For small, local businesses that were not approved for federal PPP (Payroll Protection Plan) or EIP (Economic Impact Payments) and also had no business interruption insurance, there is an opportunity for an up-to $15,000 grant from the State of Louisiana.
State Treasurer John Shroder is managing the $300M allocation. He says applications will be accepted starting July 28, and grants could be forthcoming in as few as ten days.
The grant is intended to help businesses cover COVID-19 related expenses. A list of eligible and non-eligible expenses is on the Treasurer’s website. For the first 21 days the admissions are open, ONLY businesses who received NO other federal or insurance assistance will be allowed to apply. If there is money still available after that time, any other Louisiana small business can apply.
What will you need to apply? You can seek assistance if you:
- 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 officials
- Does not derive income from passive investments without active participation in business operations
This money will likely go very quickly, so be ready with all the documentation that is going to be required. You will need:
- 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
Be ready to file as SOON as this portal opens on July 18! Remember, don’t give up. Chances are good that the portal will crash when it first opens or that you will be kicked back because of traffic. KEEP TRYING.
