HELP FOR SMALL BUSINESS - A new program to help small businesses recover from the Coronavirus impact has started accepting applications today. The Main Street Recovery Program has launched a website to help Louisiana small businesses determine if they’re eligible to receive up to $15,000 in grant money, the funds are coming from $275-Million dollars set aside to reimburse businesses for Covid-19 related expenses. State Treasurer John Schroder has been getting the word out via zoom meetings with various groups around the state. I caught up with him recently during such a visit with the Junior League of New Orleans as he explained what documentation business owners need to submit to be considered for the funds.
"You're going to have to prove your expenses," Schroder said. "You're going to have to submit your invoices just like if you would when you file your taxes or give your tax (information) to your CPA."
The Main Street Recovery Program is funded by the Federal CARES act which allocated $1.8 billion in Covid-19 relief. Back in June, Governor John Bel Edwards signed a bill enacting several COVID-19 relief funds including the Louisiana Main Street Recovery Fund. For the first 21 days of the Program – grants will be given to businesses that didn’t receive federal assistance or insurance payments. Within 60 days, the program plans to award $40-Million Dollars to businesses owned by veterans, minorities, and women. The funds are limited, business owners are encouraged to start applying sooner than later.
"We do expect a lot of people to make claim, we know we're going to have more claims than we have money," Schroder explained. "So it really going to come down to who has the documentation, who can get on the application and complete it and get in line for payment."
The Main Street Recovery Program website is currently online. For more information and to see about eligibility requirements go to www.louisianamainstreet.com.