Governor Approves More Than $30 Million for Small Business Recovery
Gov. Holcomb approved $30 million in federal funding made available through the CARES Act to Small Business Restart Grants, helping accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global COVID-19 pandemic.
In total, $35 million is available for Small Business Restart grants. $30 million was allocated by the State of Indiana and will be distributed to small businesses located outside Marion County, while $5 million was allocated by the City of Indianapolis, which received a separate distribution of federal funding through the CARES Act, and will be distributed to small businesses located inside Marion County.
Of the state’s $30 million, at least $5 million will be reserved for certified minority- and women-owned businesses (MBE/WBE).
“If you are a small business owner who has not been able to get relief funding for your business, this program could be a great resource for you. Best of all, it’s a grant and not a loan. However, funding is limited so small business owners should apply right away,” said NFIB State Director in Indiana, Barbara Quandt. “As small businesses rebuild in the wake of the pandemic, every little bit of help counts. Small business owners are the entrepreneurs who will lead Indiana’s economy back to where it was before the pandemic.”
Indiana small businesses with fewer than 50 employees and $5 million in annual revenue that have experienced a 40% drop in revenue will be eligible to be reimbursed for up to 80% of qualified expenses, such as rent or mortgage payments, utilities, lease payments for real or personal property, and safety investments, such as personal protective equipment (PPE) and infrastructure improvements.
Eligibility requirements:
- Business must be registered to operate in Indiana
- Business must have had less than 50 employees at of 12/31/2019
- Business must have had less than $5 million in revenue in 2019
- Business must have been profitable in 2019
- Businesses must demonstrate a monthly revenue loss of at least 40% compared to pre-COVID-19 revenues
- Business must not have used funding from the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL), or Community Development Block Grant (CDBG)
Small businesses that meet the eligibility requirements can be awarded up to $2,500 or up to $5,000 for each month in which the business demonstrates a revenue loss of at least 40 percent or of at least 80 percent, respectively, with grants issued up to $10,000 per company. Of the $30 million allocated to the fund, at least $5 million will be reserved for certified minority- and women-owned businesses.
Click HERE to apply for the program. The state will take applications until September 30th.
