Treasurer Schroder: COVID Recovery Money Still Available

State Treasurer John Schroder talks about Louisiana's Main Street Recovery Program, money available to small businesses to aid in recovery from the COVID 19 shutdowns.

Schroder also gives details about the vote in November on a Constitutional amendment that would create a permanent trust fund for any unclaimed property held by the state.

The Treasurer says that the Main Street Program, part of the Federal CARES Act, awards money to small businesses across the state. Businesses that qualify can receive up to $15,000 to assist in COVID 19 recovery.

"It's a grant created by the legislature this past summer," Schroder says, "It's designed to help small businesses - businesses with fewer than fifteen full time workers, sole proprietors, self employed. It's $275 million total. We're a little more than halfway through it and we still have about $85 to $90 million to go."

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Schroder then gives details about the Unclaimed Property Amendment, which if passed in November, would resolve a near three year conflict between the Treasurer and Governor John Bel Edwards. The amendment would invest the money from the state's Unclaimed Property Fund, then the interest from the fund would go to Louisiana general fund. Previously, the Governor had wanted the unclaimed property cash to go directly into the general fund.

"We're going to save money," Schroder says, " Two words government doesn't say a lot. We compromised...and the people are going to get a chance to vote. I think it's great state policy. I just can't believe it's taken three years to pass such a common sense piece of legislation."