State Treasurer John Schroder estimates about 10,000 small businesses have completed an application for Main Street Recovery grants, but they’re running into some issues and misconceptions from applicants.
He says some haven’t filed annual reports with the Secretary of State, many others haven’t filed their taxes, and even more have had trouble showing invoices and receipts.
“We have a large batch that are just not very good at their bookkeeping,” says Schroder.
Those who qualify can receive up to 15,000 dollars in no-strings-attached cash. Applicants must have fewer than 50 employees to be eligible.
Schroder says about 65 percent of applicants are using their smartphone to sign up. But Schroder says there’s a problem with that.
“In order to make an application you have to show documentation, so you have to be able to download documentation with your application,” says Schroder.
Schroder says they’ll need about 30,000 businesses to complete the application process before the fund is exhausted.
The Treasurer says there’s also been misunderstanding about who can apply. One, you can apply if you received federal aid and two, the program is not just for minorities.
“Now we’re trying to make people understand that no, it’s everybody,” says Schroder.
Schroder says about 70 percent of applicants are classified as minorities. The state widely publicized that 40 million of the 275 million dollar fund was to be set aside for minority, women, and veteran-owned businesses.
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