State treasurer: CPAs can help small businesses apply for Main Street Recovery grant

Moving Acadiana Forward

LAFAYETTE, La. (KLFY)- The Main Street Recovery grant program has $275 million to distribute to small businesses around the state. Technology issues were making it hard for businesses to apply for this money, so now CPAs and bookkeepers can help with applications. 

The program started on July 28. The first 21 days were set aside for businesses that didn’t receive funding through the paycheck protection program.

Now applications are open to any small business in the state that has 50 employees or less. The application can be found online, but there have been some technical difficulties. 

“We are allowing CPAs or professionals to help with the application. You have to show your invoices. This is a reimbursement program. You get reimbursed for COVID-19 related expenses,” says state Treasurer John Schroder. “In order to do that you have to prove and show your invoices, so somehow you have to download them scan them put them in your computer, and then download them into the application process.”

COVID-19 related expenses can range from rent, insurance, cost of operation, and payroll.

“This is a grant. Once you have shown your expenses and proven them, you are eligible for a $15,000 grant that you do not have to pay back,” Schroder explains. “This is your money to spend how you feel necessary in your business.” 

There are 450,000 small businesses in Louisiana. Schroder estimates only 80,000 businesses have received relief. He said 53% of employees in the state work for small businesses.

“Small business is even a sole proprietor. It’s very important that sole proprietors or independent contractors understand that as long as they are filing their taxes they are eligible for these grants,” he said. “It could be the person cutting hair in her garage who is operating a legitimate business, paying her taxes or it could be that plumber, or the brick mason, or the insurance agent who runs his office out of his house. Just about any business you can think of would qualify for this grant.”

To apply for the grant click here.

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