John Schroder
More than 170 million dollars in Main Street Recovery Grants have been obligated so far from the small business assistance program’s 275-million-dollar fund.
State Treasurer John Schroder said within that 275-million-dollar program was a promise to dedicate at least 40 million to women, minority, and veteran-owned businesses. They’ve hit that mark, and they appear set to exceed it. “We’re easily going to hit 65 to maybe even 80 million dollars,” said Schroder.
Businesses with fewer than 50 employees that are headquartered in Louisiana, and who suffered economic losses due to COVID can apply for grants worth up to 15,000 dollars. The average payout per business so far has been over 10,000 dollars.
There’s some discussion that funds from the program should be reallocated to the dwindling unemployment trust fund, but Schroder believes they’re set to give away the entire pot by the November 4th deadline.
“It would be very close and at the pace that we are on right now I would say there is no reason we shouldn’t get through all of the money,” said Schroder.
While 170 million has been obligated to eligible businesses, only about 40 million has been sent out so far.
Schroder says it is not too late for your business to apply for the free cash.
“Right now we have about 31 and we estimate we need about another 14,000 applications,” said Schroder, who adds because just under half of the applications are ineligible it is likely that the program will ultimately payout to 25,000 total businesses.
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