New Orleans CARES
Your CARES Guide
In New Orleans alone, 161 of 4,066 confirmed cases have resulted in death so far. No one knows how long this pandemic will last or how far the virus will spread. What we do know is that we can and will make it through this together. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed this past week, and the relief is palpable, but with so much going on, not everyone is sure where to start. The so-called Bridge Loans available are intended as a quick tool to keep people, especially small businesses and their employees, afloat in the interim as the virus continues to spread.
1. Households: CARES provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying dependent. Book a consultation with me [here] to discuss your options.
2. Small Businesses:
The Paycheck Protection Program (PPP Loans) are available to small businesses who maintain at least 90% of their employees. What’s great about PPP Loans is that if these employers maintain their payroll, the loans could be forgiven. People who don’t have income typically don’t spend money, so keeping workers employed will help our local and global economy recover after the crisis. These loans are only available now through June 30, 2020, and in terms of paperwork, that’s a short period of time.
Emergency Economic Injury Grants will provide an emergency advance of up to $10,000 to many local businesses harmed by the quarantine, so long as it is within three days of applying for an Economic Injury Disaster Loan (EIDL) through the SBA. EIDL applications can be daunting, but there is truly no better time to come together as a city and as neighbors to help each other find what we need. Furthermore, grants are unlike loans in that grants generally do not need to be repaid. These can go towards payroll, mortgages, sick leave and many other miscellaneous business expenses.
The Small Business Debt Relief Program promises that immediate relief will not be penalized for small business owners stranded by the coronavirus. Within this program, the SBA pledges to cover principal, interests and fees for six months, and this includes microloans, which drastically reduces the risk and stress of borrowing for meticulous entrepreneurs.
3. Patients: CARES provides additional funding for the prevention, diagnosis, and treatment of COVID-19. Drive-thru tests are being administered at the Mahalia Jackson Theater, Armstrong Park and the University of New Orleans' Lakefront Arena.
Again, no one knows how long this pandemic will last or how far the virus will spread. What we do know is that we can and will make it through this together. We have the CARES act, we have hope, and we at my office have a committed and compassionate legal team working remotely to make both of these things work for you. If you need help applying for a loan through the CARES Act or need additional family-and housing-related legal assistance during this difficult period, call me any time at 504-571-9670.
