BATON ROUGE, La. — The deadline is approaching for small businesses impacted by last year’s floods to apply for interest-free, partially forgivable recovery loans.
The Restore Louisiana Small Business Program , financed by federal aid dollars, won’t take applications beyond Oct. 31.
Loans range from $10,000 to $150,000 for small businesses and nonprofits in the 51 parishes that had damage from the March and August 2016 floods. Twenty percent of the loan is forgiven when the other 80 percent is repaid.
The program uses recovery dollars provided to Louisiana from Congress. The loans can be used to pay rent, utilities, mortgage, employee wages and some non-construction repair expenses.
Gov. John Bel Edwards’ administration extended the deadline for businesses to seek the assistance after receiving fewer applications than expected.