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Main Street Recovery Program halts applications after obligating all available funding

3 weeks 2 days 22 hours ago Wednesday, September 30 2020 Sep 30, 2020 September 30, 2020 4:55 AM September 30, 2020 in News
Source: WBRZ
State Treasurer John M. Schroder

BATON ROUGE - State Treasurer John M. Schroder announced Tuesday that the Main Street Recovery Program stopped accepting new applications at noon today after obligating all available funding.

As of Sept. 28, small business awards stood at $80 million. Based on the number of existing applications not yet paid, the program is at capacity. Main Street will continue to process applications and award grants daily until all available funding is used.

The State Treasurer's announcement also noted that business owners who submitted an application but have not received a grant award or denial can continue to use the portal to check on the status of their application and interact with the review team.

"The Main Street Recovery Program proved to be incredibly successful at helping small businesses survive during the pandemic. I just wish we had more funding because it's hard to turn businesses away," said Treasurer Schroder. "We'll continue to process existing applications and make grant awards. The program is far from completed. We just can't accommodate additional applications."

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