Indiana small businesses impacted by the pandemic now have until Jan. 22 to apply for state assistance.
The state announced Dec. 21 it extended the application deadline for the Indiana Small Business Restart Grant Program to give small businesses throughout the state an opportunity to seek assistance. Applications and supporting documentation of qualified expenses must be submitted to the state by Jan. 22, at 5 p.m. EST.
The original deadline was Dec. 1.
The state said it changed eligibility criteria and reimbursement categories to increase the number of small businesses utilizing the program and to increase the award amount eligible businesses may be qualified to receive. Key changes to the program include:
- Small businesses with between 51-75 full-time associates are now eligible to apply;
- Eligible businesses may now seek reimbursement for payroll and verified insurance premium payments;
- Eligible businesses in all of Indiana’s 92 counties may seek reimbursement for qualified expenses incurred between March 2020 and December 2020, extending the time period from Nov. 1 (for Marion County) and Dec. 1 (for all other counties).
The state hopes the extension gives eligible small businesses that have not received the maximum award of $50,000 (maximum of $10,000 for an individual month) can seek reimbursement for qualified business expenses, such as payroll (for W2 employees only), verified insurance premium payments, rent/mortgage payments (for owner-occupied property only), utilities, lease payments for real or personal property, and safety investments, incurred to support their Indiana operations.
Small businesses that meet the eligibility requirements can apply for reimbursement of up to 80% of qualified business expenses incurred between March 2020 and December 2020. Reimbursements for expenses may be awarded up to $10,000 for each month during that time period in which the business demonstrates a revenue loss of at least 30%.
Grants will be issued up to $50,000 per company and will be issued in the order in which applications are received until funding is exhausted.
- Businesses must have been established prior to Oct. 1, 2019;
- Businesses must be registered to operate in Indiana, and must be seeking reimbursement for expenses related to their Indiana operations;
- Businesses must have had less than 75 full-time employees as of Dec. 31, 2019;
- Businesses must have been profitable in 2019 and have had less than $5 million in revenue in 2019;
- Businesses must demonstrate a monthly revenue loss of at least 30% compared to pre-Covid-19 revenues; and
- Businesses must be in good standing with the Indiana Department of Revenue (DOR) or have a DOR-approved payment plan.