An expansion to the Indiana Small Business Restart Grant will add $60 million to the program, providing businesses with triple the total allocation than originally planned.
Gov. Eric J. Holcomb said the expansion will allow small businesses to seek reimbursement for eligible expenses between March 1, 2020, and May 1, 2021.
The program was announced in May last year as a way to accelerate economic recovery by giving working capital to Indiana’s entrepreneurs and small business owners. The program’s first iteration issued $34.5 million in grants. An additional $60 million in federal money was made available through the Coronavirus Aid, Relief and Economic Security Act. The allocation was approved by the Indiana General Assembly.
“I am grateful to the Indiana General Assembly for their supportive collaboration that made it possible to extend this program for Hoosier entrepreneurs,” Holcomb said. “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.”
Businesses that meet eligibility requirements can apply for reimbursement of qualified expenses incurred at their Indiana operations throughout the last year. Those expenses include payroll, which may be reimbursed up to 100 percent. Non-payroll items, such as insurance premiums, food delivery software service payments and safety investments, may be reimbursed up to 80 percent.
The grant may award businesses up to $10,000 for each month, but may not exceed $50,000 over a 12-month period.
Businesses that already received Small Business Restart Grants, but have not met the maximum reimbursement amount, can re-apply and submit new expenses for reimbursement as long as they have not been previously covered through the program.
To be eligible, registered Indiana businesses must:
- Have been established prior to Oct. 1, 2019
- Be registered to operate in Indiana, except sole proprietors, and must be seeking reimbursement for expenses related to their Indiana operations
- 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 Earnings Before Interest, Taxes, Depreciation and Amortization) and have had less than $10 million (gross receipt or sales) in 2019 revenue
- Demonstrate a monthly gross revenue loss of at least 30 percent compared to pre-Covid revenues (average monthly revenue in 2019)
Businesses can apply or get additional details and instruction here. Eligible businesses may apply until Dec. 31 this year. The state encourages applications and expenses to be submitted as soon as possible – grants will be issued in the order they are received until funding is exhausted.
