UPDATE - MARCH 23
The U.S. Small Business Administration announced that all payments from previous disasters will be deferred until Dec. 31. This is automatic; borrowers do not need to contact the SBA to request the deferral.
The following is a news release from Governor John Bel Edwards’ Office:
BATON ROUGE, La. - Today, Gov. John Bel Edwards announced that small businesses in all 64 Louisiana parishes will have access to federal Small Business Administration disaster aid in the wake of the COVID-19 crisis. SBA Administrator Jovita Carranza confirmed that Louisiana’s more than 440,000 small business are eligible to apply for low-interest federal disaster loans, which will be made available to eligible firms suffering substantial economic injury as a result of the Coronavirus.
“COVID-19 is a unique crisis affecting all walks of life, and that means Louisiana’s small business community will continue to be heavily impacted by disruptions to their operations,” Gov. Edwards said. “We are pleased to work with SBA and the federal government in providing this critical working capital to our small business owners who are suffering from the necessary measures installed due to the Coronavirus. Our hope is that these SBA disaster loans will be an important part of sustaining their businesses and providing support to their employees who make up over half of Louisiana’s private-sector workforce.”
Impacted small businesses may apply for up to $2 million in working capital to pay for fixed debts, payroll, accounts payable and other bills that can’t be paid because of the COVID-19 disaster. Loan terms (3.75 percent interest rate for small businesses; 2.75 percent for nonprofits) may be extended up to 30 years to keep payments affordable.
“LED continues to monitor business conditions throughout Louisiana and we are identifying every possible avenue of support for our businesses, large and small, so that we can help them navigate the unique challenges of COVID-19,” LED Secretary Don Pierson said. “We are grateful to SBA Administrator Jovita Carranza and Gov. Edwards for securing this critical SBA disaster assistance as an important part of our recovery and sustainability efforts.”
Louisiana Department of Economic Development (LED)
LED is currently monitoring the impact of the coronavirus and is focusing on business continuity and safeguarding economic and physical health. Click here for more information about their small business support efforts.
Baton Rouge Area Chamber of Commerce (BRAC)
BRAC has released a business survey to help evaluate the impact of the coronavirus on local businesses and the regional economy. Click here to participate in the survey.
Louisiana Association of Nonprofit Organizations (LANO)
LANO is collecting data on how Louisiana nonprofits are adapting to the changing environment caused by the CoronaVirus and their support needs. Click here to participate in the survey.
Impact North Baton Rouge
Impact North Baton Rouge, formerly the Baton Rouge North Economic Development District, invites North Baton Rouge area restaurants that are remaining open for delivery or pick-up during the coronavirus-related shutdown to email Jerry Jones, Impact North Baton Rouge Executive Director, at email@example.com.
TruFund is offering small group and individualized support via their Small Business Resiliency Program which begins Thursday, March 19, 2020, 5:30 pm to 8:30 pm. Interested entrepreneurs and small businesses can register here.
TruFund is also inviting small businesses and others to join them for a discussion on how the government, the Community Development Financial Institution (CDFI) community, and others are responding to this CoronaVirus crisis and galvanizing support for small businesses. The virtual Small Business COVID-19 Response session will be held Thursday, March 19 at 4:30 p.m. CST/ 5:30 p.m. EST. To participate in the call register here.
Lastly, TruFund invites small businesses to participate in a survey on how the coronavirus crisis is impacting them. Click here to participate in the survey.
Click here for more information on TruFund’s coronavirus response efforts.
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