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Treasurer: 15K small business owners have applied for Main Street Recovery Program in first 2 days

(Source: treasury.la.gov)
Published: Jul. 30, 2020 at 7:32 PM CDT
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BATON ROUGE, La. (WAFB) - Louisiana Treasurer John Schroder says thousands of small business owners from across the state have started the application process for a grant from the state’s Main Street Recovery Program. Each grant, worth up to $15,000, helps business owners cover unforeseen costs from the COVID-19 pandemic.

Earlier this spring, the Louisiana Legislature created the $275 million Main Street Recovery Program. The program prioritizes businesses that have not received financial help from their insurance companies or the federal government’s Paycheck Protection Program.

Schroder says more than 15,000 businesses started the application process in the first two days of the program. He says the initial demand indicates just how bad businesses have it right now.

“These small businesses won’t have the ability to come back. They’re going to lose everything they’ve put up to have these businesses. So when I say it’s sad, it hits home when you go around the state to the rural parts of the state and see the devastation,” Schroder says.

Businesses with less than 50 employees are eligible. Minority and veteran-owned shops will be given special priority.

Legislatures set aside $40 million for grants for minority and veteran-owned businesses.

Small business owners can apply for the program by clicking here.

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