Small businesses that have suffered an interruption of business may be able to obtain some financial relief. Just recently, the State of Louisiana announced starting July 28th, companies will be able to apply for financial grants up to $15,000.
Who will qualify for these grants?
These grants will be available to businesses that:
- Have suffered an interruption in business
- Domiciled in the state of Louisiana
- Owned at least by one or more Louisiana residents (50%)
- Have filed Louisiana taxes for 2018, 2019 or will file in 2020
- Have less than 50 employees as of March 1, 2020
- Have customers or employees visit a physical location
- Other requirements may be found here.
Please note, these grants are available on a first-come basis. For the first 21 days of the program, awards will be made available to businesses that have yet to receive any funds from the PPP loan program, SBA’s EIDL, or insurance coverage.
What steps should businesses take to apply?
Businesses are encouraged to visit latreasury.com to sign up for email notification and updates concerning the grant. Companies will be able to start applying for these grants on July 28th. Businesses will also need to provide the following information:
- State and federal identification number
- Business contact information
- Business formation date, industry, and category
What expenses qualify for relief?
Keep in mind that these funds are not required to be repaid. Businesses will be able to use the funds for creating a COVID19 social distancing work environment (the purchasing of hand sanitizer, masks, gloves, contactless equipment, and other qualified items). Also, funds may be utilized to purchase equipment that promotes teleworking (laptops, printers, and scanners). Additional costs that may qualify are sick leave, mortgage interest, rent, and payroll. For a complete listing, click here.