signing the program’s extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020.
Economic Injury Disaster Loans and Loan Advance
SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Main Street Lending Program
The Main Street Lending Program of the Federal Reserve will provide $600 million in relief to both small and mid-sized businesses. The program is made up of 2 parts: the Main Street New Loan Facility (MSNLF) and the Main Street Expanded Loan Facility (MSELF). Borrowers can only use one of the 2 programs. The MSNLF is for new loans while the MSELF allows companies to expand existing loans.
For more information, click here.
The Employee Retention Tax Credit For COVID-19 Impacted Employers
The Coronavirus Aid, Relief, and Economic Security (CARES) Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19.
For more information, click here.
Louisiana Main Street Recovery Grant Program
On June 12, 2020, Governor John Bel Edwards signed Senate Bill 189, Act 311 enacting several COVID-19 relief funds including the Louisiana Main Street Recovery Fund that awards grants to many Louisiana small businesses to assist in their recovery for the economic impacts of COVID-19. The program will be administered by the Louisiana Department of Treasury, John M. Schroder, State Treasurer.
The Louisiana Loan Portfolio Guaranty Program
The Louisiana Loan Portfolio Guaranty Program, or LPGP, is a partnership of Louisiana Economic Development (LED), which will provide a loan guaranty fund; the Louisiana Bankers Association (LBA), whose participating members will offer the loans; and the Louisiana Public Facilities Authority (LPFA), which will administer the program.
The purpose of the LPGP is to provide loans to Louisiana small businesses in response to COVID-19. At this time, LED recognizes small business needs are immediate, and if there isn’t a timely response, the State risks losing a foundational element of its economy. In collaboration with the LBA and LPFA, LED has worked with the banking community to provide access to capital to small companies that may experience (have experienced) a sudden drop in revenues due to lost business caused by the COVID-19 pandemic. The State through LED is guaranteeing a portion of each participating bank’s loan. To view program details, click HERE.
Small business owners are also advised to call your existing lenders. Your current bank may be able to offer immediate bridge loan assistance or defer existing loan payments for a temporary period of time. Other local lenders may be able to assist as well; we will continue to update the site with new information as soon as it becomes available.