Main Line:
(985) 446-7606
Fax Line:
(985) 493-8756
Postal Address:
P.0. Box 5418310 W. 2nd St
Thibodaux LA, 70301
Press Releases and Newsletters
Business Relief During COVID-19 (Coronavirus) Update
| Post Date | Updated At |
|---|---|
| Monday, Mar. 30th at 5:38 PM | Tuesday, Mar. 31st at 8:04 AM |
Phone: 446-7606
Email: grants@ci.thibodaux.la.us
Mayor Tommy
Eschete would like to provide an update in reference to the federal stimulus
package and how it impacts the businesses in Thibodaux. The recent stimulus package provides relief to local communities in many ways.
If you would like to see all the sections of this bill please check the
web-link below:
https://www.congress.gov/bill/116th-congress/senate-bill/3548/text
Specifically,
the Cares Act, Small Business Interruptions section provides small business
relief. It is designed to prevent
layoffs and business closures while workers have to stay home during the
outbreak. Companies with 500 employees or fewer that
maintain their payroll during coronavirus can receive up to 8 weeks of
cash-flow assistance. If employers maintain payroll, the portion of the loans
used for covered payroll costs, interest on mortgage obligations, rent, and
utilities would be forgiven. Here is some information on the SBA loan process:
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
The intent
of the CARES Act is to utilize local banks to dispense the small business
loans. To find a SBA approved vendor
please click the link below:
In addition
to the small business relief, several federal business restrictions and
limitations have been relaxed. The Tax
Cuts and Jobs Act (TCJA) net operating loss rules are modified. The 80% rule is
lifted, and losses can now be carried back five years. The excess loss limitation (ELL) rules for
pass-through entities are suspended. The
interest expense limitations are increased to 50% from 30% for tax years
beginning in 2019 or 2020. Taxpayers can also elect to calculate the interest
limitation for 2020 using their 2019 adjusted taxable income as the relevant
base, which often will be significantly higher.
The City of
Thibodaux is committed to serving all residents, businesses and institutions in
this region. As the information becomes
available, the City of Thibodaux will continue to provide updates to assist
everyone in moving forward each day.
___________________________________________________________________
Thursday, April 2, 2020 AT 8:30 AM