BATON ROUGE – On July 28, small business owners in Louisiana can begin applying for a grant from the state’s new Main Street Recovery program. Created by the legislature during the recent special session, the program is designed to reimburse businesses for pandemic-related expenses up to $15,000. The program will use $275 million out of $1.8 billion in federal funds sent to Louisiana for pandemic recovery efforts.
Listen to our conversation with State Treasurer John Schroder about the new program.
Wondering if you qualify for a grant? Here are two important things to know: businesses must have a brick and mortar location and they have to have receipts that show pandemic-related expenses. The program doesn’t cover lost income. Also, for the first 21 days, the program will only be open to businesses who have not received any aid from the Paycheck Protection Program, the SBA disaster loan program or private insurance.
Click here to learn the eligibility requirements and to find out what information you’ll need to apply.
Here is a list of documents that you may start compiling in anticipation of the application opening date:
- Federal taxpayer identification number
- State taxpayer identification number
- Louisiana Department of Revenue account number
- Business date of formation/creation
- Documentation to support eligible expenses (invoices, proof of payment, payroll records, vendor contracts, bank/credit card statements, rental agreements or mortgage statements, utility bills, etc.)
- Number of full-time equivalent employees (as of March 1, 2020)
- Information for all “controlling owners” of the business (defined as individuals or entities who exercise the power to make policy decisions). Information includes name, job title, SSN or EIN, residential address, and driver’s license number.
- Information regarding other sources of COVID-19 funding received from United Stated SBA programs (PPP, EIDL, EIDL Emergency Advance), other federal program, or insurance proceeds
- Copies of filed tax returns for 2018 and 2019
