For more information
Information on support, resources and other funding available to Hoosier entrepreneurs and small businesses is available online at StayINBiz.org.
The state of Indiana is extending the application deadline for its Small Business Restart Grant, and changing the eligibility and reimbursement guidelines, to enable more coronavirus-impacted enterprises to take advantage of the $30 million program.
Gov. Eric Holcomb recently announced small businesses in all 92 counties, including Northwest Indiana, are eligible to apply for the COVID-19 recovery funding grants through Jan. 22, 2021.
In addition, businesses with between 51 and 75 full-time associates can now apply, payroll and insurance premium payments are eligible for reimbursement, and reimbursable expenses may have been incurred up to Dec. 1.
"To restart Indiana's economic engine, it's critical that we provide Hoosier businesses and entrepreneurs with the support they need to grow and get back on track," Holcomb said.
The grant program awards up to a maximum of $50,000 to reimburse eligible business expenses, such as rent or mortgage payments, utilities, lease payments and safety investments, in addition to payroll and insurance premiums.
To qualify, businesses must be registered to operate in Indiana, be in good standing with the Indiana Department of Revenue, have turned a profit last year, and have had fewer than 75 employees on Dec. 31, 2019 and less than $5 million in 2019 revenue.
Businesses also must demonstrate a monthly revenue loss of at least 30% compared to pre-COVID-19 revenue to be eligible for a grant.
The restart grant money is available to companies that have received other federal COVID-19 relief funding, including the Paycheck Protection Program, Economic Injury Disaster Loans and Community Development Block Grants, according to the governor's office.
Additional program details and the grant application are available online at BackOnTrack.in.gov.
Since June 3, Indiana has distributed grants totaling $7.04 million to 892 small businesses, including $817,400 (11.6%) to 130 certified minority-owned, woman-owned or veteran-owned businesses, records show.
Prior grant recipients also now are eligible to reapply for additional support until they hit the $50,000 cap.
According to the Indiana Economic Development Corp., money for the state's restart grant comes from the federal government through the CARES Act.
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