The State Treasury Department will launch a 300-million dollar small business COVID relief grant program in July as a result of legislation signed by the governor. Treasurer John Schroder says once the program gets started, they will take applications from businesses that did not receive federal coronavirus relief funding.
“Somewhere north of 400,000 businesses across Louisiana and I think it is less than 100,000 have received some benefits,” said Schroder.
Schroder says 40-million of the 300-million dollars will be set aside for minority and veteran owned businesses.
To qualify your business must have fewer than 50 employees. Eligible businesses can receive an up to 15,000 dollar grant. Schroder says, assuming you qualify, you don’t have to pay it back like you would a PPP loan. But warns if you try to fudge the numbers you will be investigated by the State Auditor.
New Orleans Mayor Latoya Cantrell asked Governor Edwards to veto the grant program because it removed 300 million dollars from a fund aimed at saving local government budgets.
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