Indiana small businesses struggling because of the pandemic can get help from the state.
Gov. Eric Holcomb on Sept. 23 announced modifications to the Indiana Small Business Restart Grant Program to make more funding available to companies. The program, which provides working capital to accelerate economic recovery has been extended through Nov. 1 for eligible small businesses in Marion County and Dec. 1 for eligible small businesses for the rest of the state.
The state said grants also are available to businesses even if they already received assistance through federal programs including the Paycheck Protection Program, Economic Injury Disaster Loans, and Community Development Block Grants.
Since the restart grant program launched June 3, the state has issued $1.01 million in grants to 246 small businesses across 83 counties More than $178,200 (17.5%) has been awarded to 46 certified minority-owned businesses and 58 certified women-owned businesses.
The state hopes the new deadlines will increase the number of small businesses utilizing the program and to increase the award amount that eligible businesses may be qualified to receive. By extending the program, approved small businesses that have not received the maximum award of $10,000 may now seek reimbursement for qualified business expenses, such as rent/mortgage payments, utilities, lease payments for real or personal property, and safety investments, incurred in October and November.
The Indiana Small Business Restart Grant Program is funded at $31 million by federal dollars made available through the CARES Act – $30 million approved by the state and an additional $1 million allocated by the city of Indianapolis for small businesses located in Marion County.
Of the state’s $30 million allocation, at least $5 million is reserved for certified minority- and women-owned businesses.
Eligibility requirements include:
- Businesses must be registered to operate in Indiana
- Businesses must have had less than 50 employees as of Dec. 31, 2019
- Businesses must have had less than $5 million in revenue in 2019
- Businesses must have been profitable in 2019
- Businesses must demonstrate a monthly revenue loss of at least 40% compared to pre-COVID-19 revenues