The Main Street Recovery Program aimed to assist Louisiana small businesses with pandemic recovery is no longer accepting applications. State Treasurer John Schroder says the original amount of $275 million that the legislature set aside for the program is almost allocated.
“We started sending messages out that if you got on past that date, which was last Thursday, that we would take applications, up to 40-thousand as back-ups,” says Schroder.
The Main Street Recovery Program assists businesses with less than 50 employees recover losses due to the pandemic. The average payout per business so far has been over $10,000. Schroder says they even pulled advertising for the program because they received so many applications in the last 20 days.
“It was really unbelievable the response. We were averaging well over a thousand applications a day for almost two weeks. So, we put the brakes on, on Thursday,” says Schroder.
Since the program began accepting applications July 28th, Schroder says they have issued approximately 6-thousand checks. Schroder says he knows businesses need the funds as quickly as possible, but it is not an instantaneous process.
“We’ve gone through a good 12,000 almost 13,500 applications. So, it is a little tedious at times, it takes a little time,” says Schroder.
Schroder says business owners who have submitted applications but have yet to receive a grant or a denial can continue to use the portal to check the status of their applications.
Reported by Brooke Thorington
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