The Louisiana Main Street Recovery Program will offer grants of up to $15,000 to Louisiana businesses affected by the COVID-19 pandemic.
Within the first 21 days of the programs, grants will be prioritized for businesses who did not receive a Payment Protection Program loan (PPP), insurance payment, or an Economic Injury Disaster Loan (EIDL).
To be eligible, businesses must have had 50 or fewer full-time employees as of March 1, 2020.
Details on how to apply will be released shortly. The program will be administered by the office of the Louisiana State Treasurer. To learn more about the State Treasurer, visit https://www.treasury.la.gov/.
Per Act 311, $300 million Main Street Recovery Program has been allocated from $1.8 billion in direct congressional relief that Louisiana received underneath the CARES Act to respond to COVID-19
$40 million of the aid is set aside to assist minority-owned, women-owned, and veteran-owned businesses
The grants are aimed at helping businesses that had to stop operating or otherwise incurred costs because of COVID-19
Businesses that qualify can apply for grants of up to $15,000 each to cover eligible expenses
Payments and rejections must be issued within 20 days of application submission
ELIGIBILITY REQUIREMENTS FOR SMALL BUSINESSES
Domiciled in Louisiana as of March 1, 2020
Suffered an interruption of business
At least 50% owned by one or more Louisiana residents
Had no more than 50 full-time employees as of March 1, 2020
Have customers or employees visit a physical location
Are not part of a bigger business with more than 50 full-time workers
Does not exist for the purpose of advancing partisan political activity and does not directly lobby federal or state officials
Does not derive income from passive investments without active participation in business operations
Program start date will be announced by July 1, 2020
First 21 days: Grants will be given to businesses who did not receive a Payment Protection Program loan (PPP), insurance payment, or an Economic Injury Disaster Loan (EIDL).
First 60 days: $40 million will go to businesses owned by women, minorities and veterans.