NEW ORLEANS (press release) – What is the Main Street Recovery Program? The Louisiana Main Street Recovery Program is a new state law designed to reimburse eligible small businesses for up to $15,000 in expenses incurred due to COVID-19. Administered by the Louisiana Department of Treasury, the program aims to help small businesses recover from the economic impact of the pandemic. Some expenses the grant will reimburse include cleaning fees, costs to create social distancing, PPE, contactless equipment, some technology fees, signage, etc. Business interruption costs may also be reimbursable, including mortgage interest or rent of a business location, payroll, and others.
The webinar will provide an update on the Main Street Program, how businesses are benefitting from the program, and tips to help businesses file applications. Please register if you plan to join the webinar.
Main Street Recovery Program Timeline:
- Businesses that were underpaid by the PPP or EIDL will be eligible to claim the difference up to $15,000.
- First 60 days, $40 million will go to businesses owned by women, minorities and veterans.
- Within 20 days of receiving an application, the Treasury Department must issue payment or a rejection.
- Start putting together your paperwork! Grants can only be given as long as there’s still money available.
Eligibility Requirements for Businesses:
- Were domiciled in Louisiana as of March 1, 2020
- Suffered an interruption of business
- At least 50% owned by one or more Louisiana residents
- Filed Louisiana taxes in 2018 or 2019 or will file taxes in 2020.
- Had no more than 50 full-time employees as of March 1, 2020
- Have customers or employees visit a physical location
- Are not part of a bigger business with more than 50 full-time workers
- Does not exist for the purpose of advancing partisan political activity and does not directly
lobby federal or state official
- Does not derive income from passive investments without active participation in business
What’s an Eligible Expense?
Costs related to meeting public health requirements tied to COVID-19, including, but not limited to:
Creating social distancing, Cleaning and disinfecting, Purchasing equipment to protect employees and/or customers (hand sanitizer, masks, gloves, thermometers), Contactless equipment (credit card readers, etc.), Expenses to facilitate teleworking (laptops, printers, scanners), Necessary re-opening expenses (tents, outdoor tables), Signage pertaining to reopening or restructuring, Installation of drive-through windows
Business interruption costs related to COVID-19, including, but not limited to:
Unemployment insurance costs, Providing paid sick leave, Inventory replacement (replacing spoiled food), Increased labor costs (hiring delivery drivers), Mortgage interest, Rent, Payroll, and Utilities
What’s an Ineligible Expense?
Lost profits or lost revenue, Damages that have been or will be covered by insurance, Costs that have been or will be reduced by any other federal or state program, Severance pay, and Legal settlements
What Information Will I Need to Provide?
Federal taxpayer identification number, State taxpayer identification number, Business legal name and authorized representative name, address, phone number and email address, Date of formation/creation, Business address, phone number and email address, Industry category and business type