Main Street Recovery Grant Program Eases Application Criteria
NEW ORLEANS — Mayor LaToya Cantrell urges eligible businesses, including landlords, to apply for the State of Louisiana’s Main Street Recovery Program. State Treasurer John M. Schroder recently updated the application process to make it easier for more businesses to apply.
Much of the CARES Act-funded $275 million, set aside by the Louisiana Legislature for a small business grant program, remains unspent. Grants of up to $15,000 may be awarded to small businesses such as landlords, barber shops, restaurants and bars to cover COVID-19 related expenses. The program does not cover lost revenue.
Learn more at the LousianaMainStreet.com.
In order to make the program more accessible to small businesses, the Louisiana Main Street Recovery Program recently expanded its "QuickRelief Option," which allows applicants to submit a 2018 or 2019 tax return instead of an itemized list of all expenses. The QuickReliefOption is now available to all businesses. Read the update from last week here.
Read the press release here.
Minority, women and veteran-owned businesses
The Louisiana Main Street Recovery Program set Sept. 25, 2020, as the target date for the Louisiana Main Street Recovery Program to have awarded $40 million to minority-, women- or veteran-owned applicants.
Technical Assistance Available to Small Businesses
The City, through the New Orleans Business Alliance, is providing financial support to Technical Assistance providers to assist small businesses in the application process. Small business owners are urged to reach out to these organizations for assistance in completing applications:
Landlord Eligibility
Landlords are eligible to participate in the program. Landlords who are not registered with the Louisiana Secretary of State must submit Schedule C, titled "Profit of Loss From Business," from their 1040 or 1040-SR tax form. The application for the grant will also ask for a Federal Tax ID Number (EIN). If the applicant does not have an EIN, they can use their Social Security Number just as they would for their federal income tax filing. Additionally, when asked for their Louisiana Workforce Commission number, the applicant should respond with "N/A."
NOTE: Landlords must prove actual expenses to receive grant funds.
Eligible expenses include:
- Maintenance costs
- Insurance payment
- Mortgage interest payments and late fees
- Payroll or contract worker expenses
- Utilities depending on lease agreements
Ineligible expenses:
- Mortgage principal payments
- Lost rent
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