Indiana officials have added $60 million to a fund created last year to help small businesses rebound from coronavirus pandemic shutdowns, the state announced Wednesday.
The Indiana Small Business Restart Grant's allocation was tripled with the addition of federal CARES Act dollars, Gov. Eric Holcomb announced.
“I'm grateful to the Indiana General Assembly for their supportive collaboration that made it possible to extend this program for Hoosier entrepreneurs,” he said in a statement.
Since the program launched in May 2020, the state has issued $34.5 million in grants to 1,644 small businesses in 85 counties. Of the recipients, 190 – or almost 12% – are certified minority-owned and women-owned businesses, officials said.
Small businesses may seek reimbursement for eligible expenses incurred for their Indiana operations between March 1, 2020, and May 1, 2021.
Qualified expenses include payroll – which may be reimbursed up to 100% – and non-payroll expenses, such as insurance premiums, rent or mortgage payments, utilities, lease payments, food delivery, software service payments and safety investments – which may be reimbursed up to 80%.
Reimbursements may be awarded up to $10,000 for each month but may not exceed $50,000 during a 12-month period. Businesses that have already received Small Business Restart Grants, but have not reached the maximum reimbursements, may re-apply and submit new expenses that have not already been reimbursed through the program.
To qualify, a business must have been established before Oct. 1, 2019; must be registered to operate in Indiana; and must be in good standing with the Indiana Department of Revenue or have an approved payment plan.
Businesses must have had fewer than 100 full-time employees as of Dec. 31, 2019, to be eligible. Certain profitability and revenue requirements also apply.
The application and other details are available at backontrack.in.gov.
Eligible small businesses may apply until Dec. 31, 2021, but are encouraged to apply and submit expenses for reimbursement as soon as possible, as grants will be issued in the order they are received until funding is exhausted.