Indiana adds $60 million to small business support grants
Indiana Governor Eric Holcomb announced today that $60 million will be added to the Indiana Small Business Restart Grant program to help small businesses recover financially.
The program, which was first announced in May 2020, is designed to speed up economic recovery by giving grants to entrepreneurs and small business owners in Indiana.
These businesses can receive reimbursement for eligible expenses acquired between March 1, 2020 and May 1, 2021. These expenses include payroll and non-payroll expenses like rent or mortgage, utilities, insurance premiums, food delivery software service, lease payments, and safety investments.
This $60 million addition triples the total amount of money being distributed to small businesses. The state initially issued $34.5 million in grants.
The $60 million was made available through the CARES Act and approved by the Indiana General Assembly.
“I’m grateful to the Indiana General Assembly for their supportive collaboration that made it possible to extend this program for Hoosier entrepreneurs," said Gov. Holcomb. "The Small Business Restart Grant program has already done a tremendous amount to get small businesses back on track, and this extended relief funding will continue accelerating our economy’s recovery.”
Small businesses can receive reimbursements up to $10,000 per month but cannot exceed $50,000 over a 12-month period. Businesses that have already received a Small Business Restart grant but haven’t reached the maximum amount of reimbursements can re-apply and submit new expenses that haven’t already been reimbursed through the program.
To qualify for a grant, businesses must meet the following requirements:
Have been established before Oct. 1, 2019
Be registered to operate in Indiana, except sole proprietors, and must be seeking reimbursement for expenses related to their Indiana business
Be in good standing with the Indiana Department of Revenue (DOR) or have a DOR-approved payment plan
Have had fewer than 100 full-time employees as of Dec. 31, 2019
Have been profitable in 2019 (determined by EBITDA) and have had less than $10 million (Gross Receipts or Sales) in revenue in 2019
Demonstrate a monthly gross revenue loss of at least 30% compared to pre-COVID-19 revenues (average monthly revenue in 2019)
Application information can be found here.
Small businesses can apply until Dec. 31, 2021 but are encouraged to apply as soon as possible.
For more information on support for Indiana entrepreneurs and small businesses, click here.