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Deadline approaching for small business owners to apply for Delta, Laura relief

4 weeks 13 hours 20 minutes ago Thursday, April 25 2024 Apr 25, 2024 April 25, 2024 11:27 AM April 25, 2024 in News
Source: WBRZ
Alexandria Mayor Jacques Roy

ALEXANDRIA — The deadline for small businesses to apply for recovery aid from Hurricanes Laura and Delta in 2020 is next month.

Small business owners have until May 31 to apply for $50 million in funds allocated by the U.S. Department of Housing and Urban Development from its Community Development Block Grant. The funding is being administered by the Louisiana Office of Community Development through its Restore Louisiana Small Business Loan Program and South Central Planning and Development Commission.

"We have room for many more applications and we need people to come in and complete that paperwork," said Cullen Creole, Restore Louisiana Small Business Program director.

The program covers 25 of the hardest hit area including Iberville, East Feliciana, Pointe Coupee, West Baton Rouge and West Feliciana parishes. Eligible business owners in these parishes can receive a 7-year loan with 0% interest with the possibility of 40% forgiveness once 60% of the loan is repaid.

Loans range from $10,000 to $150,000 but can go up to $250,000 by approved exception.

Eligible businesses must have one to 50 full-time employees and made a minimum of $25,000 in annual gross revenue before the disaster.

"It's your money, so come get a piece of it back," Alexandria Mayor Jacques Roy said.

More information about eligibility guidelines and online applications can be found here.

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