BATON ROUGE – The Louisiana Department of Treasury is preparing to launch a new program designed to help small businesses hit hard by the COVID-19 economic downturn.
The Main Street Recovery Grant Program will begin accepting applications on July 28. Qualified businesses can apply for grants of up to $15,000 to cover eligible expenses.
While any Louisiana business can apply, the Main Street Recovery Grant Program will prioritize businesses that did not receive a Payment Protection Program loan, according to the Department of Treasury.
Applications will be accepted through August 18. By September 26, the program hopes to distribute $40 million to minority, women, or veteran-owned applicants.
Here are the eligibility requirements for applicants:
- Have been domiciled in Louisiana as of March 1, 2020
- Suffered an interruption of business
- Be at least 50% owned by one or more Louisiana residents
- Have filed Louisiana taxes in 2018 or 2019 OR will file taxes in 2020
- Have had no more than 50 full-time employees as of March 1, 2020
- Have a physical location that customers or employees visit
- Not be be part of a larger business with more than 50 full-time workers
- Not exist for the purpose of advancing partisan political activity and does not directly lobby federal or state officials
- Not derive income from passive investments without active participation in business operations
Business owners can also take a quiz to determine if they qualify.