On Tuesday, State Treasurer John M. Schroder, Shreveport Mayor Adrian Perkins, Bossier City Mayor Lo Walker, Greater Shreveport Chamber President Timothy Magner and North Louisiana Economic Partnership Board Chair Adam Johnston held a press conference at the Greater Shreveport Chamber regarding the launch of the Main Street Recovery Program.
$275 million from the CARES Act has been set aside for the Louisiana Main Street Recovery Program.
The program, Schroder says, is designed to reimburse small businesses for pandemic-related expenses through grants.
“I want to start off by giving credit to the legislators and the governor for recognizing the fact that small businesses across Louisiana are suffering. As a small business owner I understand the day to day issues we are faced with keeping the doors open,” Schroder said.
“This program kicked off this morning and I’m excited. I’ve been hearing the data as we drove up north today. Right now it’s an excess of 10,000 applications right now. We expect that to grow,” he added.
In June, Governor John Bel Edwards signed a bill enacting several COVID-19 relief funds including the Louisiana Main Street Recovery Fund. For the first 21 days of the Program – grants will be given to businesses that didn’t receive federal assistance or insurance payments.
Within 60 days, the program plans to award $40 million dollars to businesses owned by veterans, minorities, and women. The funds are limited, business owners are encouraged to start applying sooner than later.
“I did just get recent numbers, the ladies are kicking butt of the 1,100 minority. There’s a $40 million set aside for minority-owned businesses. Out of that 1,100 about 800 of them are females,” said Schroder.
Bossier City Mayor “Lo” Walker spoke briefly during the press conference encouraging veterans to apply.
“This is to help from COVID. So you can get more information from the site that they mentioned. And we urge old and new veterans to take advantage of this service. And thank you for your service,” said Walker.
The program offers two types of grant options for small businesses.
- QuickRelief offers an abbreviated application process and reduced documentation requirements and will give grants of up to $5,000 to qualifying businesses who received $1,000 or less in federal funding or other assistance.
- Cost Reimbursement will give grants of up to $15,000 to qualifying businesses that can show eligible expenses related to the pandemic.
For more information and to see about eligibility requirements go to www.louisianamainstreet.com.