Do you have a “paycheck protection” loan? Businesses Can Now Apply for ‘Main Street’ Grants | Business

Tens of thousands of small businesses that have received federal paycheck protection grant loans in recent months are now eligible to apply for Louisiana Main Street program grants for the first time.

More than 70,000 businesses across Louisiana were approved for $ 7.3 billion through the federal government’s Paycheck Protection Program this year and lined up for a chance at the grant. the state.

The first round of Main Street grants were available to small businesses that received no federal support; now 21 days later the schedule has changed.

Business owners can claim quick relief of up to $ 5,000 for qualifying small businesses that have received $ 1,000 or less in federal assistance. Or they can claim up to $ 15,000 for itemized expense reimbursement. Business owners who hire an accountant or financial professional to complete the application can request a refund of up to $ 500 each.

The Main Street recovery program has more than 16,000 completed requests in the system and another 20,000 pending requests. Checks should be mailed in mid-August.

“Many of them have already applied,” said state treasurer John Schroder. “Those who have not applied must do so immediately.”

There is a total of $ 275 million in the state program. About $ 40 million is earmarked for minority-owned businesses, veterans and women in the first 60 days of the program.

Small business owners must have receipts for all expenses for which they are claiming reimbursement under the program. Rent, insurance, utilities, payroll, inventory replacement, telecommuting equipment, disinfectants, cleaning supplies, and the equipment needed to implement social distancing are all eligible expenses. The only thing that cannot be claimed is loss of income.

Grants are available to all businesses that were domiciled in Louisiana on March 1, have fewer than 50 employees, are at least 50% owned by a Louisiana resident, and that filed their income taxes in 2018, 2019 or plan to do so in 2020.

Home-based businesses and franchisees are eligible, as are sole proprietorships, but the business must have a physical location open to customers and employees.

Companies can apply to louisianemainstreet.com.