Indiana Small Business Restart Grant – The Small Business Restart Grant program uses $30 million from the federal CARES Act. But since June, the state has only sent about $1 million.
Indiana is expanding a COVID-19 relief program for small businesses after struggling to persuade many Hoosier companies to apply.
Indiana Small Business Restart Grant
This was partly because small businesses receiving other federal COVID-19 relief funds were not eligible for government grants. Recent changes to the program have removed that barrier – businesses that access federal support, such as the Paycheck Protection Program, can also receive reboot grants.
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Scheduled to end on September 30, the program will run through November 1 for businesses in Marion County and December 1 for all other counties.
Companies with fewer than 50 employees and less than $5 million in 2019 revenue are eligible. They must also show a monthly loss of at least 40% compared to pre-COVID income.
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“I Know” The Hoosiers get their answers from the talk show “Indiana Week In Review.” You can set the news, but you will remain for unlimited discussion and discussion. A look at the challenges… In April 2021, Indiana announced the expansion of the Indiana Small Business Restart Grant to help accelerate economic recovery by supporting Hoosier entrepreneurs and small businesses. The program provides working capital to eligible businesses by reimbursing certain expenses incurred during and related to the global pandemic.
Small businesses that meet the eligibility requirements can claim reimbursement for eligible business expenses incurred between March 1, 2020, and October 31, 2021 (the “Eligibility Period”). Expense reimbursements and sole proprietorship discounts of up to $10,000 per month can be awarded during the eligibility period. However, refunds cannot exceed $100,000 in total.
Indiana’s Small Business Restart Grant Eligibility Criteria
Businesses that have previously received Small Business Restart Grants but have not reached the maximum repayment amount listed above may reapply during this extended program period. Expenditure already reimbursed under this program will no longer be considered eligible. Eligible businesses can apply for grants to cover eligible expenses incurred in their Indiana operations, such as payroll, insurance premiums, rent or mortgage payments, utilities, rent payments, and security investments. These expenses can be reimbursed up to 80% for non-salary expenses and up to 100% for salary expenses.
Effective September 20, 2021, sole proprietors are eligible for reimbursement of net profit reductions with net profit reductions (Form 1040, Schedule C, line 31) determined by comparing 2019 net profit/months in operation in 2019 with 2020 Net profit . Per capita net profit/loss statement for 12 months and up to 2021. Sole proprietors may resubmit Small Business Restart Grant applications for the eligibility period. The program may favor smaller Hoosier businesses in the hospitality industry, but all eligible businesses are encouraged to apply.
The application deadline is November 15, 2021. Eligible small businesses are encouraged to apply and submit for reimbursement as soon as possible; grants will be awarded in the order in which applications are received until funds run out or the program ends.
Please Note: Expenses covered by another federal grant program such as PPP, EIDL, Restaurant Revitalization, or a local government agency (CDBG) may also not be covered by this grant.
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Small businesses will need to collect the following documents to apply. You will upload these documents to the application. Sign up now to receive the latest coronavirus headlines and other important local and national news delivered to your inbox daily.
The State of Indiana is extending the Small Business Restart Grant application deadline and changing eligibility and reimbursement guidelines to ensure businesses more affected by the coronavirus benefit from the multimillion-dollar 30-year program.
Governor Eric Holcomb recently announced that small businesses in all 92 counties, including Northwest Indiana, can apply for COVID-19 Recovery Fund Grants through January 22, 2021.
Additionally, businesses with 51 to 75 full-time employees can now apply, payroll and insurance premium payments are eligible for reimbursement, and out-of-pocket expenses may be incurred by December 1.
Indiana Extends Deadline, Expands Eligibility For Small Business Restart Grant
“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. said.
The grant program grants up to a maximum of $50,000 to cover payroll and insurance premiums, as well as eligible operating expenses such as rent or mortgage payments, utilities, lease payments, and security investments.
To be eligible, businesses must be registered to operate in Indiana, be in good standing with the Revenue Department, have a profit last year, and have fewer than 75 employees and less than $5 million in revenue as of December 31, 2019. in 2019
Businesses must also demonstrate a monthly income loss of at least 30% relative to their pre-COVID-19 income to be eligible for a grant.
Indiana Grants For Growth And Recovery
Restart grant money is available to businesses receiving other federal COVID-19 relief funds, including the Paycheck Protection Program, Economic Disaster Loans, and Block Grants from community development, according to the governor’s office.
According to records, Indiana has distributed a total of $7.04 million in grants to 892 small businesses since June 3; that includes $817,400 (11.6%) in 130 certified minority, female, or veteran businesses.
Former grant recipients can now also reapply for additional support until they reach the $50,000 limit.
According to the Indiana Economic Development Corp., the money required for the state’s reboot grant comes from the federal government through the CARES Act.
Small Business Restart Grant Program Expanded
Information on support, resources, and other funding for Hoosier entrepreneurs and small businesses is available online at StayINBiz.org.
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Expanded Indiana Small Business Restart Grant
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INDIANAPOLIS (September 23, 2020) – Governor Eric J. Holcomb today announced changes to the Indiana Small Business Restart Grant to increase funding availability for Hoosier small businesses impacted by the global pandemic. The grant program that provides working capital to accelerate the economic recovery is now:
With today’s changes, the government aims to increase the number of small businesses using the program and increase the amount of rewards eligible businesses can qualify for. With the expansion of the program, approved small businesses that do not receive the maximum award of $10,000 can now apply for reimbursement of additional eligible business expenses such as rent/mortgage payments, utilities, payments for real estate or personal property, and security investments. months – October and November 2020.
$31M Funded by Indiana’s Small Business Restart Grant