This pandemic has brought great hardship to Louisiana’s economy. We’re committed to helping businesses get the relief and support they need to weather the storm and find prosperity on the other side of this crisis.
LAFAYETTE, La. (PRWEB) August 06, 2020
Summit Financial Wealth Advisors (“Summit”), an independent wealth management firm serving Louisiana and the Gulf Coast, reminded businesses today that relief funds for those impacted by the COVID-19 pandemic remain available at the local, state and federal government levels.
The Lafayette Business Recovery Program provides micro-grants to help cover local business expenses, ranging from rent to payroll, utilities and more. The Lafayette Economic Development Authority and Lafayette Consolidated Government engaged in a collaborative effort to launch this business assistance program to provide qualifying businesses with forgivable loans of up to $10,000.
The Louisiana Main Street Recovery effort has also allocated $275 million to establish a grant program dedicated to supporting small businesses. Eligible businesses can apply for up to $15,000 in relief from the program.
Additionally, the federal Paycheck Protection Program (PPP) reopened on July 6, 2020 and is accepting applications through August 8, 2020.
PPP loans are forgivable if businesses use the funds to cover:
- Payroll costs
- Interest on mortgages
Forgiveness is also based on businesses:
- Maintaining employees
- Rehiring or quickly replacing employees
- Sustaining salary levels
Loan forgiveness can be reduced if full-time headcount declines, or if employee compensation decreases.
Summit Investment Advisor Representative Joel Robideaux, who is also a member of the Louisiana Economic Recovery Task Force and the former Mayor-President of Lafayette, is available to help business owners navigate the recovery process and access key funding.
“Assisting in the recovery efforts of our community is one of our top priorities at Summit,” Robideaux said. “This pandemic has brought great hardship to Louisiana’s economy. We’re committed to helping businesses get the relief and support they need to weather the storm and find prosperity on the other side of this crisis.”
About Summit Financial Wealth Advisors
Founded in 2003, Lafayette, La.-based Summit Financial Wealth Advisors provides custom and comprehensive wealth management services to clients in the Gulf Coast Region of the U.S. With additional offices in Shreveport, Monroe and Ruston, Summit is one of the largest independent wealth management firms in the state of Louisiana. For more information about Summit, please visit summit-financial.com.