New Indiana Economic Support for Small Businesses: Applications for Small Business Restart Grants Open June 3, 2020
Indiana Governor Holcomb approved more than $40 million in federal funding through the CARES Act to provide economic support for Hoosier businesses, $30 million of which is allocated to Small Business Restart Grants (“Restart Fund”) aimed at encouraging economic recovery and providing working capital for businesses hit hardest during COVID-19 shutdowns and disruption.
Businesses must meet the following eligibility criteria:
- Registered to operate in Indiana
- Fewer than 50 employees at the end of 2019
- Less than $5 million in revenue in 2019
- Demonstrated profitability in 2019
- Demonstrated revenue loss of at least 40% (month over month)
Businesses that have used funds from the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL), or Community Development Block Grant are not eligible to receive support from the Restart Fund.
Funds can be sought to reimburse up to 80% of certain qualified expenses such as rent/mortgage payments, utilities, lease payments for real or personal property, and safety investments for items like personal protective equipment and infrastructure.
Eligible businesses can receive up to $2,500 for each month with a demonstrated revenue loss of at least 40%, and up to $5,000 for each month with a demonstrated revenue loss of at least 80%. Restart Fund grants are capped at $10,000 for each company.
Interested eligible businesses can apply for Restart Funds starting June 3 through September 30, pending the availability of funds. Applications can be completed at www.BackOnTrack.in.gov.
Businesses are encouraged to compile the following documentation for the application:
- 2019 State of Indiana Tax Return
- Monthly Profit and Loss Statements (2019 and 2020)
- Form 1040, Schedule C (if sole proprietorship)
- Documentation of qualified expenses for which applicant plans to use funding