[Kelly Sikkema / Unsplash]

A Recovery Fund for Small Businesses is in the Works

09:00 June 12, 2020
By: McKenna Smith

According to Biz Magazine, State Treasurer John Schroder, alongside state business leaders, is advocating on behalf of small businesses by imploring Governor John Bel Edwards to sign Senate Bill 189, dubbed the Main Street Recovery Fund, into law.

"Small businesses are an economic engine, and they're running out of gas. They support nearly a million jobs in Louisiana. If we allow those jobs to disappear, our economy will collapse. It's as simple as that," said Treasurer Schroder.

The bill intends to create a small business grant fund using $300 million of the federal coronavirus aid package. In an effort to achieve equity, at least $40 million of the fund is set to serve businesses operated by minorities, women, and veterans. The fund would be managed by the Louisiana Department of Treasury.

According to WAFB9, Treasurer Schroder spoke of some research done by the Louisiana Treasury that estimates that up to 100,000 businesses in Louisiana have yet to receive any government assistance. Small-business owners and associations across the state are urging Governor Edwards to sign the legislation, for fear that, due to COVID-19, some businesses may have to close up shop for good.

Sign Up!