State creates grants for small businesses

Staff Reports

A grant program offered by the state will make up to $15,000 in grants available to small businesses affected by the COVID-19 pandemic.

The Louisiana Legislature set aside $300 million of the coronavirus funds to help the state’s small businesses.

The initial allocation will go to businesses that did not receive a Payroll Protection loan, an insurance payment or an Economic Injury Disaster Loan.

It also sets aside $40 million for businesses owned by women, minorities, and veterans.

The remaining money will be available on a “first come, first served” basis.

The application process begins July 28.

Eligible businesses must have 50 or fewer employees, be at least 50 percent owned by a Louisiana resident, suffered an interruption in business and filed Louisiana tax returns in 2018 and 2019, or will file in 2020.

Grants will cover costs associated with meeting the public health requirements including cleaning and disinfecting, creating social distancing, buying new equipment, and the reopening expenses.

The business interruption costs covered in the program include unemployment insurance costs, providing sick leave, replacing inventory, and rent/payroll/utilities.

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